Cloud Communication Platforms Market: Cloud Communication Platform to Witness Exponential Growth during the 2020-2030 Timeline
According to Future Market Insights, the global cloud communication platform market is anticipated to witness an exponential rise in revenue from the base period 2019 supported by a stellar growth rate throughout the 2020-2030 assessment period.
The market is projected to witness significant growth during the forecast period, due to different features such as unlimited customer access, better customer service, wider personalization, and increased production rate. The value of the global cloud communication platforms market is anticipated to witness a CAGR of 15.7% during the forecast period of 2020-2030.
UCaaS solution reflects an extremely high potential in terms of growth during 2017-2027
The UCaaS segment by solution type is anticipated to reflect a high value by the end of 2027 showing a vast difference in values of other segments by solution type combined together on a comparative basis. In the base year 2017, this segment was estimated at US% 700 Mn and is anticipated to reach a valuation of about US$ 7.3 Bn by 2027.
This high increase is due to increased adoption of this solution type. The UCaaS solution segment is projected to grow at the highest rate to register a CAGR of 26.3% throughout the period of forecast 2017-2027. The UCaaS segment is likely to dominate the global market in terms of growth rate as well as market valuation during the forecast period and can be inferred to reflect a high potential in the coming years.
Video conferencing and IVR to show similar pace
By solutions, the video conferencing and IVR segments are likely to show similar growth rates. These segments are expected to portray stellar growth in the years to follow. The main difference between these segments is the frequency of use which impacts the market valuation by the end of the forecast period. Throughout the period of assessment, the IVR segment is projected to grow at a high CAGR of 19.0% and the video conferencing segment is anticipated to grow at a CAGR of 19.6%.
However, the IVR segment is expected to show high market valuation of about US$ 1.5 Bn by 2027 end and the video conferencing segment is estimated to show a valuation of about US$ 1.3 Bn by the end of 2027.
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Regional analysis - trio show outstanding statistics
The global cloud communication platform market is soaring across important regions especially North America, Western Europe and Asia Pacific excluding Japan (APEJ). In North America the UCaaS segment by solutions leads the market following by IVR segment. IVR segment is anticipated to grow at a higher rate than the video conferencing segment in this region. In Western Europe, the WebRTC and VoIP segments is gaining slow acceptance.
Video conferencing segment in this region holds high potential after UCaaS segment as it reflect a high growth rate than IVR with less difference in market valuation. Video conferencing segment is poised to register a CAGR of 23.4% throughout the period of forecast 2017-2027. UCaaS segment portrays the highest growth rate in Asia Pacific excluding Japan (APEJ) as compared to other regions by registering a stunning 33.1% CAGR in the 2017-2027 timeline. In APEJ also the video conferencing segment has a bright future in the coming years.
FREQUENTLY ASKED QUESTIONS ABOUT CLOUD COMMUNICATION PLATFORMS MARKET
What are the future prospects of Cloud Communication Platforms market?
The cloud communication platforms provider are continually focusing on providing advanced cloud communication solutions such as unified communication & collaboration, web real-time communication (WebRTC), and by leveraging the latest technologies to enhance and expand their solution portfolio with new innovations and technological advancements.
What are the major challenges for Cloud Communication Platforms market?
Lack of security, privacy issue and redesigning the network for cloud involves cost, which is a major challenge for the cloud communication platforms market.
Which industry will have significant revenue growth in the next five years?
The healthcare industry has been considered as largest revenue growth in the next five years due to the growing adoption of mobility and growing trend of bring your own device in healthcare industry.
What are the major opportunities for Cloud Communication Platforms market?
Increased savings and workforce productivity, which is a major opportunities for the cloud communication platforms market
Which region is expected to be at forefront in the Cloud Communication Platforms market?
The growing concerns regarding net banking and social media with two way authentication in East Asia and Europe region, which is, in turn, boosting the growth of the cloud communication platforms market in East Asia & Europe.
Who are the major companies leading cloud communication platforms market?
Prominent companies in the Cloud Communication Platforms market includes Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., Avaya Inc., Ozonetel Systems Pvt. Ltd., and Dialogic Inc., and among others.
Cloud Communication Platform Market: Segmentation
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.
- 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
- Managed Services
- Professional Services
By Enterprise Size
- Large Enterprise
- Medium Enterprise
- Small Enterprise
- Micro Enterprise
- Travel & Hospitality
- North America
- Latin America
- East Asia
- South Asia & Pacific