Cloud communication is nothing but internet based data and voice applications hosted by a third-party vendor over the public internet. It is described as the next best thing in the cloud computing industry. Consumers primarily use mobile, social and online services to communicate, which increases the complexity of consumer experience. Cloud communication provides effective applications to simplify these systems. As a result, the global cloud communication platform market is witnessing immense rise in the demand and deployment across different industrial verticals. Rising customer demand and growth in the number of vendors are some of the major driving factors for the global industry. Industrial growth of the emerging regions is also projected to provide vital growth opportunities for this market.
Segmentation in the Market
Researchers segment the cloud communication platform market on the basis of the types of solutions, which include Application Programming Interface (API), Interactive Voice Response (IVR) System, Unified Communication and Collaboration, Voice over Internet Protocol (VoIP), Web Real Time Communication (WebRTC) and others. The basic types of services in the market are divided into managed services, system integration, training and consulting. Based on deployment modes, they segment the market into hybrid, private and public cloud services. Basic industrial verticals in the market include BFSI, government, consumer goods, retail, IT and telecom, hospitality, travel and tourism, entertainment and media, manufacturing, outsourcing and so on.
Market Drivers and Restraints
According to the reports, the global cloud communication platform market is expected to be driven by four major drivers. These drivers include emergence of WebRTC and strong rise in demand for virtual PBX. Apart from that, increasing trend of bring your own device (BYOD) is also expected to drive more business towards this industry in the years to come. Rapid consumerization of the information technology sector is also projected to drive the business in this market in the next few years. High initial investment costs and major risk of information loss however, remain the crucial restraining factors for this market during the next few years. Lack of security and stiff competition are also expected to create strong challenges for the growth of this market in the years to come.
Opportunities and Growth Trends
Despite the restraining factors, the cloud communication platform market is expected to maintain an impressive CAGR of over 29% from 2014. At the projected growth rate, the global industry is poised to become worth more than $3234.9 million by the end of the year 2019. Strong rate of adoption amongst the organizations is expected to create potential growth opportunities for the key industry players. Growing adoption of different communication platforms, especially amongst the small and medium businesses is also expected to be a crucial growth factor for the market. Increased productivity and technological advancements are also expected to play a vital role in the strong growth prospects for the overall global market.
