Cloud Communication Platforms Market to reach US$ 15 Bn by 2030, on Back of Growing Demand for BFSI and Healthcare Industry

Sep 28,2017 | Electronics, Semiconductors, and ICT

Continuous the demand for secured and flexible work conditions such as work from home among others across the world since the past few years, especially in developing countries such as China, Brazil, India, and Mexico, which is contributing to the growth of the cloud communication platforms market. According to growing adoption of cloud communication platform to achieve key initiatives such as customer relationship management, customer retention, brand awareness, and brand loyalty, is also creating potential growth opportunities for the cloud communication platforms market. In addition, the increasing adoption of new and advanced technologies for cloud communication and collaboration is propelling the growth of the cloud communication platforms market.

Key Takeaways of Cloud Communication Platforms Market Study

  • Among the solution segment, the UCaaS solution sub-segment is expected to witness a high growth rate during the forecast period, owing to the providing secure communication and collaboration applications in the cloud.
  • East Asia is expected to create lucrative growth opportunities for players in the cloud communication platforms market, owing to the increasing cutting edge communication functionalities such as video calling, voice over Internet convention (VoIP) in the countries of this region.

“The growing concerns regarding cloud security, and easily integrate voice and calling features into applications has increased the use of cloud communication platforms, such factors increasing demand for cloud communication platforms market,” Says the FMI Analyst

Increasing Adoption of Cloud Communication Platform amid the COVID-19 Pandemic outbreak

The COVID-19 pandemic outbreak has disrupted many industries, including the cloud communication platform market. Many private, as well as government organizations, have transitioned to remote working, there is a sudden surge in demand for cloud communication platform solutions. The demand for video streaming, online shopping, is increasing as Europeans are self-isolating in their homes either as security or on government command. This is driving an increase in the adoption of the cloud communication platform market. Software-as-a-Service (SaaS) market is estimated to grow by 1.4X from 2019-2020 and would see a surge in demand amid the COVID-19 outbreak, as remote working becomes the new norm. Increasing adoption of cloud-based collaboration tools such as web conferencing, cloud storage, unified messaging and others, due to global lockdowns.

For More Detailed Insights on Cloud Communication Platform Market

More Valuable Insights on Cloud Communication Platforms Market

FMI’s report on the cloud communication platforms market is segmented into three major sections such as 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), services (managed services, and professional services), enterprise size (large enterprise, medium enterprise, small enterprise and micro enterprise), verticals (BFSI, healthcare, telecommunication, & ITES,  government, retail, travel & hospitality, manufacturing and others), and region to help readers understand and lucrative evaluate opportunities in the cloud communication platforms market.

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