New York, US, Nov. 17, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Cloud Communication Platform Market: By Component, By Organization Size, By Vertical – Forecast till 2030”, the global cloud communication platform market is likely to garner USD 51.37 BN by 2030, growing at a 19.82% CAGR throughout the assessment period (2020-2030).
Cloud Communication Platform Market Overview
The cloud communication platform market is catching up with substantial momentum, with the increase in remote working facilities. The growing use of this platform in IT & ITES companies will continue to influence market growth.
Evolving cloud technologies have completely transformed the commercial communications space, allowing more freedom to the staff across the organization. A cloud communication system delivers cost-effective solutions that can be accessed using any device connected to the internet to manage mobile & remote workforces, allowing better utilization of resources and limitless scalability.
Players leading the cloud communication platform market include,
- Mitel Networks Corporation
- Vonage Holdings Corp.
- Avaya Inc.
- Twilio Inc.
- West Corporation.
- Cisco Systems Inc.
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Over recent years, remote working capability has become imperative in today’s ever-changing business environment. Moreover, the recent series of complexities brought on by the global pandemic has promoted the need for remote working solutions. The pandemic forced enterprises to adopt virtual working to accelerate their digital transformation initiatives worldwide.
However, remote working brings along significant concerns for companies as the data flow in real-time can be challenging at times. Cloud communication networks can help remove location constraints and allow employees to be more flexible by avoiding delays in operations and keeping the workforce updated. Also, it transforms enterprise communications and customer engagement with secure digital solutions.
The adoption of cloud communications is increasingly growing, replacing conventional telephone lines on their premises. Also, cloud communication platforms as a Service (CPaaS) allow messaging, chat, voice, video, and open APIs. CPaaS integrates communications and collaboration intuitive, accessible & scalable across the web and mobile & app presences.
Further, cloud communication platforms can unlock a seamless customer experience. Small business owners need high-performance communications that are easily accessible on their laptops, tablets, or mobile phones with an internet connection, irrespective of location. Therefore, SMEs leverage cloud communication capabilities to access cost-competitive, high-performance communication technologies, equipment, and services.
Cloud Communication Platform Market Report Scope:
|Cloud Communication Platform Market Size by 2030||USD 51.37 Billion|
|Cloud Communication Platform Market CAGR during 2020-2030||19.82%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Increasing Adoption in SMEs to Offer Robust Opportunities|
|Key Market Drivers||Surge in Demand for BYOD Systems to Bolster Market Growth|
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The cloud communication platform adoption is growing across manufacturing, education, travel & hospitality, retail, government, telecommunication, healthcare, BFSI, and others. Moreover, the pandemic changed customer expectations about experiences, and they started demanding superior experiences with 24/7 availability and easy access to all required information.
The circumstance also elevated the demand for several digital products and services while restructuring their market conditions. These factors, as a result, encouraged demand for future-proof communications to ensure business growth. Cloud communications platforms garner huge popularity with significant benefits like unlimited scalability, improved security, and multichannel integration.
Also, other benefits of using a cloud communication strategy in managing customer service operations efficiently, such as more adaptability and competitive pricing, are crucial for AI & ML automation and multichannel integration to build trust & reliability and boost the adoption of these solutions. Cloud-based communications also allow enterprises to interact with customers to understand their needs by assessing their customers’ behavioral patterns and activities across social media platforms.
The rising use of social media channels, websites, connected TVs, etc., allows unique opportunities to initiate communication based on customers’ interests & preferences and to solve their queries with relevance. Cloud communication systems provide an opportunity for the tech team to innovate and speed up development processes with unmatched agility. All these factors define the significant growth the cloud communication platform market is likely to reach.
Cloud Communication Platform Market Segments
The market is bifurcated into components, organization size, verticals, and region. The component segment is sub-segmented into solutions and services. The organization size segment is sub-segmented into small & medium-sized enterprises (SMEs) and large enterprises.
The vertical segment is sub-segmented into BFSI, healthcare, telecommunication, information technology-enabled service (ITES), government, retail, travel & hospitality, education, manufacturing, and others. The region segment is bifurcated into Europe, the Americas, Asia-Pacific, and rest-of-the-world.
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Cloud Communication Platform Market Regional Analysis
North America leads the global cloud communication platform market. The largest market share is attributed to major cloud communication solution providers and well-established advanced IT infrastructures, delivering industry-leading applications and services seamlessly.
Besides, the increasing adoption of cloud-based communication technologies among many organizations positively influences market growth. Moreover, heavy investments made by major industry players and mobile service providers drive regional market growth. The US, Canada, and Mexico are the leading cloud communication platform markets in the region.
Cloud Communication Platform Market Competitive Analysis
The well-established cloud communication platform market appears highly competitive due to several large players forming a competitive landscape. Matured players incorporate collaboration, acquisition, partnership, product launch, and expansion to gain a competitive advantage. The market demonstrates high growth prospects, which would attract several new entrants, further boosting the market competition.
For instance, on Nov. 03, 2022, Infobip, a global provider of cloud communications platforms & CPaaS solutions, announced a partnership with ClearSky Technologies, a leading provider of mobile cellular technology & services, to deliver enterprise-grade CPaaS solutions to carriers in the US. Through the partnership, ClearSky will deliver Infobip’s communications platform as a service (CPaaS) capabilities to wireless carriers nationwide.
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In another instance, on Mar. 28, 2022, Dstny, a leading provider of cloud-based business communication solutions in Europe, announced the acquisition of Qunifi to take the world leadership position in Microsoft teams’ business integrations. Qunifi is a leasing Microsoft Teams integration specialist in the UK, and its Call2Teams platform is a global leader in Teams integration for UCaaS providers. The acquisition aligns with Dstny’s strategy in business integrations and accelerating business value and innovations for Microsoft Teams users.
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