Global Cloud Communication Platform Market Highlights
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.
Market Segmentation
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.
Regional Outlook
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.
Competitive Dashboard
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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