Cloud Communication Platform Market Trend, Analysis by Top Leading Player 8X8, INC, Avaya, CallFire, Cisco Systems, NetFortris, Vonage, Plivo, Telestax, TWILIO, Intrado

According to our latest market study on "Cloud Communication Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by component, enterprise size, and industry," the market is expected to grow from US$ 4,632.3 million in 2021 and is projected to reach US$ 22,408.5 million by 2028; it is expected to grow at a CAGR of 25.3% from 2021 to 2028. The business process outsourcing (BPO) sector is known as the fastest-growing stream of the Information Technology Enabled Services (ITES) industry. Its growth is mainly attributed to the economies of scale, business risk mitigation, cost advantage, utilization enhancement, and superior competency. The outsourced services are better delivered with the use of cloud. The adopting cloud communication platforms assist saves costs for BPOs, while enhancing the quality and timeliness of the data.

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The Key Players In The Global Market Are: 8X8, INC, Avaya, CallFire, Cisco Systems, NetFortris, Vonage, Plivo, Telestax, TWILIO, Intrado

Global Cloud Communication Platform Market Insight:

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.

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Further, BPO is highly benefitted by the integration of cloud computing. The BPO service providers can leverage the benefits of cloud computing by dropping down the processing time for data-intensive business processes of the organizations and offering data processing workflow at a compact turnaround time. The Cloud BPOs are also highly benefitted in terms of flexibility of conveniently adding novel functions and features to their systems and effectively attain the transforming client demands. The cloud platforms provide the BPOs with an agile and elastic alternative by eliminating the pressure of forthcoming competition in the market. Owing to these advantages provided by Cloud BPO, companies across all industries are preferring to outsource their business processes to Cloud BPO services providers. This helps in market growth.

Based on component, the cloud communication platform market is bifurcated into solutions and services. In 2020, the solutions segment led the market, accounting for a larger market share. The solutions segment is further segmented into UCaaS, WebRTC, IVR, VoIP, and API; whereas, by services, the segment is segmented into training and consulting, support and maintenance, and managed services. By enterprise size, the cloud communication platform market is bifurcated into SMEs and large enterprises. In 2020, the large enterprises segment accounted for a larger market share. Based on services, 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. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.

The report segments the global Market as follows:

By Component (Solution and Service)

By Enterprise Size (SMEs and Large Enterprises)

By Industry (BFSI, IT & Telecom, Healthcare, Retail, Government, Education, Others)

Answers that the report acknowledges:
• Market size and growth rate during forecast period.
• Key factors driving the Market.
• Key market trends cracking up the growth of the Cloud Communication Platform Market
• Challenges to market growth.
• Key vendors of Cloud Communication Platform Cloud Communication Platform Market
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global Cloud Communication Platform Market
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major region

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The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.