Cloud communications are exemplified by data communication and Internet-based voice, in which telecommunications apps, storage, and switching are hosted by a provider outside of the business that utilises them and have public Internet access. Seismic upheavals in the communication industry and the cost-effectiveness of cloud communication Platform Solutions are two major factors driving the cloud communication platform market. Furthermore, the growing trend among enterprises to provide flexible work options is projected to boost the market for cloud communication platforms.
The cloud communication platform can host telephone switching and communications applications. Cloud communication solutions offer a cloud-based platform for cutting-edge communication services like video calling, messaging, and voice over IP (VoIP) (VoIP). Traditional communication frameworks are costly due to the high cost of equipment, and they are less adaptable to modern communication approaches like video conferencing and VoIP administrations. Cloud communication platforms have an advantage over them since they are less expensive to set up and maintain because they do not require the purchase of all necessary equipment, and they are more adaptable to changing communication needs.
The global cloud communication platform market is expected to increase at a CAGR of 24.7 percent to over USD 3.5 billion by 2020. Because of the increasing growth of the Business Process Outsourcing (BPO) business, there is a greater demand for cloud communication platform solutions and services. In addition, the cloud communication platform market has benefited significantly from the communication market's seismic upheaval, increased demand for BYOD, and the cost effectiveness of cloud-based communication platform solutions. Businesses are turning to novel cloud-based communication alternatives to circumvent the shortcomings of traditional PBX (Private Branch Exchange) systems.
Most organisations now provide flexible working conditions for their employees, such as working from home, in order to enhance productivity. Businesses have been able to save money while remaining in touch with employees who work from different locations thanks to cloud collaboration. When compared to the on-premises model, businesses can save significant time and money by allowing numerous people to edit, comment, share, upload, and perform various actions at the same time. Even while on the road, employees can answer by telephony, video conferencing, instant messaging, and other methods, enhancing productivity. Employee communication and collaboration have improved, allowing businesses to become more nimble, productive, and inventive. As a result, a productive workforce produces positive results and facilitates quick business decisions.
The report also emphasizes several distinctiveness of the global cloud communication platform industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the cloud communication platform industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The cloud communication platform market has tough competition among the new emerging and pre-established market vendors. Besides, the cloud communication platform industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
The market is divided into BFSI, IT and telecommunications, retail, government, healthcare, travel and hospitality, education, manufacturing, and others, depending on the industry vertical. Over the projection period, the BFSI sector is expected to hold a significant market share. Investment banks, private equity firms, venture capital firms, asset managers, and insurance firms can use Cloud Communication Platform solutions to securely transmit business information with partners, clients, and customers. The advancement of financial technology (fintech) and digital transformation are driving the BFSI sector's growth. Furthermore, big banks, insurance corporations, and investment and advisory firms can manage workflow and content governance processes using cloud-based collaboration tools.
During the forecast years, the North American region is expected to contribute the most to the market. North America currently leads the global cloud communication platform market in terms of revenue, and this trend is expected to continue during the projected period. This rise is due to the increasing popularity of cloud-based services, as well as the existence of many cloud-based service providers in this region.
The major players of the global Cloud communication platform market are 8x8, Inc, Avaya, Inc, Callfire, Cisco System, Inc. (Cisco), Netfortris, Inc., Nexmo, Inc., Plivo, Inc., Telestax, Inc., Twilio, Inc, West IP Communications, Inc, and others. Renowned companies are offering new and modern Cloud communication platform software 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.
Segment Overview of Global Cloud Communication Platform Market
Component Overview, 2019-2028 (USD Billion)
- Unified Communication and Collaboration (UCC/UCaaS)
- Web Real-Time Communication (WebRTC)
- Interactive Voice Response (IVR)
- Voice over Internet Protocol (VoIP)
- Application Programming Interface (API)
- Reporting and Analytics
- Training and Consulting
- Support and Maintenance
- Managed Services
Organization Size Overview, 2019-2028 (USD Billion)
- Large enterprises
- Small and Medium Enterprises (SME)
Industry Vertical Overview, 2019-2028 (USD Billion)
- IT and Telecommunications
- Travel and Hospitality
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America