Cloud Communication Platform Market Trends
The cloud communication platform market, according to MRFR's report, is all set to grow with a 26% CAGR during the forecast period (2018-2023) and reach a stellar valuation of USD 5.6 billion by 2023.
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Market Highlights
While the percolation of information technology infrastructure is becoming widespread, the demand for cloud communication platform is cementing its foothold. Additionally, digitalization integration provides momentum for the business of the cloud communication platform. Among the factors, with unparalleled speed, cost-effectiveness, the potential to promote online communication, and versatility will impact market growth of the cloud communication platform. In addition, the increasing phenomenon of bring-your-own-device ( BYOD), combined with the focus on offering flexible job choices, is a favourable reflection on the market. Cloud networking systems are also experiencing rapid growth in comparison with traditional alternatives due to their superior offerings. Despite this, due to its weakness against the hackers, the cloud communication platform market may experience some setbacks. If infringed, it can disclose personal user information that can leash the market for cloud communication platforms.
Market Segmentation
The global cloud communication platform market has been segmented by component, organization size, and vertical.
The component segment comprises solutions and services, wherein based on the solution, the cloud communication platform market can be categorized into application programming interface (API), unified communication and collaboration (UCC), real-time web communication (Web RTC), interactive voice response (IVR), voice over internet protocol, and reporting &analytics. Service-wise, the cloud communication platform market has been divided into training & consulting support & maintenance, and managed services. The component segment is poised to acquire a CAGR of 24.1% over the review period.
On the basis of the size of the organization, the market has been bifurcated into large enterprises and SMEs, wherein the large enterprises' segment is likely to observe a CAGR of 23.9% over the review period.
Regional Outlook
Based region-specific study of the demand for cloud communication platforms leads to Asia Pacific ( APAC), North America, Europe and Rest of the World (RoW).
North America is the global market's leading power and is going to retain its position over the projected period. The area has become very accustomed to the structure needed for such technology. The technical advantage and deft management of the associated industries give an unparalleled lead to the regional market over the rest.
Europe takes second place. The Area shares common characteristics with North America. This stellar growth is attributed to the significant contribution in the research & development sector, which is creating wonders for market growth. The technology, which can act as a catalyst during the forecast era, also takes a lot of support from the BFSI sector.
Competitive Dashboard
Eminent players impacting the cloud communication platform market are 8X8 Inc. (U.S.), West IP Communications Inc. (U.S.), Coms Care Ltd. (U.K.), Cisco Systems Inc. (U.S.), Hookflash Solutions Inc. (Canada), Telestax Inc. (U.S.), Plivo Inc. (U.S.), Avaya Inc. (U.S.), Nexmo Inc. (U.S.), Netfortis Inc. (U.S.), and others. Merger, acquisition, partnership, product creation, and other strategies are some strategic developments that enable companies to improve their plans and remain on the competitive market.
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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.
Global Cloud Communication Platform Market HighlightsThe Cloud Communication Platform Market is projected to grow at a CAGR of 24.8% during the forecast period.
As per the cloud communication platform market research report, the global market for cloud communication platform is anticipated to grow rapidly by US$5,706.8 million by 2023.
As per analysts, the growing trend of BYOD along with the high adoption rate of cloud computing will drive the market growth throughout the forecast period.
The cloud communication platform market research report by expert analysts is intended to help companies in the cloud communication platform market.Cloud Communication Platform Market Key PlayersEminent players impacting the cloud communication platform market are 8X8 Inc. (U.S.), West IP Communications Inc. (U.S.), Coms Care Ltd. (U.K.), Cisco Systems Inc. (U.S.), Hookflash Solutions Inc. (Canada), Telestax Inc. (U.S.), Plivo Inc. (U.S.), Avaya Inc. (U.S.), Nexmo Inc. (U.S.), Netfortis Inc. (U.S.), and others.
Merger, acquisition, partnership, product creation, and other strategies are some strategic developments that enable companies to improve their plans and remain on the competitive market.Cloud Communication Platform Market SegmentationThe global cloud communication platform market has been segmented by component, organization size, and vertical.Get Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/2811The component segment comprises solutions and services, wherein based on the solution, the cloud communication platform market can be categorized into application programming interface (API), unified communication and collaboration (UCC), real-time web communication (Web RTC), interactive voice response (IVR), voice over internet protocol, and reporting Service-wise, the cloud communication platform market has been divided into training & consulting support & maintenance, and managed services.
The component segment is poised to acquire a CAGR of 24.1% over the review period.On the basis of the size of the organization, the market has been bifurcated into large enterprises and SMEs, wherein the large enterprises' segment is likely to observe a CAGR of 23.9% over the review period.The Vertical segmentation of the cloud communication platform market comprises IT & telecommunications, media & entertainment, healthcare, education, transportation, banking, financial services and insurance (BFSI), and others.
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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