Market Trends of Cloud Communication Platform Industry
This section covers the major market trends shaping the Cloud Communication Platform Market according to our research experts:
BFSI to Drive the Market
- The Cloud Communication Platform solutions allow investment banks, private equity, venture capital, asset managers, and insurance firms to securely exchange business information with partners, clients, and customers. The evolution of financial technology (fintech) and digital transformation in the BFSI sector drive the segment's growth.
- The financial sector is undergoing a massive transformation, and it has become the need of the hour to be more agile, innovative, collaborative, and customer-centric. The cloud collaboration vendors such as Box, HighQ, Jive Software, and others enable the BFSI industry to deliver high-end customer experience, decrease operating costs, and meet regulatory and compliance obligations.
- During the COVID-19 pandemic, demand for cloud-based BPO services increased, allowing institutions to continue active despite setbacks. Furthermore, the BPO services solution was critical to the efficient operation of banks, enterprises, and financial institutions by allowing banks to employ their resources for core talents and vital business operations. Cloud communication helps financial organizations maximize productivity through remote access, digital data exchange, automated reporting, and real-time work floor management. According to Forbes, over 77% of banks utilize cloud computing to outsource a few of their operations to other organizations.
- Moreover, cloud technology, including cloud communication, allows Fintech firms to develop quickly and build apps that differentiate their businesses from the competition and improve consumer experiences. Additionally, FinTech companies may offer these experiences to customers across the numerous online channels they use to communicate with financial brands due to cloud communications. Such channels include mobile applications, robotic chatbots, video, and Messaging Services.
- Various companies in the industry are involved in several strategies to cater to the BFSI industry to gain a competitive edge. For instance, in January last year, Route Mobile teamed with the Bank of Maharashtra and the State Bank of India to provide financial services over WhatsApp utilizing cloud communication platform capabilities.
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North America to Dominate the Market
- North America dominates the cloud communication platform market in terms of revenue and is expected to maintain its dominance during the forecast period. This growth is attributed to the increasing adoption of cloud-based services and the availability of several cloud-based service providers in this region.
- The main reason for this region's excellent development rate is the growing demand for unified communications and product segregation among the service providers. In North America, the UCaaS segment by solutions drives the market to the IVR segment. IVR segment is expected to increase at a greater rate than the video conferencing segment in this region.
- Additionally, the region's cloud communication platform market is expected to profit from the expanding adoption of IoT in the telecommunications industry. American telecom companies are making use of the capabilities of IoT-based technology to speed up procedures and increase efficacy. According to Telecom Advisory Services, the United States is expected to climb to 98.64 million exabytes of internet traffic per month in the current year.
- Several retailers are also integrating cloud-based communication platforms with their CRM interfaces, boosting customer interaction. It aids in deciphering consumer inquiries and directs them to the right locations for the explanation.
- Furthermore, some firms use cloud communication platform video solutions to give high HD quality video and smooth access to clients, particularly for showcasing product features and functioning via video chatting. In order to retain more customers, organizations such as Croma (Infiniti Retail Limited) created their initial pilot store for an online demonstration in Bengaluru during the pandemic.
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