ID: MRFR/ICT/2094-CR | April 2019 | Region: Global | 123 pages
Global Cloud Communication Platform Market is predicted to touch USD 5,706.8 Million at a healthy 24.8% CAGR between 2018- 2023, reveals the latest Market Research Future (MRFR) report. The strong growth of the communication platform as a service market is due to the increase in remote working facilities.
The ongoing COVID-19 pandemic has already cast its shadow on numerous industries barring just a handful, such as the cloud communication platform market. There has been a noteworthy ramp-up in technologies during this crisis like zoom, desktop support, security, mobile devices, VPN networking, virtualization infrastructure, collaboration tools, and work-from-home infrastructure that has propelled the demand for cloud communication services. The demand for video conferencing solutions has gone up during the outbreak, which generates ample data and needs high-end technologies to analyse. Everyone in fact, is compelled to embrace novel technologies and discover their perks. Some extra investments are expected in the digital infrastructure. Following the work-from-home trends, there has been an absence of hallways, meeting rooms, and offices to serve as connectors. It is here where cloud communications act as a savior to collaborate and connect with one another along with customers and external partners. With maximum business activities being driven online, organizations require a higher capacity to ensure reliable, fast access to cloud-based communication platform. The increasing cloud communication platform market trends have made businesses to boost their cloud provisioning massively, thus adding massive growth for leading cloud infrastructure providers like Microsoft Azure and Amazon Web Services along with smaller firms. Cloud services during these troubled times have helped to ensure business continuity and are also facing substantial growth in adoption. All these are likely to add to the market growth.
Surge in Demand for BYOD Systems to Bolster Market Growth
The surge in demand for BYOD (bring your own device) systems in the corporate industry wherein employees are told to bring their own device to work rather than depending on the hardware of the company is likely to bolster the market growth over the forecast period. Bring your own device policies also provide a strong central communication technology, which paves the way for convenient and easy communication between different parts of the organization.
Additional factors adding to the cloud communication platform market growth include the growing demand for remote working facilities in the corporate field, increasing use of cloud communication for its superior features over conventional alternatives, growing adoption of connected devices, rising penetration of IoT, increasing adoption of cloud-based services, increased mobility, and increased workforce productivity and savings. Besides, burgeoning demand for cloud communication platform software, mobile cloud communication platforms, cloud communication software, and web-based communication platform are also adding market growth.
Increasing Adoption in SMEs to Offer Robust Opportunities
Increasing adoption of cloud communication services in small & medium enterprises due to lower capital & operating expenditure may offer robust opportunities to industry players in the upcoming days.
Security Concerns May Act as a Market Restraint
Security and privacy concerns about confidential data may act a market restraint over the forecast period.
Loss of Data to Act as a Market Challenge
Loss of data while shifting to cloud communication services from the traditional system, third-party dependence for cloud services, high initial cost, increasing dependency on the internet, the cost involved to redesign cloud network, and stiff competition among vendors may all act as major challenges for market players in the upcoming days.
Cloud Communication Platform Market is bifurcated based on Component, Organization Size, and Vertical.
Solution Segment to Lead Cloud Communication Platform Market
By component, the global cloud communication platform market is segmented into service and solution. The solution segment is further segmented into application programming interface (API), voice over internet protocol (VoIP), interactive voice response (IVR), web real-time communication (WebRTC), and unified communication and collaboration (UCC/UCaaS). The service segment is again bifurcated into managed services, support and maintenance, and training and consulting. Of these, the solution segment will lead the market over the forecast period. It is predicted to grow at a 24.1% CAGR by 2023.
Large Enterprise to Spearhead Cloud Communication Platform Market
By organization size, the global cloud communication platform market is segmented into large enterprise and small & medium-sized enterprise (SMEs). Of these, the large enterprise segment will dominate the market over the forecast period. It is likely to develop at a 23.9% CAGR by 2023. Higher working efficiency, cost benefits, and allowing large enterprises in streamlining their dispersed business units with the interoperable, secure, and reliable cloud-based communication system is adding to the growth of the segment.
BFSI Segment to Dominate Cloud Communication Platform Market
By vertical, the global cloud communication platform market is segmented into manufacturing, education, travel and hospitality, retail, government, information technology-enabled service (ITES), telecommunication, healthcare, BFSI, and others. Of these, the BFSI segment will dominate the market over the forecast period. It is likely to develop at a 24.1% CAGR by 2023. The evolution of digital transformation and financial technology in the BFSI sector is adding to the growth of the segment.
North America to Remain Forerunner in Cloud Communication Platform Market
Geographically, the global cloud communication platform market has been segmented into North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will remain the forerunner in the market over the forecast period. It is likely to develop at a 24.0% CAGR by 2023. Increasing popularity as it offers flexible work options, increasing adoption in large, mid, and small enterprises, the presence of notable players, availability of various cloud-based service providers, and rising adoption of cloud-based services are adding to the global communication platform market growth in the region.
Europe to Hold Second-Largest Share in Cloud Communication Platform Market
In Europe, the global cloud communication platform market is predicted to hold the second-largest share over the forecast period. Increasing contribution in R&D activities, growing adoption in the BFSI sector, product differentiation among telecommunication service providers, and competitive pricing are adding to the global cloud communication platform market size in the region.
The cloud communication platform as a service market is highly competitive as well as fragmented in nature for the presence of several key players. They have encompassed several strategies to strengthen their position in the market and also widen their portfolio, such as mergers, alliances, research and development activities, and others.
Prominent players profiled in the global cloud communication platform market report include Mitel Networks Corporation, Nokia, Masergy, Vonage Holdings Corp., NetFortris, Avaya Inc., Telestax, West Corporation., Twilio Inc., and Cisco Systems, Inc.
The global cloud communication platform market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
By Organization Size
Frequently Asked Questions (FAQ) :
The global cloud communication platform market is poised to register a market value of USD 5.7 billion at a CAGR of approximately 24.8% over the review period (2018-2023).
The North America region is expected to the most significant share, which is projected to register a CAGR of 24%, followed by the Asia Pacific region.
The global cloud communication platform market is analyzed based on component, organization size, and vertical.
The BFSI segment is expected to acquire more than 20% of the total market share, with a value of USD 355.2 million at a CAGR of 24.1%, owing to the development of fintech.
The global cloud communication platform market is influenced majorly by the increasing prevalence of drinking and driving cases and by the growing adoption of personal breathalyzers.
The lesser availability of regulated breathalyzers may act as a hindering factor. Moreover, external factors can influence certain sensor types, such as infrared sensors, which will impact the results and efficiency of cloud communication platforms.
Some of the significant market players operating in the global alcohol market are Cisco Systems, Inc., Mitel, West Corporation., Nokia, and others.