The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Cloud Based Communication Platform Market. The growth sectors of the Cloud Based Communication Platform Market are identified with precision for a better growth perspective.
The cloud communication platform market is cementing its foothold as the percolation of the information technology services is getting widespread. In addition, integration of digitalization is providing traction to the cloud communication platform market. Cloud communication enables telephone switching and manages various associated applications. The communication gets a heads up with diverse types of communication such as video calling, texting, and voice over Internet convention (VoIP). What makes it the choicest is its ability to provide all this without much investment. A new setup is not required, and the platform is quite adaptable to handle emerging communication technologies. The cloud communication platform market is all set to grow with a 26% CAGR during he forecast period (2018-2023) and reach a stellar valuation of USD 5.6 billion market valuation. Market Research Future (MRFR) in their published report includes segmental analysis and driving factors that can potentially speed up market growth. Among the factors, cost-effectiveness, ability to facilitate web communication, and flexibility can impact the cloud communication platform market growth with an unprecedented thrust.
Despite so, the cloud communication platform market can witness some setbacks owing to its vulnerability against the hackers. If breached, then it can reveal personal details of users which can put a leash on the cloud communication platform market.
The global cloud communication platform market can be segmented by solution, service and vertical.
Based on the solution, the cloud communication platform market can be segmented into unified communication and collaboration (UCC), application programming interface (API), interactive voice response (IVR), web real-time communication (Web RTC), voice over internet protocol, and reporting &analytics.
Service-wise, the cloud communication platform market can be segmented into training & consulting support & maintenance, and managed services.
Vertical-based segmentation of the cloud communication platform market includes IT & telecommunications, banking, financial services and insurance (BFSI), media & entertainment, healthcare, transportation, education, and others.
Region-specific analysis of the cloud communication platform market leads to Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).
North America is the leading force of the global market and is about to retain its position during the forecast period. The region is quite habituated with the structure required for such technology. Technological advantage and deft handling of the associated industries are giving the regional market an unprecedented lead over the rest.
Europe assumes the second spot. The region is sharing similar features with North America. In addition, significant contribution in the research & development sector is spelling wonders for the regional market. BFSI sector is also taking much help from the technology which can act like a catalyst during the forecast period.
The APAC region is recording growth of first-rate, mainly due to the presence of emerging economies like China, and India. Japan’s economy is also providing much support to the market as its technological superiority is an asset to the said market.
Eminent players impacting the cloud communication platform market are 8X8 Inc. (U.S.), Coms Care Ltd. (U.K.), Cisco Systems Inc. (U.S.), West IP Communications Inc. (U.S.), Hookflash Solutions Inc. (Canada), Telestax Inc. (U.S.), Avaya Inc. (U.S.), Nexmo Inc. (U.S.), Netfortis Inc. (U.S.), Plivo Inc. (U.S.), and others. Merger, acquisition, collaboration, product innovation, and other methods are some strategic moves that help companies in devising their plans and stay afloat in the competitive market.
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