The author of the report analyzed that the global cloud communication platform market accounted for US$ 1691.65 million in 2017. The solutions offer organizations with development, processing and data storage capabilities in the cloud and deliver the flexibility that is usually needed by organizations in order to enable growth and expansion.
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Cloud Communication can host telephone switching, and telecommunication applications. Cloud communication platforms give a cloud based platform to cutting edge communication functionalities, for example, video calling, texting and voice over Internet convention (VoIP).
Conventional communication frameworks are expensive on account of the costly equipment they require and are less adaptable to latest communication methods scuh as video conferencing and VoIP administrations,. Cloud communication platforms steal a march over them on account of being cost-effective – since they do not require investing in the entire setup replete with various equipment, and are more adaptable to emerging communication functionalities.
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The evolvement of web real-time communication is likely to boost the growth of the market. Technological advancements in cloud technology are also expected to drive the growth of the market.
Also, the growth of bring your own devices (BYOD) policy in the workplace increases the load on the communication network in the office, thus installation of cloud communication platform can solve the network congestion issue.
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The cloud service allows registered users to access the hardware and software managed by the third parties at remote locations. In addition, governments around the world are providing financial incentives for healthcare facilities to adopt new technologies such as electronic health records.
The recognition that technology can improve patient care while reducing costs has meant that governments are willing to push the traditionally low healthcare industry to a faster pace of adoption this is one of the major factor anticipated to boost demand cloud communication platform market worldwide.
Telecommunication and ITES Anticipated to be the Dominant Segment During the Forecast Period, 2018-2026
Amongst the vertical, telecommunication and ITES is a dominant segment holding the largest market share. Through cloud communication platform, employees can improve their productivity and can work faster and more efficiently.
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Rising Need for Big Data Across Various Enterprises to Drive the Market in Asia Pacific
Asia Pacific is estimated to be the fastest growing region in cloud communication platform market. This rapid market growth in this region is mainly driven by the factors such as rising need for big data, and organizations switching to third-party service providers to better address their security concerns.
Cloud Communication Platform Market is Fragmented with the Presence of Global and Regional Players
communication platform market are 8x8, Inc., Alcatel-Lucent, Avaya, Inc., Callfire, Cisco System, Inc. (Cisco), Genesys Telecommunications Laboratories, Inc., Huawei Technologies Co. Ltd., IBM Corporation, Intelepeer, Microsoft Corporation, Mitel Networks Corporation (Mitel), Netfortris, Inc. (Netfortris), Nexmo, Inc., Ozonetel Systems Pvt. Ltd., Plivo, Inc., Telestax, Inc., Twilio, Inc., VOIP INNOVATIONS, West IP Communications, Inc.
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Cloud Communication Platform Market – By Solution
Unified Communication and Collaboration (UCC/UCaaS)
Web Real-Time Communication (WebRTC)
Interactive Voice Response (IVR)
Voice Over Internet Protocol (VoIP)
Application Programming Interface (API)
Reporting and Analytics
Cloud Communication Platform Market – By Service
Training and Consulting
Support and Maintenance
Cloud Communication Platform Market – By Organization Size
Small and Medium Sized Enterprises
Market By Vertical
Banking, Financial Services, and Insurance
Telecommunication and ITES
Travel and Hospitality
Market By Region
Middle East and Africa
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