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, Othe

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)

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.

The overall cloud communication platform market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the cloud communication platform market with respect to all the segments. It also provides an overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the cloud communication platform market.

A few major players operating in the global cloud communication platform market are 8X8, INC.; Avaya Inc.; CallFire; Cisco Systems, Inc.; NetFortris; Vonage; Plivo Inc.; Telestax, Inc.; TWILIO INC.; and Intrado.

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