This is How Cloud Communication Platform Industry Will Grow By 2023 (Technology, Market Size, Growth, Hidden Factors & Players)
December 12, 2019 by Market-NewsFlash
Reporting on Google’s future with today’s facts
Global Cloud Communication Platform Market: By Component (Solution and Service), By Organization Size (Small and Medium-Sized Enterprise and Large Enterprise), By Vertical (Banking, Financial Services, and Insurance, Healthcare, Telecommunication and Information Technology Enabled Service, Government, Retail, Travel and Hospitality, Education, Manufacturing and Others) and Region — Forecast Till 2023
The global cloud communication platform market is expected to witness a CAGR of 24.8% during the forecast period (2018–2023) and reach a valuation of USD 5,706.8 Mn.
The cloud communication platform market is cementing its foothold as the percolation of the information technology services is getting widespread. In addition, integration of digitalization is providing traction to the cloud communication platform market. Cloud communication enables telephone switching and manages various associated applications. The communication gets a heads up with diverse types of communication such as video calling, texting, and voice over Internet convention (VoIP).
What makes it the choicest is its ability to provide all this without much investment. A new setup is not required, and the platform is quite adaptable to handle emerging communication technologies. The cloud communication platform market is all set to grow with a 26% CAGR during he forecast period (2018–2023) and reach a stellar valuation of USD 5.6 billion market valuation.
North America is the leading force of the global market and is about to retain its position during the forecast period. The region is quite habituated with the structure required for such technology. Technological advantage and deft handling of the associated industries are giving the regional market an unprecedented lead over the rest.
Europe assumes the second spot. The region is sharing similar features with North America. In addition, significant contribution in the research & development sector is spelling wonders for the regional market. BFSI sector is also taking much help from the technology which can act like a catalyst during the forecast period.
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