Cloud communication platform market impact of COVID-19; market dormant in near term; projects FMI 2032

The global cloud communication platform market will experience a double-digit CAGR over the forecast period, 2020-2030. Upsurge in investments in IT infrastructure for cloud service providers (CSPs), internet service providers (ISPs), and hyperscalers have been critical in driving market growth. Further, the coronavirus (COVID-19) pandemic has compelled several organizations to turn to work from home (WFH) model, thereby, resulting in increasing deployment of cloud communication platform solutions.

Digital collaboration tool providers, including Zoom, and Microsoft, are witnessing a remarkable upswing in usage across continents due to lockdowns and stay-at-home orders. Given the shortage of on-site IT personnel, companies are utilizing cloud-based solutions to maintain and monitor their storage, and server installations in data centers. Enterprises are leveraging full potential of cloud to establish resilient and disaster-immune models to satiate the remote workforce, as well as ensure data security and enterprise application integrity.

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Cloud Communication Platform Market - Key Takeaways

The healthcare industry would remain key revenue generator, given rising trend of bring your own device (BYOD), and increasing need for mobility in the industry.
Benefits such as low costs, and greater functionality are bolstering the adoption of Unified communications as a service (UCaaS).
Large enterprises would remain the primary customer of cloud communication platform services.
Market in North America continues its positive trend, backed by increasing adoption of UCaaS and IVR solutions.

Cloud Communication Platform Market - Key Driving Factors

Rising preference for online backup and database solutions has boded well for market.
Increasing shift towards cloud-based unified communication services to push adoption rate.
Swelling demand for high-speed data transfer mediums in developing regions to offer growth potential to market players.

Cloud Communication Platform Market - Key Constraints

Security and privacy risks associated with shared communication networks are restricting widespread adoption.
Redesigning the network for cloud requires high initial cost.

Anticipated Market Impact of Coronavirus Outbreak

The COVID-19 pandemic has hampered the revenue growth of almost every industry, including the cloud communication platform market. Alerted by the situation, several private, and government organizations have transitioned to remote working, thus, translating into swelling adoption of cloud communication platform solutions. In addition, customers are significantly banking on video streaming services as they strictly following self-isolating regulations. Such evolving trends are auguring well for the cloud communication platform market. The Software-as-a-Service (SaaS) market expanded by nearly 1.4X in 2019 and will see a surge in demand amidst the COVID-19 crisis, as remote working becomes the new normal.

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Competition Landscape

Key players in the cloud communication platform market are Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., Avaya Inc., Ozonetel Systems Pvt. Ltd., and Dialogic Inc. Players are focusing on collaborations and new service launches in order to expand their presence further during the COVID-19 recession and extend their customer base.

The global cloud communication platform market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.

By Solutions

Unified Communication & Collaboration
Web Real-Time Communication (WEBRTC)
Interactive Voice Response (IVR) With Integral EPABX
Audio Conferencing
Video Conferencing
Voice Over Internet Protocol (VoIP) with cloud PBX

By Services

Managed Services
Professional Services

By Enterprise Size

Large Enterprise
Medium Enterprise
Small Enterprise
Micro Enterprise

By verticals

BFSI
Healthcare
Telecomm-unication
Government
Retail
Travel & Hospitality
Manufacturing
Others

By Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
MEA

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.