January 14, 2020 by Market-NewsFlash
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
Cloud Communication Platform Market
Segment analysis of the market has been conducted on the basis of component, organization size, vertical and region.
By component, the market has been segmented into solution and service. The solution segment is further sub-segment into web real-time communication (WebRTC), voice over internet protocol (VoIP), application programming interface (API), unified communication and collaboration (UCC/UCaaS), and interactive voice response (IVR). The service segment is further sub-segmented into managed services, support and maintenance and training and consulting. In 2017, the solution segment captured 72.1% share of the market in terms of value. Furthermore, the segment is set to witness a double-digit CAGR of 24.1% between 2018 and 2023.
By organization size, the market has been segmented into large enterprises, and small and medium-sized enterprises (SMEs). The large enterprises segment held the predominant share of the market in 2017 and is expected to grow at 23.9% CAGR over 2023. Cloud communication platforms is witnessing widespread popularity in large enterprises. These platforms allow enterprises to achieve higher work efficiency and economies of scale. By using such platform, businesses can develop secure, reliable and interoperable communication capability.
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Cloud Communication Platform Market was valued at USD 5,706.8 million in 2018 | Global Cloud…Read on marketresearchfuture.com
Global Cloud Communication Platform Market: Regional Outlook
The market has been covered across Asia Pacific (APAC), Europe, North America, the Middle East & Africa (MEA) and Latin America. The market in North America was observed as highly attractive in 2017 and is expected to witness 24% CAGR during the projection period. The U.S. makes the largest contribution the market in the region. With businesses making efforts to create flexible work options, cloud communication platforms become more popular. In North America, adoption of such platforms has been high in large, mid and small enterprises. Presence of renowned market players in the region remains a favourable factor. In terms of value, Europe is the second largest market for cloud communication platform and is expected to maintain its position over the next several years. Meanwhile, the APAC cloud communication platform market is expected to post the highest CAGR over 2023. In APAC, the countries to look out for are China, Taiwan, Japan, Taiwan and Hong Kong. Tremendous growth of the I.T. sector in recent years has been a shot in the arm for the APAC market. Realising the opportunities, many global players are aggressively expanding their operations in APAC. Europe is the third largest market for cloud communication platform and
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