Worldwide Cloud Communication Platform Industry to 2028 – Growth of BPO Sector and Growing Preference for Cloud-Based Solutions Presents Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Cloud Communication Platform Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Component (Solution and Service); Enterprise Size (SMEs and Large Enterprises), and Industry (BFSI, IT & Telecom, Healthcare, Retail, Government, Education, Others)” report has been added to ResearchAndMarkets.com’s offering.

The global cloud communication platform market is expected to grow from US$ 4,632.3 million in 2021 to US$ 22,408.5 million by 2028; it is estimated to grow at a CAGR of 25.3%% during 2021-2028.

Rising need of bring your own device and the cost-effectiveness of cloud communication platform solutions drive the growth of the cloud communication platform market. However, the security and privacy concerns restrain the cloud communication platform market growth. Moreover, the growth of BPO sector and growing preference for cloud-based solutions, increase in the number of internet users worldwide, growth of cloud-based IoT platforms, and the surge in the need of voice over internet protocol (VoIP) are the other factors bolstering the market growth.

The cloud communication platform market is segmented on the basis of component, solution, enterprise seize, services, vertical, and geography. Based on component, the market is bifurcated into solution and services. In 2020, the solution segment accounted for a larger market share. Based on solution, the market is further segmented into UCaaS, WebRTC, IVR, VoIP, and API. In 2020, UCaaS segment accounted for the largest market share. By services, the market is subsegmented into training and consulting, support and maintenance, and managed services. In 2020, the support and maintenance segment held the largest market share. Based on enterprise size, the cloud communication platform market is bifurcated into SMEs and Large Enterprises. In 2020, the large enterprises segment led the market. Based on vertical, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail, Government, Education, and Others. The BFSI segment accounted for the largest market share in 2020. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America dominated the market.

The COVID-19 crisis has affected various industries worldwide in a negative manner and hence, the global economy faced a slump in 2020 and it is continued in 2021 also. However, a few industries, such as video conferencing, cloud deployment, and desktop virtualization, are experiencing a positive impact of the COVID-19 outbreak. With lockdown measures and ban on travel of individuals, work from home policy has gained high acceptancy across the world. It has propelled the growth of the cloud communication platform market.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global cloud communication platform market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global cloud communication platform market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Growing Trend of Bring Your Own Device
• Cost-Effectiveness of Cloud Communication Platform Solutions

Restraints

• Security and Privacy Concerns

Opportunities

• Growth of BPO Sector and Growing Preference for Cloud-Based Solutions

Future Trends

• Rise of IoT Platform

Companies Mentioned

• CallFire Inc.
• Avaya Inc.
• Cisco Systems, Inc.
• NetFortris
• Plivo Inc.
• Telestax, Inc.
• Twilio Inc
• Vonage Holdings Corp.
• Intrado Corporation
• 8×8, Inc

For more information about this report visit https://www.researchandmarkets.com/r/ex1bzx

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