The Future Market Insights Over the projected period, of 2020-2030, the market for worldwide cloud communication platforms will register a double-digit CAGR. An increase in IT infrastructure expenditures by cloud service providers (CSPs), internet service providers (ISPs), and hyper scalers have been essential in fostering industry expansion.
Additionally, the coronavirus (COVID-19) pandemic has forced many organizations to use the work-from-home (WFH) model, which has led to an increase in the use of cloud communication platform solutions.
Due to lockdowns and stay-at-home orders, digital collaboration tools providers like Zoom and Microsoft are observing a striking increase in usage across continents. Companies are using cloud-based solutions to maintain and monitor their storage and server installations in data centers due to the lack of on-site IT staff. Businesses are utilizing the cloud’s full potential to create robust and disaster-resistant models that will fulfill the needs of their remote workforce while also ensuring data security and enterprise application integrity.
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Cloud Communication Platform Market – Key Takeaways
- The healthcare industry would remain a key revenue generator, given the rising trend of bringing your own device (BYOD) and the increasing need for mobility in the industry.
- Benefits such as low costs, and greater functionality are bolstering the adoption of Unified communications as a service (UCaaS).
- Large enterprises would remain the primary customer of cloud communication platform services.
- The market in North America continues its positive trend, backed by increasing adoption of UCaaS and IVR solutions.
Cloud Communication Platform Market – Key Driving Factors
- Rising preference for online backup and database solutions has boded well for the market.
- Increasing shift towards cloud-based unified communication services to push adoption rate.
- Swelling demand for high-speed data transfer mediums in developing regions to offer growth potential to market players.
Cloud Communication Platform Market – Key Constraints
- Security and privacy risks associated with shared communication networks are restricting widespread adoption.
- Redesigning the network for the cloud requires a high initial cost.
Anticipated Market Impact of Coronavirus Outbreak
The COVID-19 pandemic has hampered the revenue growth of almost every industry, including the cloud communication platform market. Alerted by the situation, several private, and government organizations have transitioned to remote working, thus, translating into swelling adoption of cloud communication platform solutions.
In addition, customers are significantly banking on video streaming services as they strictly follow self-isolating regulations. Such evolving trends are auguring well for the cloud communication platform market. The Software-as-a-Service (SaaS) market expanded by nearly 1.4X in 2019 and will see a surge in demand amidst the COVID-19 crisis, as remote working becomes the new normal.
Competition Landscape
Key players in the cloud communication platform market are Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., Avaya Inc., Ozonetel Systems Pvt. Ltd., and Dialogic Inc. Players are focusing on collaborations and new service launches to expand their presence further during the COVID-19 recession and extend their customer base.
The global cloud communication platform market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
By Solutions
- Unified Communication & Collaboration
- Web Real-Time Communication (WEBRTC)
- Interactive Voice Response (IVR) With Integral EPABX
- Audio Conferencing
- Video Conferencing
- Voice Over Internet Protocol (VoIP) with cloud PBX
By Services
- Managed Services
- Professional Services
By Enterprise Size
- Large Enterprise
- Medium Enterprise
- Small Enterprise
- Micro Enterprise
By verticals
- BFSI
- Healthcare
- Telecommunication
- Government
- Retail
- Travel & Hospitality
- Manufacturing
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- META
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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