Over the forecast period of 2020-2030, the global cloud communication platform market will grow at a double-digit CAGR. Increased IT infrastructure investment by cloud service providers (CSPs), internet service providers (ISPs), and hyperscalers has been critical in driving the market growth. Furthermore, the coronavirus (COVID-19) pandemic has forced several organizations to adopt the work-from-home (WFH) model, resulting in increased deployment of cloud communication platform solutions.
Due to lockdowns and stay-at-home orders, digital collaboration tool providers such as Zoom and Microsoft are seeing a remarkable increase in usage across continents. Because of the scarcity of on-site IT personnel, businesses are turning to cloud-based solutions to maintain and monitor their storage and server installations in data centers. Enterprises are leveraging the full potential of the cloud to build resilient and disaster-resistant models that will satiate the remote workforce while also ensuring data security and enterprise application integrity.
Key Takeaways from the Cloud Communication Platform Market
- Given the rising trend of bringing your device (BYOD) and the industry’s increasing need for mobility, the healthcare industry would continue to be a key revenue generator.
- Low costs and increased functionality are driving the adoption of unified communications as a service (UCaaS).
- Large enterprises will continue to be the primary users of cloud communication platform services.
- The market in North America continues to grow, fueled by increased adoption of UCaaS and IVR solutions.
Landscape of Competition
Cisco Systems Inc., IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd., Avaya Inc., Ozonetel Systems Pvt. Ltd., and Dialogic Inc. are key players in the cloud communication platform market. Players are focusing on collaborations and new service launches to expand their presence and customer base during the COVID-19 recession.