The Global Cloud Communication Platform Market is expected to grow at a significant CAGR during the forecast period (2024-2031). Cloud communication is a data and voice transmission technology based on the Internet that allows individuals to use any device, not only on-site computers, to communicate. Developers can use the customized application software interface provided by the cloud connectivity framework, to define how their product connects with video, SMS, speech, and authentication features.
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Companies are increasingly recognizing the need to embrace cloud communication platform solutions to keep pace with technological developments in the communication industry. Major drivers fuelling the market expansion include expanding usage of connected devices, increased penetration of the internet of things, and rising adoption of cloud-based services. According to Cisco Systems, worldwide consumer IP traffic is estimated to reach 333 exabytes per month in 2022, representing a 27% compound annual growth rate, driving the growth of the market.
Other factors supporting the growth of the global cloud communication platform market include the rising tendency of BYOD rules and pay-as-you-go services. According to a study conducted by the Department for Digital, Culture, Media, and Sport (UK) in 2018, 45% of UK firms endorsed bring your own device policies (BYOD). BYOD was used by 60% of UK businesses in 2018.
Investment banks, private equity, venture capital, asset managers, and insurance businesses may securely communicate business information with partners, clients, and consumers using Cloud Communication Platform solutions. The BFSI sector’s development is being driven by the advancement of financial technology (fintech) and digital transformation.
Furthermore, cloud-based collaboration solutions enable major banks, insurance companies, and investment and consulting organizations to manage workflow and content governance procedures. The financial industry is experiencing a major transition, and, being more agile, inventive, collaborative, and customer-centric has become a necessity of the hour. Cloud collaboration suppliers like Box, HighQ, Jive Software, and others help the BFSI business deliver a high-end client experience while lowering operational costs and meeting regulatory and compliance requirements. Enhanced online customer service and improved client self-service are two ways that cloud collaboration may improve customer service offerings in this industry.
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Market Coverage
- Segment Covered-
o By Solution
o By Service
o By Deployment Type
o By Organization Size
o By Vertical
- Competitive Landscape: Cisco System, Inc., Twilio Inc., 8×8, Inc., Avaya Inc., and NetFortris, Inc. among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Cloud Communication Platform Market Report
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
- Analytics
By Service
- Training and Consulting
- Support and Maintenance
- Managed Service
By Deployment Type
- Hybrid Cloud Services
- Private Cloud Services
- Public Cloud Services
By Organization Size
- Small- and Medium-Sized Enterprises
- Large Enterprises
By Vertical
- Banking
- Financial Services, and Insurance (BFSI)
- Healthcare
- Telecommunication and ITES
- Government
- Retail
- Travel and Hospitality
- Education
- Manufacturing
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