The cloud communication platform market size is projected to reach US$ 44.07 billion by 2031 from US$ 7.27 billion in 2023. The market is expected to register a CAGR of 25.3% during 2023–2031. The integration of AI and ML technologies is likely to remain a key trend in the market.
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.
The phrase "cloud" refers to a complex system of interconnected computer platforms, networks, and applications that users access via the internet. Rather than requiring a huge computer (server) at the workplace to store and exchange files, all processing, storage, networking, and application resources are accessible over the Internet. Key suppliers give a large amount of processing power, which your team only uses a percentage of. This allows the team to access only the amount of computing power or storage they require at any one time, rather than having to manage a large server. This allows the IT team to focus on what's most essential for the organization rather than the complications of ensuring servers are safe, cooled, and maintained. Using a Cloud Communications Platform will considerably lower costs while increasing company agility.
The BYOD (bring your own device) policy allows employees to use their personal devices for corporate purposes. This practice involves storing data on the cloud. The data can be viewed from anywhere, anytime, without any challenges. The growing trend of BYOD in the corporate sector is a key enabler of the cloud communication platform market across the globe. Mobility has been noted as one of the three most important collaboration trends for SMEs (Small and Medium-sized enterprises), with ~67% of employees now dealing with their own devices at work and close to 39% of businesses adopting a formal BYOD policy. By enabling employees’ devices with cloud services, SMEs provide their employees access to everything they need to perform their tasks, either at home or in the office.
Further, according to Cisco Systems, Inc. report, the BYOD concept enhances the productivity of employees. It also shows that 36% of users have been found to be hyper-productive. Cloud communication platform vendors are continuously building infrastructure to support BYOD implementation in the corporate sector by connecting applications, such as enterprise social media and security policy portals, many leading toward managed mobility services (MMS).
UC technology allows for the integration of software that supports both real-time communications (RTC), such as phone over IP (VoIP), and asynchronous communication, such as persistent chat, ensuring that the end-user has simple, quick access to all important tools in a consistent environment from any physical location or digital device. Many UC products incorporate -- or even rely on -- team collaboration tools with messaging-centric processes and collaborative capabilities like real-time file sharing and annotation. These next-generation UC systems are often known as unified communications and collaboration (UCC).
Key segments that contributed to the derivation of the cloud communication platform market analysis are component, enterprise size, and industry.
The geographic scope of the cloud communication platform market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the cloud communication platform market in 2023. This dominance is linked to the region's increased use of cloud-based services. The presence of various cloud-based service providers also adds to the growth of the market in North America. Moreover, the success of cloud-based providers such as Google has proved the efficacy and cost-effectiveness of cloud platforms. Cloud communications provides voice, data, and video services, giving consumers more alternatives than local or regional providers. The appeal of cloud communications encourages the growth of cloud communication systems.
The regional trends and factors influencing the Cloud Communication Platform Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cloud Communication Platform Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.27 Billion |
| Market Size by 2031 | US$ 44.07 Billion |
| Global CAGR (2023 - 2031) | 25.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Cloud Communication Platform Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cloud Communication Platform Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The cloud communication platform market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the cloud communication platform market are listed below:
The “Cloud Communication Platform Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the cloud communication platform market in 2023.
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.
The integration of AI and ML technologies is likely to remain a key trends in the market.
8X8, INC, Avaya Inc., CallFire, Cisco Systems, Inc., and NetFortris are among the leading cloud communication platform market.
The estimated value of the cloud communication platform market is expected to reach US$ 44.07 billion by 2031.
The market is expected to grow at a CAGR of 25.3% over the forecast period.