Cloud Communication Platform Market Projected to reach USD 51.37 Billion with a health CAGR of 19.82 % During 2020 – 2030 – Report by Market Research Future (MRFR)

Market future research insights:

The rise in remote working options is the cause of the cloud communication platform as a service market’s rapid expansion.

Over the projection period, the market’s growth is projected to be supported by the spike in demand for BYOD (bring your own device) systems in the corporate sector, where workers are instructed to bring their own devices to work rather of relying on the hardware of the firm. Bring your own device rules also offer a reliable central communications infrastructure that makes it possible for effortless contact between various portions of the company.

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Cloud Communication Platform Market Market Report Scope:

Increased demand for remote working options in the corporate sector, rising adoption of cloud communication due to its superior features over traditional alternatives, rising adoption of connected devices, rising IoT penetration, rising adoption of cloud-based services, increased mobility, and increased workforce productivity and cost savings are additional factors fueling the market growth for cloud communication platforms.

Additionally, the market is growing as a result of the surge in demand for cloud communication platform software, mobile cloud communication platforms, cloud communication software, and web-based communication platforms.

Regional analysis:

North America, Europe, Asia Pacific (APAC), and the rest of the world make up the geographical segments of the worldwide market for cloud communication platforms (RoW). Over the course of the projection, North America will continue to lead this market. By 2023, it is anticipated to grow at a 24.0% CAGR.

Growing usage in big, mid-sized, and small businesses, the existence of important players, the accessibility of numerous cloud-based service providers, and expanding popularity of flexible work alternatives are all contributing to the worldwide communication platform market growth in the area.

Over the course of the projection period, Europe is expected to have the second-largest share of the worldwide cloud communication platform market. The market size for global cloud communication platforms in the area is developing as a result of rising R&D involvement, expanding acceptance in the BFSI industry, product differentiation among telecommunication service providers, and competitive pricing.

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Market segmentation:

Based on component, organisation size, and vertical, the cloud communication platform market is segmented.

The market for global cloud communication platforms is divided into service and solution categories based on component. Application programming interface (API), voice over internet protocol (VoIP), interactive voice response (IVR), online real-time communication (WebRTC), and unified communication and collaboration (UCC/UCaaS) are the other subgroups of the solution sector. Again divided into managed services, support and maintenance, and training and consulting, the service section. Over the course of the projection, the solution segment will dominate the market. By 2023, it is expected to increase at a 24.1% CAGR.

The worldwide cloud communication platform market is divided into two categories based on the size of the organisation: big enterprise and small and medium-sized firm (SMEs). Over the course of the projection, the big enterprise sector will rule the market. By 2023, it is anticipated to grow at a CAGR of 23.9%. The category is expanding due to increased productivity, cost savings, and the ability of major corporations to streamline their scattered business divisions using an interoperable, secure, and dependable cloud-based communication system.

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The manufacturing, education, travel and hospitality, retail, government, information technology-enabled service (ITES), telecommunication, healthcare, BFSI, and other verticals make up the worldwide market for cloud communication platforms. Over the course of the projection period, the BFSI segment will rule the market. By 2023, it is anticipated to grow at a 24.1% CAGR. The BFSI sector’s use of financial technology and digital transformation is fueling the segment’s expansion.

Key players:

Corporation of the Mitel Networks Holdings Companies for Nokia, Masergy, and Vonage The Avaya Corporation’s NetFortris Corporation known as Telestax West. Twilio Inc. the company Cisco Systems, Inc.

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