Communication platforms make it possible for businesses to provide a unified communication experience to their customers and employees across multiple channels through a single platform. Such platforms make communication simple, consistent and help improve customer and employee experiences. They offer capabilities like voice/video calling, SMS messaging, interactive chatbots, and more. These unified communication capabilities benefit Asian businesses by helping streamline internal and external communications.
Communication platforms provide businesses a centralized system to manage all communication needs and touchpoints. They offer capabilities like voice/video calling, conferencing, messaging and more, integrated into a single platform. This allows businesses to offer consistent experiences to their customers across channels in a cost-effective way. Communication platforms help improve internal processes like employee collaboration through unified tools. The global Asia Pacific Communication Platform As A Service Market is estimated to be valued at US$ 2136.93 Mn in 2023 and is expected to exhibit a CAGR of 45.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of unified communication platforms is witnessing strong growth in the Asia Pacific region driven by increasing digitization of businesses and prioritization of customer and employee experiences. Communication platforms offer convenient, integrated tools to meet all internal and external communication needs through a single vendor. This is motivating more companies to adopt such platforms for streamlining processes and bringing consistency across customer touchpoints. The trend is expected to further gain traction as businesses recognize the benefits of unified communication platforms in enhancing productivity and competitiveness.
Strength: The Asia Pacific region has a large population, specifically in countries like China and India, which provides a large customer base for communication platform as a service.
Weakness: Security and privacy concerns persist in the region due to lack of stringent data protection regulations in some countries. Interoperability issues also exist between platforms.
Opportunity: Growing demand for cloud-based communication solutions from enterprises of all sizes coupled with increasing internet and smartphone penetration in the region will drive market growth.
Threats: Competition from open-source and freemium communication platforms poses pricing pressure on vendors. Geopolitical tensions could negatively impact cross-border data sharing.
The Asia Pacific Communication Platform As A Service Market size is expected to witness high growth owing to rapid digital transformation of businesses in the region. China dominates currently due to massive scale of enterprise adoption while India is expected to be the fastest growing market due to the government’s digital India initiatives.
Key players operating in the Asia Pacific communication platform as a service include Voxbone, GENBAND, RingCentral Connect Platform, Brightlink CPaaS Platform, MessageBird, Exotel, Karix Mobile Pvt. Ltd, CALLHIPPO, VCLOUDX PTE LTD, Plivo Inc., Xoxzo Inc., Nippon, BroadSoft Japan KK, NTT Communications Corporation, Telesmart, TWILIO INC., Infobip ltd, Alcatel-Lucent S.A, Amazon Connect, and Ribbon Communications Operating Company, Inc. These players are focusing on strategic partnerships and expansion of their cloud communication suites to capitalize on growth opportunities in the region.
The fastest growing sub-segments include cloud API platforms and cloud video interop platforms. By application, the contact center segment accounted for the largest share in 2022 driven by proliferation of omnichannel customer support. However, the social networking applications segment is anticipated to register highest growth through 2030.