Cloud Communication Platform Market to Grow at a CAGR of 25.3% to reach US$ 22,408.5 million from 2021 to 2028

Cloud Communication Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Service); Enterprise Size (SMEs and Large Enterprises), and Industry (BFSI, IT & Telecom, Healthcare, Retail, Government, Education, Others)

  • Report Code : TIPRE00009720
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 216
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The cloud communication platform market is expected to grow from US$ 4,632.3 million in 2021 to US$ 22,408.5 million by 2028; it is estimated to grow at a CAGR of 25.3% during 2021–2028.

Cloud communication platforms allow developers to modify application program interface (API), thereby allowing them to decide the interaction of the cloud communication platform products with SMS, voice, video, and verification features. The rising trend of bring-your-own-device (BYOD) with the emphasis on offering flexible work options is favoring the cloud communication platform market growth. Rising BYOD policies at the workplace overburdens the communication networks at workplaces, and the deployment of cloud communication platforms helps solve the network congestion issues. Surge in demand for connected devices and the increase in the adoption of the IoT (internet of things) and cloud-based services are major factors driving the market growth. Furthermore, the speed of internet connection is a key factor governing the cloud communication platform market growth.

Impact of COVID-19 Pandemic on Cloud Communication Platform Market

The COVID-19 crisis has affected various industries worldwide in a negative manner and hence, the global economy faced a slump in 2020 and it is continued in 2021 also. However, a few industries, such as video conferencing, cloud deployment, and desktop virtualization, are experiencing a positive impact of the COVID-19 outbreak. With lockdown measures and ban on travel of individuals, work from home policy has gained high acceptancy across the world. It has propelled the growth of the cloud communication platform market.

Lucrative Regions for Cloud Communication Platform Providers

Lucrative Regions for Cloud Communication Platform Providers
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Cloud Communication Platforms Market Insights

Rising Need of Bring Your Own Device Fuels Growth of Cloud Communication Platforms Market

The BYOD (bring your own device) policy allows employees to use their personal devices for corporate purposes. This practice involves storing data on the cloud. The data can be viewed from anywhere, anytime without any challenges. The growing trend of BYOD in the corporate sector is a key enabler of the cloud communication platform market across the globe. The mobility has been noted as one of the three most important collaboration trends for SMEs (Small and Medium-sized enterprises) with ~67% of employees now dealing with their own devices at work, and close to 39% of businesses adopting a formal BYOD policy. By enabling employees’ personal devices with cloud services, SMEs provide their employees access to everything they need to perform their tasks, either at home or in the office. Further, according to Cisco Systems, Inc. report, the BYOD concept enhances the productivity of employees. It also shows that 36% of users have been found to be hyper-productive. Cloud communication platform vendors are continuously building infrastructure to support BYOD implementation in the corporate sector by connecting applications, such as enterprise social media and security policy portals, many leading toward managed mobility services (MMS).

Additionally, in the UK, the cloud communication platform market is growing due to the high adoption of BYOD policies in offices. Most of the companies are focusing on business strategies and core competencies, which are fueling the utilization and adoption of BYOD. For instance, according to a survey conducted in 2018 by the Department for Digital, Culture, Media, and Sport (UK), around 45% of UK businesses supported BYOD policy. Among the total number of UK businesses, 60% of finance or insurance firms (105 firms out of the 1,519 businesses) adopted BYOD trend.

Component-Based Market Insights

Based on component, the cloud communication platform market is segmented into solution and services. In 2020, the solution segment accounted for largest share in the market.

Cloud Communication Platform Market, by Application, 2020 and 2028 (%)

Cloud Communication Platform Market, by Application, 2020 and 2028 (%)
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Industry-Based Market Insights

Based on industry, the cloud communication platform market is segmented into BFSI, IT & Telecom, Healthcare, Retail, Government, Education, and Others. In 2020, the BFSI segment accounted for the largest market share.

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Cloud Communication Platform Market: Strategic Insights

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The players operating in the cloud communication platform market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
  • In August 2021, 8x8, Inc. signed a strategic distribution agreement with SYNNEX Corporation, a leading provider of distribution, systems design, and integration services for the technology industry. Under the terms of the agreement, 8x8 is providing 8x8 XCaaS (eXperience Communications as a Service) to SYNNEX’s partner community of traditional value-added resellers (VARs), managed service providers (MSPs), and system integrators.
  • In June 2021, Avaya and RingCentral Inc. launched a wide range of new capabilities for the Avaya Cloud Office by RingCentral Unified Communications as a Service (UCaaS) solution, including many Avaya device-specific enhancements providing easy migration, additional video, and other expansion features.

