Cloud Communication Platform Market Scenario:
Market Research Future (MRFR) suggests that the global cloud communication platform market is expected to thrive at a 24.8% CAGR across the forecast period of 2018 to 2023. As BYOD trends, an escalation in the cloud communication platforms across different verticals is noted.
These platforms’ main focus is to improve the work culture and provide flexible working options. The global market of Cloud Communication Platform Market is expected to capitalize on these advantages. However, privacy and security concern associated with these platforms is likely undermines the market expansion.
MRFR profiled Twilio Inc., NetFortris, Telestax, Networks Corporation, Masergy, Vonage Holdings Corp., West Corporation., Cisco Systems, Inc., Mitel , Avaya Inc., and Nokia as some of the strong contenders of the global cloud communication platform market.
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The increase in the number of cloud communication platform developers offering effective solutions is intensifying the competition among key players, which, in turn, is expected to favor the market. Market players are actively focusing on expanding their product portfolio and service range. They are making heavy investments for effective innovations. Strong contenders of the market are making efforts in ensuring better sustainability of their products. These factors are significantly surging the market.
The global cloud communication platform market is segmented by component, vertical, and organization size.
- By component, the market is divided into service and solution. The solution segment is further sub-segment into voice over internet protocol (VoIP), unified communication and collaboration (UCC/UCaaS), web real-time communication (WebRTC), application programming interface (API), and interactive voice response (IVR). The service segment is classified into maintenance and support services, managed services, and training and consulting. In 2017, the solution segment held 72.1% of the market share. The segment is set to expand at a CAGR of 24.1% by 2023.
- By size of an organization, the market is segmented into small and medium-sized enterprises (SMEs), and large enterprises. In 2017, the large enterprise segment captured a sizable portion of the market. By 2023, the segment is expected to expand at a 23.9% CAGR. Cloud communication platforms allow companies to achieve greater efficiency in work that can upscale the revenue generated. As a result, These platforms are experiencing high popularity in large enterprises.
- By vertical, the market is segmented into telecommunication and information technology enable service (ITES), BFSI, retail, manufacturing, education, government, travel and hospitality, and others. The BFSI segment is expected make the highest profit. The BFSI segment is expected to surpass a valuation of USD 355.2 Mn and expand at a CAGR of 24.1% by 2023.Digitization of the BFSI sector is expected to surge the market. The government segment is likely to surpass a valuation of USD 263.7 Mn by 2023.
The North America cloud communication platform market is expected to thrive at a considerable CAGR of 24% CAGR across the assessment years. The United States market is expected to be the major contributor to the regional market expansion. The adoption of cloud communication platforms is high in the US due to the rise in need for work-time flexibility. The SMEs are the high-end consumers of the technology. The existence of renowned market players is high in North America. These are additional factors that are expected to surge the North America market. The Europe cloud communication platforms market is noted to hold the second-largest market share due to extensive research and developmental undertakings.
In Asia Pacific, the tremendous growth of the IT sector, especially in countries, such as China, Taiwan, Japan, Taiwan, and Hong Kong, is likely to spur the growth of the APAC market.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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List of Tables
Table 1 Cloud Communication Platform Market, By Solution
Table 2 Cloud Communication Platform Market, By Service
List of Figures
Figure 1 Research Type
Figure 2 Cloud Communication Platform Market: By Solution (%)
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