Market Size of Cloud Communication Platform Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 17.22 Billion |
Market Size (2029) | USD 40.13 Billion |
CAGR (2024 - 2029) | 18.44 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Cloud Communication Platform Market Analysis
The Cloud Communication Platform Market size is estimated at USD 17.22 billion in 2024, and is expected to reach USD 40.13 billion by 2029, growing at a CAGR of 18.44% during the forecast period (2024-2029).
Nowadays, companies are experiencing a vital necessity for adopting cloud communication platform solutions to keep themselves updated with the technological advancements in the communication market.
- Increasing adoption of connected devices, increasing penetration of the internet of things, and rising adoption of cloud-based services are major factors driving the market growth. According to Cisco Systems, in 2022, global consumer IP traffic was expected to reach 333 exabytes per month at a 27% compound annual growth rate, which is anticipated to fuel the growth of the market studied.
- According to Forbes, the total installed base of the Internet of Things (IoT) connected devices is projected to amount to 75.44 billion worldwide by 2025, a fivefold increase in 10 years. Also, as per Finch Capital, the global market for IoT end-user solutions was expected to grow to USD 212 billion in size by the end of 2019, presenting lucrative opportunities for cloud communication service providers to tap the untapped market globally.
- Besides, the growing trend of BYOD policies and pay-as-you-use services are other factors further fueling the growth of the cloud communication platform market. Companies have adopted Bring-Your-Own-Device (BYOD) efforts in recent years. The capacity of employees to use mobile apps is currently relied on by 87% of organizations, and the border between the corporate office and working remotely is becoming increasingly blurred.
- Factors such as enhanced productivity and decreased costs have enabled enterprises to adopt cloud collaboration solutions for better outcomes. This has allowed the service providers to focus on cloud-based communication and collaboration solutions and drive this market in the long run. Various companies are launching an enhanced cloud collaboration platform, which is expected to drive the market. For instance, in November last year, Westcon-Comstor, a worldwide technology supplier and specialized distributor, announced the formation of a new business segment called Cloud & Collaboration.
- Cloud services are usually internet-based; therefore, internet connection speed would affect the cloud communication platform market. Also, privacy and security concerns regarding confidential data further hamper the market's growth. According to Identity Theft Resource Center, The number of data breaches in the United States reached 817 in the first half of the last year.
Cloud Communication Platform Industry Segmentation
Cloud Communication is an internet-based data and voice communication method. Cloud communication allows users to work from any device. The Cloud Communication Platform provides a customized application program interface for the developers to decide the interaction of their product with SMS, voice, video, and verification features. Cloud management permits storing and computing data that can be accessed over the internet publicly. The Cloud Communication Platform Market is segmented by Component (Solution and Service), Deployment Type (Public Cloud Services, Private Cloud Services, and Hybrid Cloud Services), Industry Vertical (BFSI, Healthcare, IT and Telecommunication, Retail, Government, and Other Industry Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Component | |
Solution | |
Service |
By Deployment Type | |
Public Cloud Services | |
Private Cloud Services | |
Hybrid Cloud Services |
By Industry Vertical | |
BFSI | |
Healthcare | |
IT and Telecommunication | |
Retail | |
Government | |
Other Industry Verticals (Manufacturing, Travel and Hospitality, and Education) |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
Latin America | |
Middle-East and Africa |
Cloud Communication Platform Market Size Summary
The Cloud Communication Platform Market is experiencing significant growth, driven by the increasing adoption of connected devices, the penetration of the Internet of Things, and the rising demand for cloud-based services. Companies are increasingly recognizing the necessity of adopting these platforms to stay abreast of technological advancements in communication. The market is further propelled by trends such as Bring-Your-Own-Device (BYOD) policies and pay-as-you-use services, which enhance productivity and reduce costs. The financial sector, in particular, is witnessing a transformation with the integration of cloud communication solutions, enabling firms to securely exchange information and improve customer experiences. The COVID-19 pandemic has also accelerated the demand for cloud-based BPO services, allowing financial institutions to maintain operations and focus on core business functions.
North America leads the cloud communication platform market, benefiting from the widespread adoption of cloud-based services and a robust presence of service providers. The region's growth is fueled by the demand for unified communications and the integration of IoT in telecommunications. The market is highly competitive, with major players like Cisco System Inc., Twilio Inc., and Avaya Inc. actively expanding their product offerings and focusing on innovation. Recent developments include the introduction of advanced platforms and technologies, such as Radisys Corporation's Engage Digital Platform and Lumen's integration of Alianza's cloud communication technology. These advancements aim to meet the evolving needs of various industries, enhancing communication capabilities and supporting the transition to hybrid working environments.
Cloud Communication Platform Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Tremendous Shifts in the Communication Market
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1.2.2 The Growing Trend of Organizations Implementing Flexible Work Opportunities
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1.2.3 Growing Demand for BYOD
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1.3 Market Restraints
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1.3.1 Security and Privacy Concerns
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitutes
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1.4.5 Intensity of Competitive Rivalry
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1.5 Industry Value Chain Analysis
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1.6 Assessment of Impact of COVID-19 on the Industry
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2. MARKET SEGMENTATION
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2.1 By Component
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2.1.1 Solution
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2.1.2 Service
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2.2 By Deployment Type
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2.2.1 Public Cloud Services
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2.2.2 Private Cloud Services
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2.2.3 Hybrid Cloud Services
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2.3 By Industry Vertical
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2.3.1 BFSI
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2.3.2 Healthcare
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2.3.3 IT and Telecommunication
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2.3.4 Retail
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2.3.5 Government
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2.3.6 Other Industry Verticals (Manufacturing, Travel and Hospitality, and Education)
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle-East and Africa
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Cloud Communication Platform Market Size FAQs
How big is the Cloud Communication Platform Market?
The Cloud Communication Platform Market size is expected to reach USD 17.22 billion in 2024 and grow at a CAGR of 18.44% to reach USD 40.13 billion by 2029.
What is the current Cloud Communication Platform Market size?
In 2024, the Cloud Communication Platform Market size is expected to reach USD 17.22 billion.