by Communication platform as a service enables businesses to build, manage, and optimize real-time communication services and applications. Some of the key features of communication platform as a service include voice and video calling, chat, content sharing, and collaboration tools. Businesses across various industry verticals such as IT & telecom, BFSI, healthcare, retail, and education are increasingly adopting communication platform as a service to elevate customer engagement and experiences. With the growing popularity of bring your own device trends and remote working models, the demand for highly scalable and cost-effective communication solutions is surging in the Asia Pacific region.
The global Asia Pacific Communication Platform As A Service Market is estimated to be valued at US$ 2.73 billion in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for highly scalable and cost-effective communication solutions is a key factor driving the growth of the Asia Pacific communication platform as a service market. Communication platform as a service offers significant benefits such as scalability, mobility, lower costs, and simpler deployment and management over traditional on-premise communication platforms. It provides the flexibility to businesses to scale up or scale down their communication infrastructure as per real-time needs without incurring high upfront costs. Additionally, the growing adoption of work from anywhere culture and emphasis on enhancing employee productivity and collaboration is also fueling the uptake of communication platform as a service across Asia Pacific countries. While the growing trend of digital transformation across industries is creating favorable market opportunities, growing demand for omni-channel communication and unified communication systems is projected to unlock lucrative business opportunities for communication platform as a service providers over the forecast period.
Segment Analysis
The Asia Pacific Communication Platform As A Service Market Size is dominated by the Telecom and IT segment. This segment accounted for around 45% of the total market share in 2022. The telecom and IT segment demands advanced communication platforms as a service solutions for various business communication needs. The segment is witnessing high growth due to the increasing demand for unified communication and collaboration solutions in large enterprises across industries such as banking, healthcare, manufacturing etc.
PEST Analysis
Political: The Asia Pacific region has seen policy reforms in the telecom industry across major countries such as India, China, Japan which have encouraged foreign direct investment and competition. This has positively impacted the adoption of advanced communication platforms.
Economic: The strong economic growth witnessed by developing countries in Asia Pacific has increased the IT spending capabilities of large enterprises. Businesses are investing more in digital transformation projects which involves deployment of cloud-based communication platforms.
Social: Younger workforce prefers using unified communication and collaboration tools. Many organizations in the region have accepted work from anywhere culture which drives the need for advanced communication platforms as a service.
Technological: Emerging technologies like AI, IoT, analytics are witnessing high growth in Asia Pacific. Communication platform vendors are integrating these technologies to their solutions to help customers with insights and automation. This is attracting more customers from industries like manufacturing.
Key Takeaways
The Asia Pacific Communication Platform As A Service market is expected to witness high growth during the forecast period of 2023 to 2030 at a CAGR of 6.9%. The region comprises fastest growing economies and accounts for over 35% of global GDP.
Regional analysis: China is the dominating as well as the fastest growing market in the Asia Pacific region accounting for around 30% market share. Presence of major tech companies and digital transformation across industries fuels the demand. Japan and India also offer high growth potential backed by supportive government initiatives for telecom sector development.
Key players: Key players operating in the Asia Pacific Communication Platform As A Service market include 8×8 Inc., Cisco Systems Inc., Vonage Holdings Corporation, ALE International, ALE USA Inc., Avaya Inc. 8×8 Inc. dominates the market with its comprehensive unified communication and collaboration solutions. Cisco Systems has strong presence across industries with their trusted private and public communication platforms.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
