Published: 23 July 2024
The CPaaS market grew 8.8% in 2023 to $12.2 billion. Faced with economic pressures, enterprises and vendors are focusing on cost; yet moderate growth shows an inflection where enterprises are extending CPaaS use cases to enhance operational efficiency and deepen digital engagement.
Communications platform as a service (CPaaS) grew at a moderate growth rate of 9%, lower than the software market average of 11% and considerably down from its 2022 growth of 24.6%. This was because of slower revenue growth from vendors indicating that inflationary pressures forced both enterprises and vendors to focus on profitability. The top five vendors’ estimated CPaaS revenue combined represented 58.4%.
Regionwise, Gartner estimates North America (5.17% growth) and EMEA (10.10% growth) collectively contributed about 63% to the overall CPaaS market performance of 8.8%. Other regions with double-digit contribution to the overall market performance were Emerging
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