Global Cloud Communication Platform Market is predicted to touch USD 51.37 Billion at a healthy 19.82% CAGR between 2020- 2030, reveals the latest Market Research Future (MRFR) report. The study comprises a blend of various segments such as drivers, restraints, Cloud Communication Platform market Analysis and opportunities. Companies are increasingly realising the importance of implementing cloud communication platform solutions to keep up with technological changes in the communication sector.
Major drivers driving market expansion include expanding usage of connected devices, increased penetration of the internet of things, and rising adoption of cloud-based services. According to Cisco Systems, global consumer IP traffic is predicted to reach 333 exabytes per month in 2022, at a compound annual growth rate of 27 per cent, fueling the growth of the industry under consideration.
According to Forbes, the total installed base of Internet of Things (IoT) connected devices is expected to reach 75.44 billion by 2025, a fivefold growth in ten years. Furthermore, according to Finch Capital, the global market for IoT end-user solutions is expected to reach 212 billion US dollars by the end of 2019, presenting lucrative opportunities for cloud communication service providers to tap the untapped market globally, which is expected to boost the market growth.
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The Cloud Communication Platform Market is divided into three segments: component, organisation size, and vertical.
The market for cloud communication platforms will be led by the solution segment.
The worldwide cloud communication platform market is divided into two components: service and solution. The solution sector is further subdivided into API, voice over internet protocol (VoIP), interactive voice response (IVR), online real-time communication (WebRTC), and unified communication and collaboration (UCC/UCaaS). Managed services, support and maintenance, and training and consulting are the three service segments. Over the projection period, the solution segment will lead the market. It is expected to increase at a CAGR of 24.1 per cent by 2023.
Large Enterprises Will Lead the Market for Cloud Communication Platforms.
The worldwide cloud communication platform market is divided into two segments based on organisation size: large enterprises and small and medium-sized firms (SMEs). Over the projection period, the big enterprise segment will dominate the market. It is expected to grow at a 23.9 per cent CAGR by 2023. Higher working productivity cost savings, and allowing large organisations to streamline their dispersed business units with an interoperable, secure, and dependable cloud-based communication system are all contributing to the segment's growth.
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The global cloud communication platform market has been divided into four regions: North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). Over the forecast period, North America will continue to be the market leader. It is expected to grow at a 24.0 per cent CAGR by 2023. Increasing popularity as it provides flexible work options, rising adoption in large, mid, and small enterprises, the presence of notable players, the availability of various cloud-based service providers, and rising cloud-based service adoption are all contributing to the region's global communication platform market growth.
Nokia and Google have collaborated to establish a cloud-based 5G network that will also enable commercial customers to provide services such as automated manufacturing and smart retail.
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Table of Content
1 Executive Summary
2 Market Introduction
2.1 Definition 16
2.2 Scope Of The Study 16
2.3 List Of Assumptions 17
2.4 Market Structure 17
3 Market Insights
4 Research Methodology
4.1 Research Process 23
4.2 Forecast Model 27
5 Market Dynamics
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