Cloud Communication Platforms Market: Cloud Communication Platform to Witness Exponential Growth during the 2017 to 2027 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 2017 to 2027 assessment period.
The cloud communication platform 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 2017 to 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 USD 700 Million and is anticipated to reach a valuation of about USD 7.3 Billion 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 to 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.
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 cloud communication platform 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 USD 1.5 Billion by 2027 end and the video conferencing segment is estimated to show a valuation of about USD 1.3 Billion by the end of 2027.
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 to 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 to 2027 timeline. In APEJ also the video conferencing segment has a bright future in the coming years.
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.
The cloud communication platform market is likely to secure a CAGR of 26.8% through 2032.
The cloud communication platform market size is estimated to cross USD 60.71 Bn by 2032.
The cloud communication platform market is likely to record a value of USD 5.65 Bn in 2022.
North America is likely to lead the cloud communication platform market.
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Cloud Communication Platform Market
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