CPaaS Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)

CPaaS Industry Overview

The Communications Platform-as-a-Service (CPaaS) Market is extremely competitive, mainly due to the existence of various small and large vendors in the market conducting business in domestic as well as international markets. The market appears to be fragmented, with key vendors adopting major strategies like mergers, and acquisitions, product innovation to widen their overall product functionality and stay competitive. 

• In February 2022, A provider of cloud communications services to businesses and aggregators in Europe and South Africa, M. R. Messaging FZC, has signed definitive agreements to be acquired by Route Mobile's wholly owned subsidiary, Routesms Solutions FZE. The acquisition expands Route Mobile's global presence in CPaaS and is consistent with its global expansion strategy.
• In January 2022, With Genesys, a worldwide cloud service provider in customer experience orchestration, Bandwidth Inc., a major global corporate cloud communications company, disclosed a significant advancement in the future of the enterprise contact center. With its inclusion in the Genesys Cloud CX platform, Bandwidth is expanding its range of DuetSM solutions, which enable businesses to decouple complicated telephony from their communications systems, into the contact center sector.