The global cloud communication platform market will expand at a double-digit CAGR from 2020 to 2030. Increased IT infrastructure spending by cloud service providers (CSPs), internet service providers (ISPs), and hyperscalers has been critical in propelling market growth.
Furthermore, the coronavirus (COVID-19) pandemic has compelled many businesses to embrace the work-from-home (WFH) paradigm, resulting in an increase in the use of cloud communication platform solutions.
Digital collaboration tool providers such as Zoom and Microsoft are experiencing a huge surge in usage across continents as a result of lockdowns and stay-at-home orders. Businesses are turning to cloud-based solutions to manage and monitor their storage and server installations in data centres due to a lack of on-site IT personnel.
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“While the COVID-19 pandemic is having a detrimental impact on the global economic order, it is having a mildly positive impact on the cloud communication platform market. Although the pandemic is troubling cloud service providers, in uncertain times, the public cloud infrastructure is delivering flexibility and a safe house for organizations striving to maintain normal operations” says the FMI study.
Cloud Communication Platform Market – Key Takeaways
- The healthcare industry would remain a key revenue generator, given the rising trend of bringing your own device (BYOD), and the increasing need for mobility in the industry.
- Benefits such as low costs, and greater functionality are bolstering the adoption of Unified communications as a service (UCaaS).
- Large enterprises would remain the primary customer of cloud communication platform services.
- The market in North America continues its positive trend, backed by increasing adoption of UCaaS and IVR solutions.
Cloud Communication Platform Market – Key Driving Factors
- Rising preference for online backup and database solutions has boded well for the market.
- Increasing shift towards cloud-based unified communication services to push adoption rate.
- Swelling demand for high-speed data transfer mediums in developing regions to offer growth potential to market players.
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Cloud Communication Platform Market – Key Constraints
- Security and privacy risks associated with shared communication networks are restricting widespread adoption.
- Redesigning the network for cloud requires high initial cost.
Anticipated Market Impact of Coronavirus Outbreak
The COVID-19 pandemic has hampered the revenue growth of almost every industry, including the cloud communication platform market. Alerted by the situation, several private, and government organizations have transitioned to remote working, thus, translating into swelling adoption of cloud communication platform solutions.
In addition, customers are significantly banking on video streaming services as they strictly following self-isolating regulations. Such evolving trends are auguring well for the cloud communication platform market. The Software-as-a-Service (SaaS) market expanded by nearly 1.4X in 2019 and will see a surge in demand amidst the COVID-19 crisis, as remote working becomes the new normal.
Competition Landscape
Key players in the cloud communication platform market are Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., Avaya Inc., Ozonetel Systems Pvt. Ltd., and Dialogic Inc. Players are focusing on collaborations and new service launches in order to expand their presence further during the COVID-19 recession and extend their customer base.
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.
By Solutions
- 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
By Services
- Managed Services
- Professional Services
By Enterprise Size
- Large Enterprise
- Medium Enterprise
- Small Enterprise
- Micro Enterprise
By verticals
- BFSI
- Healthcare
- Telecomm-unication
- Government
- Retail
- Travel & Hospitality
- Manufacturing
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
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