Cloud Communication Platform Market Worth 4.45 Billion USD by 2021
According to a new market research report, "Cloud Communication Platform Market by Solution and Service (UCC/UCaaS, WebRTC, VoIP, IVR, API, Reporting and Analytics, and Training and Consulting, Support and Maintenance Service, and Managed Service) - Global Forecast to 2021", published by MarketsandMarkets, market is estimated to grow from USD 1.36 Billion by 2016 to USD 4.45 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 26.8% from 2016 to 2021.
The tremendous growth of the Business Process Outsourcing (BPO) sector and its inclination towards cloud-based solutions and the significant requirements of business organizations for greater flexibility/scalability have provided immense opportunities to the cloud communication platform solution and service vendors, who cater the business organizations with advanced cloud communication platform solutions.
"The reporting and analytics solution is expected to show a significant growth during the forecast period"
The reporting and analytics solution is expected to grow at the highest CAGR and the Unified Communication and Collaboration (UCC/UCaaS) solution is expected to have the largest market share during the forecast period. The reporting and analytics solution helps in tracking the data related to the usage of calls and SMS delivery status, such as the time of the call, duration of the call, result of the call, confirmation of message delivery, explanation of delivery failure, and others. The UCC/UCaaS solution is expected to have the highest market share because it enables seamless and unparalleled communication among the employees irrespective of their location or device further eliminating the communication complexities.
"Asia-Pacific (APAC) is expected to be the fastest-growing region in geographical segmentation of the cloud communication platform market."
Considering the regional analysis of the Cloud Communication Platform Market, North America is projected to hold the largest market share. The market in APAC is in the growth phase and is the fastest-growing region for the global Cloud Communication Platform Market. The key reason for the high growth rate in this region is the increasing demand for converged communications and product differentiation among the service providers.
There are various companies that are coming up with innovative and efficient cloud communication platform solutions and services. The major vendors providing cloud communication platform solutions and services are 8x8, Inc.; Avaya, Inc.; Cisco Systems, Inc.; Twilio; NetFortris; Nexmo; West IP Communication; Telestax; Plivo; and CallFire.