Cloud Communication Platform Market Dynamics, COVID-19 Pandemic Impact, Competitive Landscape, Opportunities and Forecast to 2023
The Cloud Communication Platform Market, according to MRFR's report, is all set to grow with a 26% CAGR during the forecast period (2018-2023) and reach a stellar valuation of USD 5.6 billion by 2023.
While the percolation of information technology infrastructure is becoming widespread, the demand for cloud communication platform is cementing its foothold. Additionally, digitalization integration provides momentum for the business of the cloud communication platform. Among the factors, with unparalleled speed, cost-effectiveness, the potential to promote online communication, and versatility will impact market growth of the cloud communication platform. In addition, the increasing phenomenon of bring-your-own-device (BYOD), combined with the focus on offering flexible job choices, is a favourable reflection on the market.
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Cloud networking systems are also experiencing rapid growth in comparison with traditional alternatives due to their superior offerings. Despite this, due to its weakness against the hackers, the cloud communication platform market may experience some setbacks. If infringed, it can disclose personal user information that can leash the market for cloud communication platforms.
The global cloud communication platform market has been segmented by component, organization size, and vertical.
The component segment comprises solutions and services, wherein based on the solution, the cloud communication platform market can be categorized into application programming interface (API), unified communication and collaboration (UCC), real-time web communication (Web RTC), interactive voice response (IVR), voice over internet protocol, and reporting &analytics. Service-wise, the cloud communication platform market has been divided into training & consulting support & maintenance, and managed services. The component segment is poised to acquire a CAGR of 24.1% over the review period.
On the basis of the size of the organization, the market has been bifurcated into large enterprises and SMEs, wherein the large enterprises' segment is likely to observe a CAGR of 23.9% over the review period.
The Vertical segmentation of the cloud communication platform market comprises IT & telecommunications, media & entertainment, healthcare, education, transportation, banking, financial services and insurance (BFSI), and others. The BFSI segment is projected to capture a CAGR of 24.1% CAGR over the review period.
Based region-specific study of the demand for cloud communication platforms leads to Asia Pacific ( APAC), North America, Europe and Rest of the World (RoW).
North America is the global market's leading power and is going to retain its position over the projected period. The area has become very accustomed to the structure needed for such technology. The technical advantage and deft management of the associated industries give an unparalleled lead to the regional market over the rest.
Europe takes second place. The Area shares common characteristics with North America. This stellar growth is attributed to the significant contribution in the research & development sector, which is creating wonders for market growth. The technology, which can act as a catalyst during the forecast era, also takes a lot of support from the BFSI sector.
The APAC region is experiencing first-rate growth, mainly due to the emergence of emerging economies such as China and India. Japan's economy also receives a lot of business support because its technical supremacy is an advantage to the business. In addition, the growing number of SMEs in the area leads to increased demand for cloud communication and BYOD, thus contributing to market growth over the review period.
Eminent players impacting the cloud communication platform market are 8X8 Inc. (U.S.), West IP Communications Inc. (U.S.), Coms Care Ltd. (U.K.), Cisco Systems Inc. (U.S.), Hookflash Solutions Inc. (Canada), Telestax Inc. (U.S.), Plivo Inc. (U.S.), Avaya Inc. (U.S.), Nexmo Inc. (U.S.), Netfortis Inc. (U.S.), and others. Merger, acquisition, partnership, product creation, and other strategies are some strategic developments that enable companies to improve their plans and remain on the competitive market.
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