Cloud Communication Platform Market is expected to grow $4.45 Billion by 2021
- dheeraj pawar
- Aug 20, 2020
- 2 min read
According to a new research report "Cloud Communication Platform Market by Solution and Service (UCC/UCaaS, WebRTC, VoIP, IVR, API, Reporting and Analytics, and Training and Consulting, Support and Maintenance Service, and Managed Service) - Global Forecast to 2021", The cloud communication platform market is estimated to grow from USD 1.36 Billion by 2016 to USD 4.45 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 26.8% from 2016 to 2021. The tremendous growth of the Business Process Outsourcing (BPO) sector and its inclination towards cloud-based solutions and the significant requirements of business organizations for greater flexibility/scalability have provided immense opportunities to the cloud communication platform solution and service vendors, who cater the business organizations with advanced cloud communication platform solutions.
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164 - Pages
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The reporting and analytics solution is expected to show a significant growth during the forecast period
The reporting and analytics solution is expected to grow at the highest CAGR and the Unified Communication and Collaboration (UCC/UCaaS) solution is expected to have the largest market share during the forecast period. The reporting and analytics solution helps in tracking the data related to the usage of calls and SMS delivery status, such as the time of the call, duration of the call, result of the call, confirmation of message delivery, explanation of delivery failure, and others. The UCC/UCaaS solution is expected to have the highest market share because it enables seamless and unparalleled communication among the employees irrespective of their location or device further eliminating the communication complexities.
Asia-Pacific (APAC) is expected to be the fastest-growing region in geographical segmentation of the cloud communication platform market.
Considering the regional analysis of the cloud communication platform market, North America is projected to hold the largest market share. The market in APAC is in the growth phase and is the fastest-growing region for the global cloud communication platform market. The key reason for the high growth rate in this region is the increasing demand for converged communications and product differentiation among the service providers.
Market Players
The cloud communication platform market ecosystem comprises cloud communication platform solution and service vendors, such as 8x8, Inc.; Avaya, Inc.; Cisco Systems, Inc.; Twilio, Inc.; NetFortris, Inc.; West IP Communications, Inc.; Telestax, Inc., Plivo, Inc.; CallFire, Inc.; and Nexmo, Inc. A few other major vendors such as IBM Corporation, Alcatel-Lucent, Mitel Networks Corporation, and Genesys Telecommunication offer comparatively narrower, yet locally-effective solutions and distribution networks in the cloud communication platform market ecosystem. These vendors offer strategically innovated cloud communication platform solutions and services to the end users in various industrial verticals.
The scope of the report covers detailed information regarding the major factors influencing the growth of the cloud communication platform market, such as drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, partnerships, collaborations, expansions, and competitive landscape associated with the cloud communication platform market.
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