Pune, India, May 31, 2019 (GLOBE NEWSWIRE) -- Market research Future (MRFR), in their in-depth study of the global Cloud Communication Platform market revealed several factors, along with regional dynamics. The global cloud communication platform market is mainly driven by the growing demand for BYOD and remote working practices. The global cloud communication platform market is expected to rise at a solid 24.8% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global cloud communication platform market is expected to reach a valuation of USD 5,706.8 million over the forecast period, according to MRFR.
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Competitive Analysis
Leading players in the global cloud communication platform market include Cisco Systems Inc., West Corporation, Avaya Inc., Vonage Holdings Corp., Mitel Networks Corporation, Nokia, Masergy, NetFortris, Telestax, and Twilio Inc.
Growth Drivers & Restraints
The major driver propelling the global cloud communication platform market is the increasing demand for remote working facilities in the corporate sector. Companies around the world have become increasingly keen to attract workers by offering them convenient modes of working such as remote working. This necessitates the use of effective, comprehensive communication solutions that allow easy communication within the organization regardless of the physical proximity of the individuals in question. This is likely to remain the major driver for the global cloud communication platform market over the forecast period, as companies around the world are increasingly keen on acquiring the best qualified workers regardless of logistical difficulties and are thus likely to support the development of effective cloud communication platforms.
The growing demand for bring your own device (BYOD) systems in the corporate sector, wherein employees are encouraged to bring their own device to work and operate on it instead of relying on the company for hardware, is also likely to be a major driver for the global cloud communication platform market over the forecast period. BYOD policies also necessitate a strong central communication technology that can enable easy and convenient communication between various parts of a company. This is likely to be a major driver for the global Cloud Communication Platform Market over the forecast period.
The benefits offered by cloud communication solutions over conventional modes of communication are immense and multifold. The growing awareness about the massive benefits of cloud communication over conventional communication is likely to be a major driver for the global cloud communication platform market over the forecast period.
On the other hand, the security and privacy risks associated with a shared communication network have restricted the widespread adoption of cloud communication platforms over the last few years. The use of a shared cloud communication platform can leave all of its users vulnerable to online attacks using the information shared on the platform. This can present a major risk for major corporate entities, as their personal email and communication lines may also be connected with company infrastructure or data that might get stolen or ransomed by online attackers using the information from the cloud communication platform. Developing cloud communication platforms free from these risks is likely to be the major objective for players in the global cloud communication platform market over the forecast period. The development of secure cloud communication platform could act as a significant driver for the global market over the forecast period.
Segmentation
The cloud communication platform market is segmented on the basis of component, organization size, vertical, and region.
By component, the global cloud communication platform market is segmented into solutions and services. The solutions segment is further sub-segmented into unified communication and collaboration, web real-time communication, interactive voice response, voice over internet protocol, and application programming interface. The services segment is further subdivided into training and consulting, support and maintenance, and managed services. The solutions segment dominated the global cloud communication platform market in 2017 and is likely to retain its dominant share in the market over the forecast period at a strong CAGR of 24.1%. The segment accounted for more than 72% of the global cloud communication platform market in 2017.
By organization size, the global cloud communication platform market is segmented into large enterprises and small & midsized enterprises. Large enterprises accounted for close to 65% of the global cloud communication platform market in 2017. The dominance of the large enterprises segment in the global cloud communication platform market is due to the fact that larger enterprises can easily afford advanced cloud communication solutions. Furthermore, cloud communication platforms are more useful to large enterprises than to small and midsized enterprises, whose operations are not large enough to necessitate cloud communication platforms.
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By vertical, the global cloud communication platform market is segmented into BFSI, healthcare, telecommunication and IT enabled services, retail, education, government, travel and hospitality, manufacturing, and others. The BFSI segment accounted for close to 23% of the global cloud communication platform market in 2017, when it was evaluated at USD 355.2 million. Rapid growth of the BFSI sector and the increasing demand for digital modes of working in the same is likely to drive the demand from the global cloud communication platform market over the forecast period. The BFSI sector is expected to exhibit a CAGR of 24.1% over the forecast period from 2018 to 2023.
Region-wise, the global cloud communication platform market is likely to be dominated by North America over the forecast period, due to the strong presence of the U.S. in the global cloud communication platform market. The U.S. is the global leader in the cloud communication platform market and is likely to retain the position over the forecast period, thus driving steady market growth in North America.
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