The global Cloud Communication Platform market has been segmented as mentioned below:

By Component

  • Solutions
    • UCaaS
    • WebRTC
    • IVR
    • VoIP
    • API
  • Services
    • Training and Consulting
    • Support and Maintenance
    • Managed Services

By Enterprise Size

  • SMEs
  • Large Enterprises

By Vertical

  • BFSI
  • IT & Telecom
  • Healthcare
  • Retail
  • Government
  • Education
  • Others

By Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Company Profiles

  • 8X8, INC
  • Avaya Inc.
  • CallFire
  • Cisco Systems, Inc.
  • NetFortris
  • Vonage
  • Plivo Inc.
  • Telestax, Inc.
  • Intrado
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions

Which region is leading the cloud communication platform market in 2020?

North America is the largest revenue generator in the Cloud Communication Platform market compared to the other regions. The cloud communication platform market in North America region is antiquated to offer ample revenue opportunities to players, attributed to the existence of widespread communication technologies as well as the world’s leading providers such as CallFire Inc.; Avaya Inc.; Cisco Systems, Inc.; NetFortris; Plivo Inc.; Telestax, Inc.; Twilio Inc; Vonage Holdings Corp.; Intrado Corporation; and 8x8, Inc. The businesses across North America region are making several efforts to create flexible work options, cloud communication platforms are becoming more famous across the region.

Which primary factor is driving the cloud communication platform market?

Cloud communication platforms are efficient and cost-effective due to which organizations are training their sights on cloud telephony solutions. These platforms do not require any investment in the entire setup replete with several types of equipment as they are adaptable to emerging communication functionalities. A private branch exchange (PBX), a phone communication used within an organization. With cloud communication platforms, the PBX can be facilitated on a cloud at a lower cost.

Which segment by industry led the cloud communication platform market in 2020?

Based on Industry, the Cloud Communication Platform market is segmented into BFSI, IT and Telecom, Healthcare, Retail, Government, Education, Others. In 2020, the BFSI accounted for the largest market share. The financial world and BFSI sector are nowadays experiencing from traditional methods to app-based methods including cloud based platform. Banks, insurance companies, Payment Service Providers and Fintech startups are nowadays extensively looking for innovative and reliable services, identification methods and fraud prevention.

Which are the five key companies in the global cloud communication platform market?

8x8 Inc., Vonage, Twilio, Avaya, and Plivo, Inc. are the five key players in the global Cloud Communication Platform market. These companies have shown consistent growth in revenue and larger volumes of sales. In addition, the well-established top five players are offering a comprehensive product portfolio and have a prominent presence in terms of share in the global market.

At what CAGR is the cloud communication platform market expected to grow during the forecast period?

The cloud communication platform market is expected to grow at a CAGR of more than 20% during the forecast period. Rising need of bring your own device and cost-effectiveness of cloud communication platform solutions are influencing the market growth. However, the security and privacy concerns are restraining the cloud communication platform market growth. Moreover, growth of BPO sector and growing preference for cloud-based solutions, increase in the number of internet users worldwide, growth of cloud-based IoT platform, and rising need of voice over internet protocol are the other factors contributing towards the market growth.

Which segment by services is expected to grow at the fastest CAGR during the forecast period?

By services, the Support and Maintenance segment is expected to grow at the fastest CAGR during the forecast period. It is important to offer proper support and maintenance while offering cloud communication platform. The secret to delivering quality cloud communication lies in pursuing a tiered approach to managing Service-Level Agreements (SLA). A Service-Level Agreements reflects the user’s expectations of service and quality from a provider. Service-Level Agreements may include penalties for non-performance, but the objective must be to encourage a service provider to provide top-notch service, not pay penalties. The companies offers support and maintenance which includes skills and requirements for supporting application systems which includes troubleshooting, modifying, maintaining and enhancing legacy systems.

The List of Companies - Cloud Communication Platform Market

  1. CallFire Inc.
  2. Avaya Inc.
  3. Cisco Systems, Inc.
  4. NetFortris
  5. Plivo Inc.
  6. Telestax, Inc.
  7. Twilio Inc
  8. Vonage Holdings Corp.
  9. Intrado Corporation
  10. 8x8, Inc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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