Cloud Communication Platform Market Trends, Drivers, Investment Opportunities, Openings, Risk, Difficulties, and suggestions

According to our latest market study on "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.

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:

CallFire Inc.
Avaya Inc.
Cisco Systems, Inc.
NetFortris
Plivo Inc.
Telestax, Inc.
Twilio Inc
Vonage Holdings Corp.
Intrado Corporation
8x8, Inc

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.

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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Based on component, the cloud communication platform market is bifurcated into solutions and services. In 2020, the solutions segment led the market, accounting for a larger market share. The solutions segment is further segmented into UCaaS, WebRTC, IVR, VoIP, and API; whereas, by services, the segment is segmented into training and consulting, support and maintenance, and managed services. By enterprise size, the cloud communication platform market is bifurcated into SMEs and large enterprises. In 2020, the large enterprises segment accounted for a larger market share. Based on services, the cloud communication platform market is segmented into BFSI, IT & Telecom, healthcare, retail, government, education, and others. In 2020, the BFSI segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.

Impact of COVID-19 Pandemic on North America Cloud Communication Platform Market

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.

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This release was published on openPR.