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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