Cloud Communication Platform Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 17.22 Billion |
| Market Size (2029) | USD 40.13 Billion |
| CAGR (2024 - 2029) | 18.44 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cloud Communication Platform Market Analysis
The Cloud Communication Platform Market size is estimated at USD 17.22 billion in 2024, and is expected to reach USD 40.13 billion by 2029, growing at a CAGR of 18.44% during the forecast period (2024-2029).
Nowadays, companies are experiencing a vital necessity for adopting cloud communication platform solutions to keep themselves updated with the technological advancements in the communication market.
- Increasing adoption of connected devices, increasing penetration of the internet of things, and rising adoption of cloud-based services are major factors driving the market growth. According to Cisco Systems, in 2022, global consumer IP traffic was expected to reach 333 exabytes per month at a 27% compound annual growth rate, which is anticipated to fuel the growth of the market studied.
- According to Forbes, the total installed base of the Internet of Things (IoT) connected devices is projected to amount to 75.44 billion worldwide by 2025, a fivefold increase in 10 years. Also, as per Finch Capital, the global market for IoT end-user solutions was expected to grow to USD 212 billion in size by the end of 2019, presenting lucrative opportunities for cloud communication service providers to tap the untapped market globally.
- Besides, the growing trend of BYOD policies and pay-as-you-use services are other factors further fueling the growth of the cloud communication platform market. Companies have adopted Bring-Your-Own-Device (BYOD) efforts in recent years. The capacity of employees to use mobile apps is currently relied on by 87% of organizations, and the border between the corporate office and working remotely is becoming increasingly blurred.
- Factors such as enhanced productivity and decreased costs have enabled enterprises to adopt cloud collaboration solutions for better outcomes. This has allowed the service providers to focus on cloud-based communication and collaboration solutions and drive this market in the long run. Various companies are launching an enhanced cloud collaboration platform, which is expected to drive the market. For instance, in November last year, Westcon-Comstor, a worldwide technology supplier and specialized distributor, announced the formation of a new business segment called Cloud & Collaboration.
- Cloud services are usually internet-based; therefore, internet connection speed would affect the cloud communication platform market. Also, privacy and security concerns regarding confidential data further hamper the market's growth. According to Identity Theft Resource Center, The number of data breaches in the United States reached 817 in the first half of the last year.
Cloud Communication Platform Market Trends
This section covers the major market trends shaping the Cloud Communication Platform Market according to our research experts:
BFSI to Drive the Market
- The Cloud Communication Platform solutions allow investment banks, private equity, venture capital, asset managers, and insurance firms to securely exchange business information with partners, clients, and customers. The evolution of financial technology (fintech) and digital transformation in the BFSI sector drive the segment's growth.
- The financial sector is undergoing a massive transformation, and it has become the need of the hour to be more agile, innovative, collaborative, and customer-centric. The cloud collaboration vendors such as Box, HighQ, Jive Software, and others enable the BFSI industry to deliver high-end customer experience, decrease operating costs, and meet regulatory and compliance obligations.
- During the COVID-19 pandemic, demand for cloud-based BPO services increased, allowing institutions to continue active despite setbacks. Furthermore, the BPO services solution was critical to the efficient operation of banks, enterprises, and financial institutions by allowing banks to employ their resources for core talents and vital business operations. Cloud communication helps financial organizations maximize productivity through remote access, digital data exchange, automated reporting, and real-time work floor management. According to Forbes, over 77% of banks utilize cloud computing to outsource a few of their operations to other organizations.
- Moreover, cloud technology, including cloud communication, allows Fintech firms to develop quickly and build apps that differentiate their businesses from the competition and improve consumer experiences. Additionally, FinTech companies may offer these experiences to customers across the numerous online channels they use to communicate with financial brands due to cloud communications. Such channels include mobile applications, robotic chatbots, video, and Messaging Services.
- Various companies in the industry are involved in several strategies to cater to the BFSI industry to gain a competitive edge. For instance, in January last year, Route Mobile teamed with the Bank of Maharashtra and the State Bank of India to provide financial services over WhatsApp utilizing cloud communication platform capabilities.
North America to Dominate the Market
- North America dominates the cloud communication platform market in terms of revenue and is expected to maintain its dominance during the forecast period. This growth is attributed to the increasing adoption of cloud-based services and the availability of several cloud-based service providers in this region.
- The main reason for this region's excellent development rate is the growing demand for unified communications and product segregation among the service providers. In North America, the UCaaS segment by solutions drives the market to the IVR segment. IVR segment is expected to increase at a greater rate than the video conferencing segment in this region.
- Additionally, the region's cloud communication platform market is expected to profit from the expanding adoption of IoT in the telecommunications industry. American telecom companies are making use of the capabilities of IoT-based technology to speed up procedures and increase efficacy. According to Telecom Advisory Services, the United States is expected to climb to 98.64 million exabytes of internet traffic per month in the current year.
- Several retailers are also integrating cloud-based communication platforms with their CRM interfaces, boosting customer interaction. It aids in deciphering consumer inquiries and directs them to the right locations for the explanation.
- Furthermore, some firms use cloud communication platform video solutions to give high HD quality video and smooth access to clients, particularly for showcasing product features and functioning via video chatting. In order to retain more customers, organizations such as Croma (Infiniti Retail Limited) created their initial pilot store for an online demonstration in Bengaluru during the pandemic.
Cloud Communication Platform Industry Overview
The Cloud Communication Platform Market is highly competitive and is characterized by a number of vendors offering comprehensive cloud communication solutions. Market players are actively concentrating on extending their product range and service area. In order to deliver application-specific services across industries, companies emphasize innovation and R&D. Major players in the cloud communication platform market include Cisco System Inc., Twilio Inc., 8x8 Inc., Avaya Inc., and NetFortris Inc.
