Cloud Communication Platform Market Scope (2021-2031)
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.
Cloud Communication Platform Market Analysis
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.
Cloud Communication Platform Market Overview
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.
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Cloud Communication Platform Market: Strategic Insights
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cloud Communication Platform Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Cloud Communication Platform Market Drivers and Opportunities
Rising Need of Bring Your Own Device to Favor Market
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).
Growing usage of Unified Communications (UC)
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).
Cloud Communication Platform Market Report Segmentation Analysis
Key segments that contributed to the derivation of the cloud communication platform market analysis are component, enterprise size, and industry.
- Based on component, the market is segmented by solution and services. The solution segment held a significant market share in 2023.
- Based on enterprise size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.
- Based on industry, the market is segmented into BFSI, IT & telecom, healthcare, retail, government, education, and others. The IT & telecom segment held the largest share of the market in 2023.
Cloud Communication Platform Market Share Analysis by Geography
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.
Cloud Communication Platform Market Report Scope
Cloud Communication Platform Market News and Recent Developments
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:
- Vonage, a global leader in cloud communications helping businesses accelerate their digital transformation and a part of Ericsson, expanded its Vonage Premier for Service Cloud Voice solution to include integration with Salesforce Einstein Conversation Insights. These AI-powered insights and analytics will empower brands to enhance the agent and customer experience with intelligent, global calling capabilities - all within Salesforce Service Cloud Voice. (Source: Vonage, Press Release, May 2024)
- Cisco Builds On Security Platform Strategy, Unveiled Unified Networking Platform. (Source: Cisco, Press Release, June 2023)
Cloud Communication Platform Market Report Coverage and Deliverables
The “Cloud Communication Platform Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Cloud Communication Platform market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Cloud Communication Platform market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Cloud Communication Platform market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Cloud Communication Platform market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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