Global Telecom Cloud Market - Segmented by Type (Solutions, Services), Applications (Billing and Provisioning, Traffic Management), Cloud Platform (Software-As-A-Service (SAAS), Infrastructure-As-A-Service (IAAS), Platform-As-A-Service (PAAS)), End-User and Region - Growth, Trends, and Forecast (2018 - 2023)
The global telecom cloud market is valued at USD 12.45 billion in 2017 and is expected to reach USD 34.59 billion by 2023 and is expected to witness a growth of 20.35% during the forecast period (2018 - 2023).
The advancements in information and communications technology have brought remarkable changes in the global business operation. Various government and public enterprises are dependent on important information infrastructure services. Also, organizations are now showing more interest in cloud services to meet the growing demand from business operations. Increasing demand for over the top cloud services, lower operational and administrative costs, and growing awareness about telecom cloud among enterprises are expected to boost the growth of the market.
Unified Communication and Collaboration (UCC) Solution Expected To Dominate the Market
The demand for unified communication and collaboration (UCC) solutions will likely witness an impressive growth rate during the forecast period. The rising demand for virtualized communications is expected to aid in a healthy demand for this solution. It has been observed that many vendors in the market are introducing virtualization software support in their telephony and UCC portfolios. The integration of business models with collaborative applications is expected to be the major driver for the growth of this solution. Collaborative applications, like email, instant messaging, unified messaging, and voicemail, are likely to drive the prospects for growth in this market as most businesses seek a high degree of integration with collaborative applications.
Few of the major perks offered by UCC solutions include higher productivity, faster and more efficient communications, increased flexibility, reduced costs, collaborative task management, and dissolution of communication barriers. The need for UCC is crucial for organizations looking to increase productivity and remain competitive. These benefits offered by UCC solutions have increased the demand, indirectly boosting the growth of the telecom cloud market.
North America to hold the Major Market Share
North America witnesses a huge penetration from large enterprises with technically-skilled employees, providing continuous innovative technologies. The dominance of this region can be attributed to the recent increase in mobility, and the explosion of smart mobile devices due to the consumerization of IT. Moreover, with the rising demand for cost-effective and user-friendly browser-based communication solutions, many notable vendors are looking to introduce vertical-specific WebRTC solutions and services in North America, which is indirectly expected to boost the growth of the market.
Key Developments in the Market