In February 2022, the Radisys Engage Digital Platform was made available by Radisys Corporation, a global supplier of open telecom solutions (EDP). It is an open cloud communication platform that helps usher in a new generation of programmable communications, including video-based customer care, conversational AI applications, Industry 5.0 applications, and hyper-personalized social engagements that enable human-machine cooperation. The platform enables service providers to easily and profitably design products to meet the needs and expectations of diverse corporate and consumer sectors.
In April 2022, Lumen, a service provider, selected Alianza's cloud communication technology to enhance its phone services. The Alianza platform is designed for service providers and can be integrated with telecom operators. Lumen believes the platform complements its core voice offerings and client demands and will provide an attractive new migration alternative for legacy phone service customers.
Cloud Communication Platform Market Leaders
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Cisco System, Inc.
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Twilio Inc.
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8x8, Inc.
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Avaya Inc.
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NetFortris, Inc.
*Disclaimer: Major Players sorted in no particular order
Cloud Communication Platform Market News
- Oct 2022: Infobip, a worldwide cloud communication platform and omnichannel engagement provider, developed an artificial intelligence-powered chatbot for Uber. The chatbot is a world-first project that allows users to arrange rides using WhatsApp, resulting in a more smooth booking experience.
- Mar 2022: Mitel announced the availability of subscription-based solutions for all its flagship platforms, such as the MiVoice Business, MiVoice 5000, MiVoice Office 400, and MiVoice MX-ONE. These subscription models are expected to allow clients to use the most recent cloud-based technology while responding promptly to changing industry needs and expectations.
- Feb 2022: Vodafone and RingCentral introduced 'Vodafone Business UC with RingCentral,' a leading cloud platform for communication that gives businesses additional options, flexibility, and simplicity regarding remote working and workforce collaboration. The cloud communications platform assures organizations an adaptable and dependable solution to face the challenges of a hybrid working environment, allowing people to be creative and get their work done from anywhere.
Cloud Communication Platform Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Tremendous Shifts in the Communication Market
4.2.2 The Growing Trend of Organizations Implementing Flexible Work Opportunities
4.2.3 Growing Demand for BYOD
4.3 Market Restraints
4.3.1 Security and Privacy Concerns
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
4.5 Industry Value Chain Analysis
4.6 Assessment of Impact of COVID-19 on the Industry
5. MARKET SEGMENTATION
5.1 By Component
5.1.1 Solution
5.1.2 Service
5.2 By Deployment Type
5.2.1 Public Cloud Services
5.2.2 Private Cloud Services
5.2.3 Hybrid Cloud Services
5.3 By Industry Vertical
5.3.1 BFSI
5.3.2 Healthcare
5.3.3 IT and Telecommunication
5.3.4 Retail
5.3.5 Government
5.3.6 Other Industry Verticals (Manufacturing, Travel and Hospitality, and Education)
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Cisco System Inc.
6.1.2 Twilio Inc.
6.1.3 8x8 Inc.
6.1.4 Avaya Inc.
6.1.5 NetFortris Inc.
6.1.6 West IP Communications Inc.
6.1.7 Telestax Inc.
6.1.8 Plivo Inc.
6.1.9 Nexmo Inc.
6.1.10 Vonage Holdings Corp.
6.1.11 Masergy Communications
6.1.12 Mitel Networks Corporation
6.1.13 Vonage API Developer
6.1.14 CallFire Inc.
6.1.15 Ozonetel Communication Pvt. Ltd
6.1.16 RingCentral Inc.
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Cloud Communication Platform Industry Segmentation
Cloud Communication is an internet-based data and voice communication method. Cloud communication allows users to work from any device. The Cloud Communication Platform provides a customized application program interface for the developers to decide the interaction of their product with SMS, voice, video, and verification features. Cloud management permits storing and computing data that can be accessed over the internet publicly. The Cloud Communication Platform Market is segmented by Component (Solution and Service), Deployment Type (Public Cloud Services, Private Cloud Services, and Hybrid Cloud Services), Industry Vertical (BFSI, Healthcare, IT and Telecommunication, Retail, Government, and Other Industry Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Component | |
| Solution | |
| Service |
| By Deployment Type | |
| Public Cloud Services | |
| Private Cloud Services | |
| Hybrid Cloud Services |
| By Industry Vertical | |
| BFSI | |
| Healthcare | |
| IT and Telecommunication | |
| Retail | |
| Government | |
| Other Industry Verticals (Manufacturing, Travel and Hospitality, and Education) |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle-East and Africa |
Cloud Communication Platform Market Research FAQs
How big is the Cloud Communication Platform Market?
The Cloud Communication Platform Market size is expected to reach USD 17.22 billion in 2024 and grow at a CAGR of 18.44% to reach USD 40.13 billion by 2029.
What is the current Cloud Communication Platform Market size?
In 2024, the Cloud Communication Platform Market size is expected to reach USD 17.22 billion.
Who are the key players in Cloud Communication Platform Market?
Cisco System, Inc., Twilio Inc., 8x8, Inc., Avaya Inc. and NetFortris, Inc. are the major companies operating in the Cloud Communication Platform Market.
Which is the fastest growing region in Cloud Communication Platform Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Cloud Communication Platform Market?
In 2024, the North America accounts for the largest market share in Cloud Communication Platform Market.
What years does this Cloud Communication Platform Market cover, and what was the market size in 2023?
In 2023, the Cloud Communication Platform Market size was estimated at USD 14.54 billion. The report covers the Cloud Communication Platform Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Cloud Communication Platform Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Cloud Communication Platform Industry Report
Statistics for the 2024 Cloud Communication Platform market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Cloud Communication Platform analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Cloud Communication Platform Market Report Snapshots
