Cloud Communication Platform Market is expected to grow at a 15.7% annual rate to reach US$ 15 billion by 2030.
.jpg "The Global Cloud Communication Platform Market 2020-2030 (USD Billion)")
Cloud communications is one of the services offered by cloud service providers. Cloud communications is a blend of voice, video, email and chat in an integrated fashion hosted by a third party over an internet infrastructure and network which are accessible by organization or user anytime and from anywhere. Cloud communication platform provides a reliable, secure, scalable, and flexible service. Increasing adoption of connected devices, increasing penetration of internet of things, and rising adoption of cloud based services are major factors driving growth of the global cloud communication platform market. In addition, growing trend of bring your own devices policies and pay as you use services are some other factors further fueling growth of the global cloud communication platform market. Major factors hampering growth of the global cloud communication platform market are high initial cost, third-party dependence for cloud services, and loss of data during shift from traditional system to cloud communication services.
This can be ascribed to the to increasing adoption of cloud based services and availability of number of cloud based services providers. It offers new opportunities for key players operating in the global cloud communication platform market. Besides, the increasing concern regarding security and privacy along with rising need of high capital investment is effecting the market in the positive manner.
/>However, the huge investment associated with initial setup and security and privacy concerns are hampering the market growth. furthermore, the tremendous growth of bpo sector and its inclination towards cloud-based solutions and the significant requirements of business organizations for greater flexibility/scalability is likely to provide lucrative development opportunities for the cloud communication platform market in the forthcoming years.
Cloud Communication Platform Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | US$ 15 billion |
| Growth Rate | CAGR of 15.7 % during 2020-2030 |
| Segment Covered | By Component, By Organization Size, By Vertical, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Mitel Networks Corporation Nokia Masergy Vonage Holdings Corp. NetFortris Avaya Inc. Telestax West Corporation. Twilio Inc. Cisco Systems Inc. |
Key Segments of the Global Cloud Communication Platform Market
Component Overview
- Solution
- Service
Organization Size Overview
- SMEs
- Large Enterprises
End-Use Overview
- BFSI
- Healthcare
- Telecommunication & ITES
- Government
- Retail
- Travel & Hopitality
- Education
- Manufacturing
- Others
Regional Overview
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- UAE Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Frequently Asked Questions (FAQ) :
The global cloud communication platform market size was estimated to reach over US$ 15 billion in 2030, growing at a CAGR of 15.7 % over the forecast period.
Asia Pacific region is likely to gather noteworthy growth through the forecast years 2022-2030.
Mitel Networks Corporation Nokia Masergy Vonage Holdings Corp. NetFortris Avaya Inc. Telestax West Corporation. Twilio Inc. Cisco Systems Inc.
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The tremendous growth of Business Process Outsourcing (BPO) sectors has increased the demand for cloud communication platform solutions and services. Along with this, the seismic shift in communication market, the increasing demand for BYOD, and the cost effectiveness of cloud-based communication platform solutions have contributed significantly towards the growth of the cloud communication platform market. The organizations are adopting advanced cloud-based communication solutions to eliminate the pitfalls of traditional PBX (Private Branch Exchange) systems. Nowadays, organizations are experiencing a significant need for the adoption of cloud communication platform solutions to keep themselves updated with the technological advancements in the communication market.
Cloud Communication can host various telecommunication applications and telephone switching. Cloud communication platforms provide a cloud-based platform for cutting-edge communication functionalities, for instance, video calling, texting, and voice Internet convention (VoIP). Traditional communication frameworks are costly on account of the equipment they need and are less adaptable to the newest communication methods such as video conferencing and VoIP administrations.
The platforms could provide the secured service providers like net banking and social media with two-way authentication for using its services. The evolvement of web real-time communication is probably going to spice up the expansion of the market. Technological advancements in cloud technology also are expected to drive the expansion of the market. Also, the expansion of the bring your own devices (BYOD) policy within the workplace increases the load on the communication network within the office, thus installation of a cloud communication platform can solve the network congestion issue.
However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Component Segment
Based on component, the cloud communication platform market is segmented into solution and services. In 2020, the solution segment accounted for largest share in the market. The reporting and analytics solution is determined to reflect significant growth for the forecast period. It helps in tracking the data related to the usage of calls and SMS delivery stations, such as the time of the call, duration of the call, the result of the call, confirmation of message delivery, analysis of delivery failure, and others.
Organziation SIze Segment
Based on the organization size, the market is segmented into SMEs and large enterprises. The market for large enterprises is anticipated to possess the largest Market share in 2020. However, the SME segment is likely to grow with a significant growth rate since the small & medium enterprises today are predominantly developing to match their user needs.
End User Segment
Based on end use, the market is bifurcated into BFSI, Healthcare, Telecommunication and ITES, Government, Retail, Others. The BFSI segment retains the largest market share and is estimated to witness the highest CAGR during the forecast period. The factors that can be attributed to the Evolution of financial technology (fintech) and digital transformation in the BFSI sector are fueling the demand for this segment.
Asia Pacific region is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the Cloud Communication Platform market in this region is mostly ascribed due to the demand for precise management of accounting procedure and timely processing of payment processes from customer and Cloud Communication Platform is adopted by enterprises to boost payment by companies in countries such as the US and Canada to compete against other regional players.
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The major players of the global Cloud Communication Platform market are 8x8, Inc.; Avaya Inc.; Cisco; TWILIO INC.; NetFortris; West Corporation; Telestax; Plivo Inc.; CallFire Inc.; Vonage; IBM Corporation; ALE International, ALE USA Inc.; Mitel Networks Corp; Genesys.; IntelePeer Cloud Communications. Renowned companies are offering new and modern Cloud Communication Platform solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.