Cloud Communication Platform companies offer cloud-based communication solutions for businesses. Their platforms include voice over IP (VoIP), messaging, video conferencing, and other communication services, enabling organizations to connect and collaborate across geographical boundaries. These companies facilitate efficient and cost-effective communication for enterprises operating in a globalized world.
Competitive Landscape of Cloud Communication Platform Market:
The Cloud Communication Platform (CCP) market is a rapidly growing and dynamic space, fueled by the increasing adoption of cloud-based communication solutions. This market offers a plethora of services, including unified communications and collaboration (UCaaS), video conferencing, web real-time communication (WebRTC), and interactive voice response (IVR). As businesses strive to enhance operational efficiency and customer experience, the demand for CCP solutions is projected to surge significantly in the coming years.
Key Players:
Strategies Adopted:
Key players in the CCP market are adopting diverse strategies to gain market share and establish themselves as industry leaders. Some prevalent strategies include:
Factors for Market Share Analysis:
Several factors are crucial for analyzing market share in the CCP market, including:
New and Emerging Companies:
The CCP market is constantly evolving, and new players are emerging with innovative solutions and disruptive approaches. Some notable new and emerging companies include:
Current Company Investment Trends:
Companies in the CCP market are actively investing in several key areas to maintain their competitive edge:
July 2023,
Mitel announced the next generation of its market-leading DECT Handsets. Being a global leader in business communications, Mitel launched its new 700d series, a new generation of Digital Endless Cordless Telecommunications (DECT) Handsets.
October 2023,
Nokia introduced 5G private wireless to small industrial sites with compact DAC. This DAC offers the most economical entry point to Industry 4.0 for small and mid-size industrial facilities.
Recent Development
Gsoft introduced AI Service Cloud which is revolutionising customer service. The advanced features along with the power of artificial intelligence and machine learning, enhance customer satisfaction.
One platform across clouds is a new-age technology in the cloud communication platform market, developed by Nutanix. With this technology, one platform can run all the apps and data from any remote location.
The Cloud Communication Platform Market Size was valued at USD 16.17 Billion in 2023. The Cloud Communication Platform market industry is projected to grow from USD 19.38 Billion in 2024 to USD 82.21 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.80% during the forecast period (2024 - 2032). An increase in the use of cloud-based solutions and the affordability of cloud communication platform solutions are significant market drivers augmenting the growth of the market.
Figure 1: Cloud Communication Platform Market Size, 2023-2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cloud communication solutions eliminate the requirement for expensive on-premises hardware, infrastructure, and maintenance expenditures. Instead of making upfront capital investments, companies can use cloud-based solutions that are often subscription-based or pay-as-you-go. A move to the cloud allows businesses to save money on hardware, software licenses, maintenance, and IT personnel. With cloud communication platforms' flexibility and scalability, businesses can easily adapt their communication infrastructure to meet their demands. Cloud systems allow businesses to adjust quickly, regardless of whether they need to add or remove users, raise or decrease capacity, or extend to new areas. This is possible without making significant hardware or infrastructure investments.
Various communication channels, including voice, video, chat, and collaboration tools, are combined into one unified solution by cloud communication systems. Employee productivity and teamwork are increased due to communicating and working together more effectively across various platforms and places. Real-time collaboration is facilitated as features like instant messaging, presence information, file sharing, and video conferencing decrease communication barriers.
The rapid adoption of cloud communication platforms by small and medium-sized businesses (SMEs) is a key factor driving the market's growth. SMEs are adopting cloud-based communication solutions for their company operations as they become more aware of their advantages. Greater emphasis has been placed on the increase of remote work and the necessity of seamless cooperation, particularly for SMEs. Platforms for cloud-based communications provide the tools and capabilities required to support remote work and let staff members collaborate successfully from any place. To improve efficiency and teamwork, distant teams may communicate and collaborate in real time via tools like video conferencing, instant messaging, file sharing, and virtual meeting rooms.
SMEs can now access cutting-edge communication features and capabilities that were previously only accessible to larger businesses by implementing cloud communication solutions. These systems enable SMEs to improve client experiences, streamline communication procedures, and maintain market competitiveness by providing functions including call analytics, call routing, call recording, and voice transcription. Cloud communication solutions are the best option for SMEs because of their cost-effectiveness, scalability, ease of implementation, potential for remote collaboration, integration options, and competitive advantages. Small and medium-sized businesses are adopting cloud communication platforms at a rapid rate.
