Over the projection period of 2020–2030, the global market for cloud communication platforms will register a double-digit CAGR. The expansion of the industry has been greatly aided by the increase in investments made in IT infrastructure by cloud service providers (CSPs), internet service providers (ISPs), and hyperscalers. Additionally, the coronavirus (COVID-19) pandemic has forced a number of businesses to adopt the work from home (WFH) model, which has contributed to an increase in the use of cloud communication platform solutions.
Due to lockdowns and stay-at-home orders, digital collaboration tool 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 centres due to the lack of on-site IT staff. Enterprises are leveraging full potential of cloud to establish resilient and disaster-immune models to satiate the remote workforce, as well as ensure data security and enterprise application integrity.
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“While the COVID-19 pandemic is having a detrimental impact on the global economic order, it is having a mildly positive impact on cloud communication platform market. Although the pandemic is troubling cloud service providers, in uncertain times, the public cloud infrastructure is delivering flexibility and safe house for organizations striving to maintain normal operations” says the FMI study.
Key Players and Market Share in Global Cloud Communication Platforms Market
- The healthcare industry would remain key revenue generator, given rising trend of bring your own device (BYOD), and 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.
- 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 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.
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Cloud Communication Platform Market – Key Constraints
- Security and privacy risks associated with shared communication networks are restricting widespread adoption.
- Redesigning the network for cloud requires 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 following 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 in order 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
- Telecomm-unication
- Government
- Retail
- Travel & Hospitality
- Manufacturing
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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