Global Cloud Communication Platform Market Research Report- Forecast till 2030

Global Cloud Communication Platform Market: By Component (Solution and Service), By Organization Size (Small and Medium-Sized Enterprise and Large Enterprise), By Vertical (Banking, Financial Services and Insurance, Healthcare, Telecommunication and Information Technology Enabled Service, Government, Retail, Travel and Hospitality, Education, Manufacturing and Others) - Forecast till 2030

ID: MRFR/ICT/2094-CR | 123 Pages | Author: Ankit Gupta | April 2019         

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Cloud Communication Platform Market

Cloud Communication Platform Market is predicted to touch USD 51.37 Billion at a healthy 19.82% CAGR between 2020- 2030.

Segmentation
By Component Solution Service
By Organization Size Small Enterprise Medium-Sized Enterprise Large Enterprise
By Vertical Banking Financial Services and Insurance Healthcare Telecommunication and Information Technology Enabled Service Government Retail Travel and Hospitality Education Manufacturing and Others
Key Players
Companies Profiled   Mitel Networks Corporation    Nokia    Masergy    Vonage Holdings Corp.    NetFortris    Avaya Inc.    Telestax    West Corporation.    Twilio Inc.    Cisco Systems Inc.
Drivers
Market Driving Forces   Surge in Demand for BYOD Systems to Bolster Market Growth    Increasing Adoption in SMEs to Offer Robust Opportunities
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Market Analysis 


Global Cloud Communication Platform Market is predicted to touch USD 51.37 Billion at a healthy 19.82% CAGR between 2020- 2030, 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. 


COVID-19 Analysis 


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.


Market Dynamics



  • Drivers


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.



  • Opportunities


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.



  • Restraints


Security Concerns May Act as a Market Restraint 


Security and privacy concerns about confidential data may act a market restraint over the forecast period.



  • Challenges


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.


Market Segmentation


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.


Regional Analysis


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.


Competitive Landscape


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.


Key Players 


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.


Recent Developments



  • January 2021- Nokia has joined hands with Google to build a cloud-based 5G network and also allow business customers to provide services like automated manufacturing and smart retail. 

  • December 2020- TTBS (Tata Tele Business Services) has launched a cloud-based enterprise solution that will allow hybrid connectivity between vendors, customers, and employees across different platforms.


Report Scope 


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 Solution 



  • Solution 

  • Service


By Organization Size 



  • Small and Medium-Sized Enterprise (SME)

  • Large Enterprise


By Vertical 



  • BFSI

  • Healthcare 

  • Telecommunication

  • Information Technology Enabled Service (ITES)

  • Government 

  • Retail

  • Travel and Hospitality

  • Education

  • Manufacturing 

  • Others


By Region 



  • North America 

  • Europe

  • The Asia Pacific (APAC)

  • Rest of the World (RoW)



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 51.37 Billion
  CAGR   19.82%
  Base Year   2019
  Forecast Period   2020- 2030
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Vertical
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   Mitel Networks Corporation Nokia Masergy Vonage Holdings Corp. NetFortris Avaya Inc. Telestax West Corporation. Twilio Inc. Cisco Systems Inc.
  Key Market Opportunities   Increasing Adoption in SMEs to Offer Robust Opportunities
  Key Market Drivers   Surge in Demand for BYOD Systems to Bolster Market Growth


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 19.82% over the review period (2020-2030).

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.

1. Small and Medium Businesses (SMBs):2. Enterprises: 3. Government and Public Sector: 4. Healthcare:5. Financial Services:

The telecommunications industry is expected to lead the global market for cloud communication platforms in terms of growth. This is due to the increasing demand for cloud-based communication solutions from telecom operators, as well as the growing adoption of cloud-based communication services by businesses.

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.

A cloud communications platform is a type of software that enables businesses to manage their communications systems, such as voice, video, messaging, and other services, over the internet. It provides a unified platform for businesses to manage their communications needs, such as voice, video, messaging, and other services, from a single interface. It also allows businesses to access their communications systems from any device, anywhere in the world.

Some of the significant market players operating in the global alcohol market are Cisco Systems, Inc., Mitel, West Corporation., Nokia, and others.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players’ financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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