Increased mobility and the expanding Bring Your Own Device (BYOD) trend are major factors driving the market for cloud communication platforms. For organizations, connecting and communicating efficiently when on the go is now essential, and cloud communication systems provide the required support and flexibility for mobile work environments. In recent years, the BYOD trend in which workers use their devices for work has become increasingly popular. Cloud communication solutions are well-suited for BYOD situations as they offer compatibility and support for a wide range of devices and operating systems. To access communication tools and collaborate with coworkers, employees can use their chosen devices, with which they are already accustomed, which boosts productivity and ease. Organizations prioritize mobility and embracing the BYOD culture, driving demand for cloud communication platforms.
The Cloud Communication Platform market segmentation, based on component, includes Solution [Unified Communication and Collaboration (UCC/UCaaS), Web Real-Time Communication (WebRTC), Interactive Voice Response (IVR), Voice Over Internet Protocol (VoIP), And Application Programming Interface (API)] And Service [Training and Consulting, Support and Maintenance, And Managed Services]. The solution segment is anticipated to lead the cloud communication platform market throughout the forecast period. A Unified Communication and Collaboration solution provided by a cloud communication platform combines numerous communication channels and collaboration technologies into a single, integrated platform. By providing a uniform interface, it enables employees to access and use various communication channels within an organization, streamlining communication and cooperation.
Users can maintain continuous presence and synchronization across numerous devices with the help of UC&C solutions. For instance, a user can easily switch from their desktop computer to their mobile device while still on a voice call. A seamless user experience is guaranteed by the consistency of presence data and communications history across devices.
Figure 1: Cloud Communication Platform Market, by Component, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Cloud Communication Platform market segmentation, based on organization size, includes Small and Medium-Sized Enterprises (SMEs) and Large enterprises. The Small and Medium-Sized Enterprise (SMEs) category is expected to hold the major share of the Cloud Communication Platform market over the forecast period. Platforms for cloud communications can assist SMEs in offering superior customer service. Employees can access client data, call records, and conversation histories through integration with customer relationship management (CRM) systems, resulting in a more effective and personalized customer experience. Customer interactions are also improved by features like call routing, call recording, and voicemail transcription.
The Cloud Communication Platform market segmentation, based on the vertical, includes Banking, Financial Services, and Insurance, Healthcare, Telecommunication and Information Technology Enabled Services (ITES), Government, Retail, Travel and Hospitality, Education, Manufacturing, and Others. The banking, financial services, and insurance category is expected to hold the major share of the cloud communication platform market over the forecast period. Due to cloud communication platform solutions, investment banks, private equity, asset managers, and insurance companies can securely share business information with partners, clients, and customers. The expansion of the segment is driven by the development of financial technology (fintech) and digital transformation in the BFSI industry.
Healthcare is expected to be the fastest-growing segment of the Cloud Communication Platform market over the forecast period. Healthcare practitioners can provide telemedicine services and have remote consultations with patients due to cloud communication technologies. Healthcare professionals may remotely assess patients, offer medical guidance, and monitor their progress using video conferencing and secure messaging. For patients in remote or underserved locations, this increases access to healthcare services.
By region, the analysis offers market insights into North America, Asia Pacific, Europe, and the Rest of the World. The North American Cloud Communication Platform market is anticipated to lead the market throughout the forecast period. This growth is related to the growing use of cloud-based services and the presence of numerous cloud service providers in this area. The key factors driving this region's rapid development are the rise in unified communications demand and product differentiation among service providers.
Further, the key countries considered in the market report are The US, Canada, German, France, the UK, Spain, Italy, China, Japan, India, South Korea, Brazil, and Australia.
Figure 2: CLOUD COMMUNICATION PLATFORM MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Cloud Communication Platform market accounts for the second-highest market share. The development of technologies like artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) has benefitted the European industry for cloud communication platforms. By enabling functions like chatbots, speech recognition, sentiment analysis, and personalized messaging, these technologies improve communication capabilities. Further, the German Cloud Communication Platform market held the largest market share, and the UK Cloud Communication Platform market was the fastest-growing market in the European region.
