Cloud Communication Platform Market Analysis By Industry Size, Share, Key Drivers, Growth Factors, Demands, Manufacturers and 2028 Forecast, The Insight Partners

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.

Cloud Communication Platform Market Research Report comprises comprehensive industry information and changing Cloud Communication Platform market trends in the Industry that allows users to spot the pin-point analysis of the market along with revenue, development and profit during the forecast period. The market insights and analysis covered in this Cloud Communication Platform market research report are based upon SWOT analysis on which businesses can believe assertively. This market report gives information about historic data, present market trends, environment, technological innovation, forthcoming technologies and the technical progress in the related industry. Competitive intelligence included in the report is a further very important aspect that assists businesses top the market. The report also provides CAGR (compound annual growth rate) values along with its fluctuations for the specific forecast period. The features or parameters covered in the report help to take the business towards the development and success.

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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. The increasing need for high flexibility/scalability among business organizations has raised the adoption rate of cloud communication platform solutions and services, which acts as a huge opportunity for the platform vendors. The presence of several global players in BPO sector offer lucrative opportunities for the market growth.

The Innovative Key Players Are:

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

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.
Impact of COVID-19 Pandemic on North America Cloud Communication Platform Market

The COVID-19 outbreak is expected to have a disruptive impact on the economy of the US and Canada. According to the Center for Strategic and International Studies, the US would experience contraction in GDP (Gross Domestic Product) in the second quarter owing to the COVID-19 pandemic. With the lockdown being compulsory in many countries across the world, there has been a sudden rise in remote working or work from home. Many organizations and industries have adopted cloud communication platform to continue their business. Therefore, there has been a sudden rise in the requirement for cloud communication platforms, such as unified communication and collaboration, web real-time communication, interactive voice response, voice over internet protocol, application programming interface, and reporting and analytics. SMEs are continuously adopting cloud-based platforms and services mainly due to cost efficiency and limited capital investment required for deploying the setup.

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Strategic Insights

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 research provides answers to the following key questions:

1.What is the estimated growth rate of the market for the forecast period 2021-2028? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Cloud Communication Platform market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Cloud Communication Platform market?
4. What are the prominent market trends influencing the development of the Cloud Communication Platform market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Cloud Communication Platform market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

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Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize 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.

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