Cloud Communication Platform Market Overview:
Cloud service providers allows software developers to carry messages, videos, emails, and voice into a software application directly as their services. The services are deployed to enterprises and consumers on a cloud communication platform through an artificial programming interface (API). The communication platform network can be accessed from the main datacenter in real time over the Internet. The services delivered on this platform are secure, reliable, scalable, and flexible, enabling customization along with a sense of security. Hence, the cloud communication platform market is surging and expected to grow at USD 5.6 billion by 2023 at a CAGR of 26%.
The growth of Internet user base is increasing exponentially, owing to high speed and low-cost delivery of Internet services and solutions. Communication, connectivity, sharing, and storing data on cloud is made convenient due to increasing Internet penetration. This results in the revolution of digital world, which is expected to lead the overall market in the near future. Thus, increasing internet penetration is expected to be a major growth driver in the Cloud Communication Platform Market.
The market is expected to observe a positive growth owing to increased adoption of bring your own device (BYOD) policy which has increased the load on communication network on-premise in organizations, that causes network congestion. With the installation of cloud communication platform, the issue of network congestion can be solved as the focus and network load will shift on cloud-based services.
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Major Key Players:
Some of the prominent players in the market of cloud communication platform are- Cisco Systems Inc. (US), West IP Communications Inc. (US), Netfortris Inc. (US), Telestax Inc. (US), Avaya Inc. (US), Nexmo Inc. (US), Hookflash Solutions Inc. (Canada), Comms Care Ltd. (UK), 8×8 Inc. (US), and Plivo Inc. (US), are profiled in Market Research Future analysis and are at the forefront of competition in the global cloud communication platform market.
April 2018, Cisco’s collaboration with BroadSoft to enhance the Cloud Calling Portfolio.
BroadSoft Inc, a global communication service and software provider, has joined hands with Cisco Systems to consolidate their communications infrastructure. The collaboration aims to enhance remote and mobile worker productivity, increase investments, reduce costs, enable successful traction to cloud, and improve responsiveness in the cloud-based services. This is an advantage for both BroadSoft and Cisco to maintain a solid hold on the Unified Communications as a Service (UCaaS) base.
March 2018, 8×8 have launched their own Unified Communication Platform.
8×8 Inc., a cloud communications and customer engagement software provider launched the first unified communications platform, that offers contact center, analytics, and team collaboration interoperability under a single real-time platform. The newly launched platform is an advanced version of their communication platform which improves the customer experience quotient of a business.
Cloud Communication Platform Market Global Market Segmentation:
- Segmentation by solution: the market is segmented into unified communication and collaboration (UCC), application programming interface (API), interactive voice response (IVR), Web real-time communication (Web RTC), Voice over Internet Protocol (VoIP), and reporting and analytics
- Segmentation by service: training and consulting, support and maintenance, and managed services
- Segmentation by vertical: IT and telecommunications, BFSI, media and entertainment, healthcare, transportation, education, and others
- Segmentation by region: North America, Europe, Asia-Pacific and rest of the world
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Cloud Communication Platform Market Regional Analysis:
The regional analysis of cloud communication platform market is studied for North America, Europe, Asia-Pacific and rest of the world.
Developed countries such as the US, Canada and Mexico have witnessed increased internet penetration and rapid deployment of technology. This leads to higher utilization of communication platform, resulting in the adoption of cloud-based services which reduces the burden of building and managing an IT infrastructure. owing to this, North America is expected to dominate the cloud communication platform market with the largest market share during the forecast period. Europe is expected to be the second largest region in the market due to high performance computing accompanied by the support of cloud ecosystems in the development of technologies
Asia-Pacific is predicted to emerge as the fastest growing region in the cloud communication platform market, as countries such as China, and India are advancing technically at a high rate which is a key factor for this market. Technological developments such as data to voice, 4G LTE, VoIP is increasing the consumers spending power along with investments in telecom infrastructure for communication. Hence, the cloud communication platform market is expected to witness huge growth potential in North America, Europe, and Asia-Pacific during the forecast period of 2018–2023.
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