According to IDC, the global CPaaS market is projected to expand from $14.3 billion in 2022 to $29.7 billion in 2026. The CPaaS market is expected to continue its rapid growth trajectory, with a compound annual growth rate (CAGR) of 15.8% from 2022 to 2027, as an increasing number of enterprises adopt cloud-based communication API solutions and services that enable them to enhance customer engagement and cost-effectively streamline operations.