Cloud Communication Platform Market Scenario:
Market Research Future (MRFR) reports that the global cloud communication platform market to grow at 24.8% CAGR between 2018 and 2023. Trends such as bring-your-own-device (BYOD) favouring the adoption of cloud communication platforms. These platforms offer solutions to enterprises that are focusing on improving work culture and providing more flexible working options to their employees. However, security and privacy concern associated with these platforms to some extent undermines the market prospects.
The Cloud Communication Platform Market has been segmented on the basis of solution, service and vertical. The vertical segment includes IT & telecommunication, BFSI, manufacturing, healthcare, transportation and education. By vertical segment, the education sector in rural areas is benefited by the cloud communication services by providing a web based cloud computing model which provides free education material to students such as video lectures, power point slides, e-books in order to hold the attention of the student. Teachers and students can store and manage their data through the dashboard provided by the cloud. Cloud storage can solve the problem of data management for many teachers and students.
The Cloud Communication Platform Market is expected to grow at USD ~5.6 Billion by 2023, at 26% of CAGR between 2017 and 2023.
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Major Key Players:
Some of the key companies profiled in MRFR’s report include Twilio Inc., Telestax, NetFortris, Masergy, Networks Corporation, West Corporation., Vonage Holdings Corp., Avaya Inc., Cisco Systems, Inc., Mitel and Nokia
Regional Analysis:
The market has been covered across Asia Pacific (APAC), Europe, North America, the Middle East & Africa (MEA) and Latin America. The market in North America was observed as highly attractive in 2017 and is expected to witness 24% CAGR during the projection period. The U.S. makes the largest contribution the market in the region. With businesses making efforts to create flexible work options, cloud communication platforms become more popular. In North America, adoption of such platforms has been high in large, mid and small enterprises.
Presence of renowned market players in the region remains a favourable factor. In terms of value, Europe is the second largest market for cloud communication platform and is expected to maintain its position over the next several years. Meanwhile, the APAC cloud communication platform market is expected to post the highest CAGR over 2023. In APAC, the countries to look out for are China, Taiwan, Japan, Taiwan and Hong Kong. Tremendous growth of the I.T. sector in recent years has been a shot in the arm for the APAC market. Realising the opportunities, many global players are aggressively expanding their operations in APAC. Europe is the third largest market for cloud communication platform market.
Segments:
Segment analysis of the market has been conducted on the basis of component, organization size, vertical and region.
By component, the market has been segmented into solution and service. The solution segment is further sub-segment into web real-time communication (WebRTC), voice over internet protocol (VoIP), application programming interface (API), unified communication and collaboration (UCC/UCaaS), and interactive voice response (IVR). The service segment is further sub-segmented into managed services, support and maintenance and training and consulting. In 2017, the solution segment captured 72.1% share of the market in terms of value. Furthermore, the segment is set to witness a double-digit CAGR of 24.1% between 2018 and 2023.
By organization size, the market has been segmented into large enterprises, and small and medium-sized enterprises (SMEs). The large enterprises segment held the predominant share of the market in 2017 and is expected to grow at 23.9% CAGR over 2023. Cloud communication platforms is witnessing widespread popularity in large enterprises. These platforms allow enterprises to achieve higher work efficiency and economies of scale. By using such platform, businesses can develop secure, reliable and interoperable communication capability.
By vertical, the market has been segmented into BFSI, telecommunication and information technology enable service (ITES), retail, government, education, travel and hospitality, manufacturing and others. Of these, the BFSI segment is expected to remain highly profitable in 2019 and beyond. The segment was valued at USD 355.2 Mn in 2017 and likely to exhibit a CAGR of 24.1% during the assessment period. Growth of the segment can be attributed to the increased digitization in the BFSI sector. The government segment accounted for the second largest share in 2017 and was valued at USD 263.7 Mn. Meanwhile, the telecommunication segment is anticipated to exhibit the highest CAGR From 2018 to 2023.
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
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
Continued….
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List of Tables
Table 1 Cloud Communication Platform Market, By Solution
Table 2 Cloud Communication Platform Market, By Service
Continued….
List of Figures
Figure 1 Research Type
Figure 2 Cloud Communication Platform Market: By Solution (%)
Continued….
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