The Asia Pacific Cloud Communication Platform Market is expected to grow at the fastest CAGR from 2023 to 2032. A large percentage of the population in Asia Pacific uses mobile devices as their primary method of internet access. Platforms for cloud communications take advantage of this trend by providing mobile-friendly features and applications. The demand for mobile-centric communication solutions has grown further as a result of the expansion of the mobile workforce, notably in nations like China and India. Moreover, China’s Cloud Communication Platform market held the largest market share, and the Indian Cloud Communication Platform market was the fastest-growing market in the Asia Pacific region.
The major market players are making significant R&D investments to diversify their product lines, driving the cloud communication platform market. Contracts, mergers and acquisitions, increased investments, and joint ventures with other businesses are just a few examples of how significant market advancements can appear. Important industrial corporations are also creating several programs to broaden their reach. Offering services at reasonable pricing is essential for the Cloud Communication Platform Company to develop and thrive in a challenging and competitive market.
Local manufacturing to cut operational costs is one of the primary techniques businesses employ to satisfy clients and expand the Cloud Communication Platform market sector globally. The healthcare sector has recently benefited greatly from cloud communication platforms. Major corporations in the Cloud Communication Platform market, including Mitel Networks Corporation, Nokia, Masergy, Vonage Holdings Corp., and others, are trying to surge market demand by spending on research and development processes.
Infobip, a leader in omnichannel interaction globally, powers a wide range of messaging channels, tools, and solutions for advanced customer engagement, authentication, and security. In a quick, safe, and dependable manner, Infobip assists its clients and partners in overcoming the challenges posed by consumer communications complexity, expanding their business, and improving the customer experience. The core of Infobip's work is high-quality engineering. The best engineering talent available must be hired, developed, and retained by Infobip in order to build excellent client solutions at the cutting edge of innovation. With more than 3,700 professionals and 70+ offices on six continents, Infobip has developed over the last 15 years into an engineering powerhouse with the mission of revolutionizing communication. In October 2022, Infobip, a cloud communication platform and omnichannel engagement provider, created a chatbot for Uber that is driven by artificial intelligence. The chatbot offers a first-of-its-kind booking experience by enabling users to schedule rides through WhatsApp.
The company Mitel Networks Corp. offers services and products for collaboration as well as communications. It provides cloud solutions such as unified communications as a service, public, private, and hybrid cloud communications, as well as cloud-based phone and network service. Mitel offers a range of communication products, including wireless gadgets, digital, DECT, and analog phones. Healthcare, field services, manufacturing, hospitality, retail, education, sports, and entertainment are among the industries it offers a variety of solutions. The business operates in Canada, the US, Australia, Belgium, France, Germany, the Netherlands, Spain, Sweden, and Switzerland. Kanata, Ontario, Canada, serves as the headquarters of Mitel. In March 2022, Mitel introduced the availability of subscription-based solutions for all of its flagship platforms, including the MiVoice Business, MiVoice 5000, MiVoice Office 400, and MiVoice MX-ONE. These subscription-based business models are anticipated to enable customers to take advantage of the most recent cloud-based technologies while quickly adapting to shifting market demands and expectations.
Mitel Networks Corporation
Masergy
NetFortris
Avaya Inc.
Telestax
West Corporation.
Twilio Inc.
October 2022: Infobip, a cloud communication platform and omnichannel engagement provider, created a chatbot for Uber that is driven by artificial intelligence. The chatbot offers a first-of-its-kind booking experience by enabling users to schedule rides through WhatsApp.
March 2022: Mitel introduced the availability of subscription-based solutions for all of its flagship platforms, including the MiVoice Business, MiVoice 5000, MiVoice Office 400, and MiVoice MX-ONE. These subscription-based business models are anticipated to enable customers to take advantage of the most recent cloud-based technologies while quickly adapting to shifting market demands and expectations.
Solution
Unified Communication and Collaboration (UCC/UCaaS)
Web Real-Time Communication (WebRTC)
Interactive Voice Response (IVR)
Voice Over Internet Protocol (VoIP)
Application Programming Interface (API)
Service
Training and Consulting
Support and Maintenance
Managed Services
Banking, Financial Services, and Insurance
Healthcare
Telecommunication and Information Technology Enabled Service (ITES)
Government
Retail
Travel and Hospitality
Education
Manufacturing
Others
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Cloud Communication Platform Market Highlights:
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)