Cloud communications are Internet-based voice and data communications where telecommunications applications.
The cloud communication platform market is estimated to reach US$ 5775.0 Mn by 2026, at a Compound Annual Growth Rate (CAGR) of +26 % from 2018 to 2026. Factors such as seismic shift in communication market, cost effectiveness of cloud communication platform solutions, growing inclination of organizations to provide flexible work options, increasing demand for Bring Your Own Device (BYOD), and increasing demand for more customer satisfied solutions and services are contributing towards the significant growth of the cloud communication platform market.
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Global Cloud Communication Platform Market: Dynamics
Various factors support the growth of the global cloud communication platform market and the influence of these factors is analyzed in the impact analysis section, which varies across regions in the globe. Increase in use of API’s in UCaaS, cost effectiveness of cloud communication platform solutions, fast switching of the enterprise infrastructure towards cloud, increasing adoption of cloud PBX business services, rising awareness regarding safety, rising focus on customer experience enhancement, increasing government support by providing high initiatives to increase the growth of unified communication, higher traction gained by unified communication as a service, increasing adoption of BYOD in enterprises and growing demand for real time communication are triggering the adoption of cloud communication platforms thus boosting the global cloud communication platform market.
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Company Profiled: The Top Key Players included in Global Cloud Communication Platform Market are 8×8, Inc., Avaya, Inc., Cisco System, Inc. (Cisco), Twilio, Inc., Netfortris, Inc. (Netfortris), West Corporation, Telestax, Inc., Plivo, Inc., Callfire and Nexmo, Inc. among others.
Global Cloud Communication Platform Market: Segmental Analysis
Global cloud communication platform market is segmented by solutions, by services, by verticals, by enterprise size and by region. All the segments and sub-segments are likely to show robust growth rate during the 2018-2026 period, however below insights throw light on the major segments contributing to the growth of the overall market.
Managed services segment by services is anticipated to lead the global market with respect to high market valuation by the end of 2026. This segment is also projected to grow at a high CAGR of 22% throughout the forecast period.
Retail segment by vertical can be considered as a good investment option as it is likely to show a high market valuation, second to telecommunication and ITES segment in this category. Moreover, the retail segment is projected to grow at the highest growth rate to register a CAGR of 31 % throughout the period of forecast.
North America region is expected to dominate the global market with respect to high market share. However, the Asia pacific excluding Japan region is likely to show tremendous progress as it grows at a higher CAGR of 27 % followed by Western Europe region during the forecast period.
The UCaaS segment by solutions is anticipated to be the most lucrative segment with respect to growth rate as well as market value during the 2017-2026 period. This segment is poised to register a high CAGR of 26.3% throughout the forecast period.
By enterprise size, the large enterprise segment is the largest segment as it reflects a huge value of about US$ 3.9 Bn by 2026. The small enterprise segment is poised to grow at the highest CAGR of 26 % during the assessment period.
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The scope of the report covers detailed information regarding the major factors influencing the growth of the cloud communication platform market, such as drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, partnerships, collaborations, expansions, and competitive landscape associated with the cloud communication platform market.
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Source: EIN Presswire