Twilio, Vonage and Sinch driving the CPaaS Market with Record High Growth
RENO, Nev., Aug. 26, 2021 /PRNewswire/ -- Newly published data from Synergy Research Group shows the CPaaS market continues to demonstrate strong market growth. This momentum provides a solid foundation for increased development of communication and software technologies, creating and enhancing new customer interactions and experiences.
Our latest 2Q 2021 market share report shows CPaaS market grew over 40% worldwide with Twillo maintaining its number one market share ranking. Synergy has measured sevenfold market growth for the CPaaS market over the last 18 quarters.
While Twilio is the clear worldwide market share leader, vendors like Vonage, Sinch, bandwidth, MessageBird, and 8x8 have stronger market share positions across the regional markets driven by their successful focus on areas of local expertise. This is illustrated in the APAC region where Vonage is the #1 CPaaS vendor followed by Twilio and Sinch.
The CPaaS market is on track to exceed $5B in 2021 with each of the major four regions driving the strong growth. In 2Q 21, APAC clocked the fastest y/y growth exceeding 55%.
“Today the primary application for CPaaS is consumer based SMS, providing transactional connectivity between mobile devices and emerging cloud services. We believe the technology is poised to provide significant enhancements to business communications and sophisticated customer service applications, driving this market to the $14B mark by 2025. We believe we are at the beginning of the CPaaS evolution as sophisticated customer engagement and advanced communications can become the key building blocks of future communication tools,” said Fazil Balkaya, Principal Analyst at Synergy Research Group.
About Synergy Research Group
Founded in 1999, Synergy provides market intelligence and analytics for the networking and telecoms industry for over 30 technology markets. We publish comprehensive quantitative market data that is updated every 90 days. Through annual subscription services, Synergy offers worldwide, regional, and country-level market share data including vendor revenue, shipments, subscribers, end user sizing, detailed market segmentation, forecasts and analysis.
Our detailed metrics are provided via Synergy’s uniquely designed online database SIA™, which enables easy access to complex data sets. Synergy’s Competitive Matrix™ and CustomView™ take this research capability one step further, enabling our clients to receive on-going quantitative market research that matches their internal, executive view of the market segments they compete in.
To speak to an analyst or to find out more about how to access Synergy’s market data, please contact Heather Gallo @ firstname.lastname@example.org or at 775-852-3330 extension 101.
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SOURCE Synergy Research Group