October 06, 2021 02:55 ET | Source: The Insight Partners The Insight Partners
New York, Oct. 06, 2021 (GLOBE NEWSWIRE) — Cloud Communication Platform Market: Key Insights
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 Cloud Communication Platform Market Size is expected to grow from US$ 4,632.3 million in 2021 to 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: Competitive Landscape and Key Developments
8X8, INC.; Avaya Inc.; CallFire; Cisco Systems, Inc.; NetFortris; Vonage; Plivo Inc.; Telestax, Inc.; TWILIO INC.; and Intrado are among the key players in the global cloud communication platform market. The leading companies are focusing on the expansion and diversification of their market presence and the acquisition of new customer base, thereby tapping prevailing business opportunities.
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In August 2021, 8×8, 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, 8×8 is providing 8×8 XCaaS (eXperience Communications as a Service) to SYNNEX’s partner community of traditional value-added resellers (VARs), managed service providers (MSPs), and system integrators.
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.
Cloud communication platforms help overcome the issues related to high costs and inflexible nature of traditional or old type communication systems. The platforms combine developing technologies into a single type platform, thus minimizing the disturbance of integrating multiple services offered by several vendors. In the recent times, communication has changed from separate voice calling to video calls or voice over internet protocol (VoIP). The transformed methods of communications can easily be managed and controlled through cloud communication platforms. Further, the increasing adoption of real-time web communication and technological advancements and upgrades in cloud technology are expected to drive the growth of the cloud communication platform market in the coming years.
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Impact of COVID-19 Pandemic on North America Cloud Communication Platform Market:
The COVID-19 outbreak is having 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 outbreak. With the lockdown being compulsory 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.
With the growing internet connectivity, the use of VoIP is rising for communication purposes. VoIP uses IP networks to pass voice signals and send multimedia files. It is the most cost-efficient method and support cloud platform. Several industries use VoIP for their business communication. VoIP offers features such as call forwarding, called ID, voicemail, SMS, and video calls. It even offers actual-time analytics, automatic call routing, and online faxing. A few of the platforms that support VoIP are nextiva, aircall, zoiper, skype, whatsapp, google hangouts, viber, facebook messenger, and google voice. Further, due to the COVID-19 outbreak, there has been a growth in remote working and online learning. Many organizations and industries have adopted cloud communication platform to continue their business. Thus, for conducting meetings or taking online courses, the VoIP is most essential. For instance, according to Startupanz.com data, the VoIP market was US$ 82.5 billion in 2020 and is expecting to reach US$ 102.4 billion by the end of 2026. Further, a few companies that provide VoIP are Alcatel Lucent, AT&T, Cisco, Citrix, Deutsche Telekom, Ribbon Communication, Google, Verizon, Microsoft, Avaya, RingCentral, Zultys, and Intermedia. Therefore, with the rising need of VoIP, the demand for cloud communication platform market is increasing.
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Cloud Communication Platform market: Component Overview
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 share in the market.
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