Jan 19, 2021 (AmericaNewsHour) --
The global Cloud Communication Platform Market was valued at USD 1.45 billion in 2016 and is projected to reach USD 9.87 billion by 2025, growing at a CAGR of 27.1% from 2017 to 2025.
Cloud communication is an internet-based voice and data communication where telecommunications applications, switching and storage are hosted by a third-party outside of the organization using them and are accessed over the public Internet. Main advantages of cloud communication include ability to work remotely from any device, scalable, high data security, highly reliable, cost-effective. This technology is used for business processes such as advertising, e-commerce, human resource, call centers, and payment and processing.
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1. Market Drivers
1.1 Lower Operational Costs
1.2 Growing need for Organizations to have simple and flexible operation
1.3 Growing Demand of Online Communication Sector
1.4 Growth of Bpo Sector and its Inclination Towards Cloud Computing
2. Market Restraints
2.1 Concerns for privacy of data
2.2 Customer and Technology Relationship
The global Cloud Communication Platform Market is segmented on the basis of type, vertical, organization size, and region.
1. Global Cloud Communication Platform Market, by Type:
1.1.1 Audio Conferencing
1.1.2 Video Conferencing
1.1.3 Web Based Real-Time Communication
1.1.4 Voice Over Internet Protocol over Cloud
1.2.1 Managed Service
1.2.2 Professional Service
2. Global Cloud Communication Platform Market, by Vertical:
2.2 Government and Public Sector
2.4 Banking, Financial Services, and Insurance
2.5 Retail and Consumer Goods
2.6 Travel and Hospitality
2.7 Telecom and IT
3. Global Cloud Communication Platform Market, by Organization Size:3.1 Large Companies
3.2 Mid-sized Companies
3.3 Small Companies
4. Global Cloud Communication Platform Market , by Region:4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Rest of the World
Competitive Landscape:The major players in the market are as follows:
1. IBM Corporation
2. Avaya Inc.
3. Twilio Inc.
4. West IP Communication Inc.
5. Plivo Inc.
6. Nexmo Inc.
7. 8X8 Inc.
8. Cisco Systems
9. Netfortris Inc.
10. Telestax Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:Research study on the Cloud Communication Platform Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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