Cloud Communication Platform Market Business Strategies, Industry Share, Sales Revenue, Key Players Analysis, Development

Cloud Communication Platform Market is expected to reach US$ 22,408.5 million by 2028. Information on what the market's definition, classifications, applications, and engagements are and also explains the drivers and restraints of the market which is obtained from SWOT analysis.

"Cloud Communication Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by component, enterprise size, and industry," the market is expected to grow from US$ 4,632.3 million in 2021 and is projected to reach US$ 22,408.5 million by 2028; it is expected to grow at a CAGR of 25.3% from 2021 to 2028. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand Figures, price, cost, revenue and gross margins.

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The business process outsourcing (BPO) sector is known as the fastest-growing stream of the Information Technology Enabled Services (ITES) industry. Its growth is mainly attributed to the economies of scale, business risk mitigation, cost advantage, utilization enhancement, and superior competency. The outsourced services are better delivered with the use of cloud. The adopting cloud communication platforms assist saves costs for BPOs, while enhancing the quality and timeliness of the data. The increasing need for high flexibility/scalability among business organizations has raised the adoption rate of cloud communication platform solutions and services, which acts as a huge opportunity for the platform vendors. The presence of several global players in BPO sector offer lucrative opportunities for the market growth.

The Key Players in The Global Market Are: 

8X8, INC.; Avaya Inc.; CallFire; Cisco Systems, Inc.; NetFortris; Vonage; Plivo Inc.; Telestax, Inc.; TWILIO INC.; and Intrado are among the major companies operating in the cloud communication platform market.

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The COVID-19 outbreak is expected to have a disruptive impact on the economy of the US and Canada. According to the Center for Strategic and International Studies, the US would experience contraction in GDP (Gross Domestic Product) in the second quarter owing to the COVID-19 pandemic. With the lockdown being compulsory in many countries across the world, there has been a sudden rise in remote working or work from home. Many organizations and industries have adopted cloud communication platform to continue their business. Therefore, there has been a sudden rise in the requirement for cloud communication platforms, such as unified communication and collaboration, web real-time communication, interactive voice response, voice over internet protocol, application programming interface, and reporting and analytics. SMEs are continuously adopting cloud-based platforms and services mainly due to cost efficiency and limited capital investment required for deploying the setup

The report segments the global Market as follows:

By Component (Solution and Service)
By Enterprise Size (SMEs and Large Enterprises)
By Industry (BFSI, IT & Telecom, Healthcare, Retail, Government, Education, Others)

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Further, BPO is highly benefitted by the integration of cloud computing. The BPO service providers can leverage the benefits of cloud computing by dropping down the processing time for data-intensive business processes of the organizations and offering data processing workflow at a compact turnaround time. The Cloud BPOs are also highly benefitted in terms of flexibility of conveniently adding novel functions and features to their systems and effectively attain the transforming client demands. The cloud platforms provide the BPOs with an agile and elastic alternative by eliminating the pressure of forthcoming competition in the market. Owing to these advantages provided by Cloud BPO, companies across all industries are preferring to outsource their business processes to Cloud BPO services providers. This helps in market growth.

Answers that the report acknowledges:

Market size and growth rate during forecast period.
Key factors driving the Market.
Key market trends cracking up the growth of the Market
Challenges to market growth.
Key vendors of Cloud Communication Platform Market
Detailed SWOT analysis.
Opportunities and threats face by the existing vendors in Global Market
Trending factors influencing the market in the geographical regions.
Strategic initiatives focusing the leading vendors.
PEST analysis of the market in the five major region

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This release was published on openPR.