Cloud Communication Platform Market Highlights
The Cloud Communication Platform Market is projected to grow at a CAGR of 24.8% during the forecast period. As per the cloud communication platform market research report, the global market for cloud communication platform is anticipated to grow rapidly by US$5,706.8 million by 2023. As per analysts, the growing trend of BYOD along with the high adoption rate of cloud computing will drive the market growth throughout the forecast period. The cloud communication platform market research report provides an in-depth analysis of the global cloud communication platform market and its organization size, components, and verticals segments. The technical limitations as well as critical security concerns are the factors which could affect the cloud communication platform market growth during the forecast period. The cloud communication platform market research report by expert analysts is intended to help companies in the cloud communication platform market.
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Eminent players impacting the cloud communication platform market are 8X8 Inc. (U.S.), West IP Communications Inc. (U.S.), Coms Care Ltd. (U.K.), Cisco Systems Inc. (U.S.), Hookflash Solutions Inc. (Canada), Telestax Inc. (U.S.), Plivo Inc. (U.S.), Avaya Inc. (U.S.), Nexmo Inc. (U.S.), Netfortis Inc. (U.S.), and others. Merger, acquisition, partnership, product creation, and other strategies are some strategic developments that enable companies to improve their plans and remain on the competitive market.
Cloud Communication Platform Market Segmentation
The global cloud communication platform market has been segmented by component, organization size, and vertical.
The component segment comprises solutions and services, wherein based on the solution, the cloud communication platform market can be categorized into application programming interface (API), unified communication and collaboration (UCC), real-time web communication (Web RTC), interactive voice response (IVR), voice over internet protocol, and reporting analytics. Service-wise, the cloud communication platform market has been divided into training consulting support maintenance, and managed services. The component segment is poised to acquire a CAGR of 24.1% over the review period.
On the basis of the size of the organization, the market has been bifurcated into large enterprises and SMEs, wherein the large enterprises' segment is likely to observe a CAGR of 23.9% over the review period.
The Vertical segmentation of the cloud communication platform market comprises IT telecommunications, media entertainment, healthcare, education, transportation, banking, financial services and insurance (BFSI), and others. The BFSI segment is projected to capture a CAGR of 24.1% CAGR over the review period.
Based region-specific study of the demand for cloud communication platforms leads to Asia Pacific ( APAC), North America, Europe and Rest of the World (RoW).
North America is the global market's leading power and is going to retain its position over the projected period. The area has become very accustomed to the structure needed for such technology. The technical advantage and deft management of the associated industries give an unparalleled lead to the regional market over the rest.
Europe takes second place. The Area shares common characteristics with North America. This stellar growth is attributed to the significant contribution in the research development sector, which is creating wonders for market growth. The technology, which can act as a catalyst during the forecast era, also takes a lot of support from the BFSI sector.
The APAC region is experiencing first-rate growth, mainly due to the emergence of emerging economies such as China and India. Japan's economy also receives a lot of business support because its technical supremacy is an advantage to the business. In addition, the growing number of SMEs in the area leads to increased demand for cloud communication and BYOD, thus contributing to market growth over the review period.
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