Cloud Communication Platform Market by Solution and Service (UCC/UCaaS, WebRTC, VoIP, IVR, API, Reporting and Analytics, and Training and Consulting, Support and Maintenance Service, and Managed Service) - Global Forecast to 2021
“The increasing demand for more customer satisfied solutions and services drives the cloud communication platform market”
The cloud communication platform market is estimated to reach USD 4.45 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 26.8% from 2016 to 2021. Factors such as seismic shift in communication market, cost effectiveness of cloud communication platform solutions, growing inclination of organizations to provide flexible work options, increasing demand for Bring Your Own Device (BYOD), and increasing demand for more customer satisfied solutions and services are contributing towards the significant growth of the cloud communication platform market. The tremendous growth of the BPO sector and its inclination towards cloud-based solutions has increased the market opportunities for cloud communication platform solution and service vendors. Organizations are deploying the cloud-based communication solutions to overcome the loopholes of traditional communication systems. Moreover, the low maintenance requirements and cost effectiveness of cloud communication platform solutions and services is driving this market.
“Asia-Pacific (APAC) is expected to grow at the highest CAGR”
The cloud communication platform market in North America is expected to hold the largest market share, followed by Europe. However, the market in Asia-Pacific (APAC) is expected to grow at the highest CAGR. The major factor contributing towards the high growth of the cloud communication platform market in APAC is the increasing demand for converged communications and product differentiation among the cloud communication platform service providers. On the other hand, the cloud communication platform market in Middle East and Africa (MEA) is still in the introductory phase in terms of the adoption of these solutions.
“Reporting and analytics solutions is expected to show high adoption rate during the forecast period”
The cloud communication platform market has been segmented on the basis of solutions. The reporting and analytics solution is expected to grow at the highest CAGR during the forecast period. The reporting and analytics solution helps in collecting the information at an isolated place to analyze the issues easily and make informed decisions. Hence, companies are deploying more of the cloud communication platform solutions to leverage its benefits.
Breakdown of primary research interactions:
To determine and verify the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people and below are the details:
By Company Type: Tier 1 (20%), Tier 2 (30%), and Tier 3 (50%)
By Designation: C-level (20%), Director level (30%), and other executives (50%)
By Region: North America (27%), Europe (27%), and Asia-Pacific (46%),
Prominent players in the cloud communication market include 8x8, Inc.; Avaya, Inc.; Cisco Systems, Inc.; Twilio, Inc.; NetFortris; West IP Communication, Inc.; Telestax; Plivo; CallFire; and Nexmo. These players, along with other local players, are providing advanced cloud communication platform solutions to various industries, such as Banking, Financial Services, and Insurance (BFSI), healthcare, telecommunication and IT-Enabled Services (ITES), government, and others.
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis , analysis of top players, their offered products and services, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the network analytics market, high-growth regions, drivers, restraints, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help the firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market share.
The report provides insights on the following pointers:
1. Market Penetration: Comprehensive information on cloud communication platform solutions offered by the top 10 players in the cloud communication platform market space
2. Product Development/Innovation: Detailed insights on upcoming technologies, Research and Development (R&D) activities, and new product launches in the cloud communication platform market
3. Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for cloud communication platform solutions and services across various regions
4. Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the cloud communication platform market
5. Competitive Assessment: In-depth assessment of market shares, strategies, products, and capabilities of leading players in the cloud communication platform market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook