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) and Region - Forecast Till 2023
Cloud Communication Platform Market
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.
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Global Cloud Communication Platform Market: Regional Outlook
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 and
Global Cloud Communication Platform Market: Competitive Landscape
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
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November 22, 2018: In 2017, the global Cloud Communication Platform market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025.This report focuses on the global Cloud Communication Platform status, future forecast, growth opportunity, key market and key players.
The study objectives are to present the Cloud Communication Platform development in United States, Europe and China.The key players covered in this studyTwilioTropoNexmoDownload sample Copy of This Report at:https://www.radiantinsights.com/research/global-cloud-communication-platform-market-size-status-and-forecast-2018-2025/request-sample PlivoCallFireHookflashIfbyphoneJadukaCallHubTelAPIAccess This Full Report @ https://www.radiantinsights.com/research/global-cloud-communication-platform-market-size-status-and-forecast-2018-2025Market segment by Type, the product can be split intoUnified Communication and Collaboration (UCC/UCaaS)Web Real-Time Communication (WebRTC)Interactive Voice Response (IVR)Voice Over Internet Protocol (VoIP)Application Programming Interface (API)Market segment by Application, split intoLogisticsCustomer ServiceOthersMarket segment by Regions/Countries, this report coversUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South AmericaThe study objectives of this report are:To analyze global Cloud Communication Platform status, future forecast, growth opportunity, key market and key players.To present the Cloud Communication Platform development in United States, Europe and China.To strategically profile the key players and comprehensively analyze their development plan and strategies.To define, describe and forecast the market by product type, market and key regions.In this study, the years considered to estimate the market size of Cloud Communication Platform are as follows:History Year: 2013-2017Base Year: 2017Estimated Year: 2018Forecast Year 2018 to 2025For the data information by region, company, type and application, 2017 is considered as the base year.
Whenever data information was unavailable for the base year, the prior year has been considered.About Radiant InsightsRadiant Insights is a platform for companies looking to meet their market research and business intelligence requirements.
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Cloud Communication Platform Market TrendsRegional analysis for cloud communication platform market is studied in different geographic regions such as North- America, Europe, Asia-Pacific and Rest of the World.
North America is expected to be leading player as a majority of IT decision makers have adopted this technology which benefits the financial sector with lower capital expenditures.
Europe is estimated to acquire second largest market share due to the initiatives developed by the European commission to promote adoption of cloud communication services.The Cloud Communication Platform Market is growing rapidly over 26% of CAGR and is expected to reach at USD ~5.6 Billion by the end of forecast period.Cloud Communication Platform Market SegmentationThe Cloud Communication Platform Market has been segmented on the basis of solution, service and vertical.
By vertical segment, cloud communication provides better collaboration in healthcare industry.
It allows the healthcare professionals to store and analyze the data remotely which gains access to patient data immediately and apply immediate treatment on emergency.
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.
Cloud Communication Platform Market TrendsThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Cloud Communication Platform Market Trends.
The growth sectors of the Cloud Communication Platform Market Trends are identified with precision for a better growth perspective.The cloud communication platform market is cementing its foothold as the percolation of the information technology services is getting widespread.
Cloud communication enables telephone switching and manages various associated applications.
A new setup is not required, and the platform is quite adaptable to handle emerging communication technologies.
Market Research Future (MRFR) in their published report includes segmental analysis and driving factors that can potentially speed up market growth.
If breached, then it can reveal personal details of users which can put a leash on the cloud communication platform market.Segmental Analysis:The global cloud communication platform market can be segmented by solution, service and vertical.Based on the solution, the cloud communication platform market can be segmented into unified communication and collaboration (UCC), application programming interface (API), interactive voice response (IVR), web real-time communication (Web RTC), voice over internet protocol, and reporting Service-wise, the cloud communication platform market can be segmented into training & consulting support & maintenance, and managed services.Vertical-based segmentation of the cloud communication platform market includes IT & telecommunications, banking, financial services and insurance (BFSI), media & entertainment, healthcare, transportation, education, and others.Regional Analysis:Region-specific analysis of the cloud communication platform market leads to Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).North America is the leading force of the global market and is about to retain its position during the forecast period.
