Cloud communication platforms allow developers to modify application program interface (API), thereby allowing them to decide the interaction of the cloud communication platform products with SMS, voice, video, and verification features. The rising trend of bring-your-own-device (BYOD) with the emphasis on offering flexible work options is favoring the cloud communication platform market growth. Rising BYOD policies at the workplace overburdens the communication networks at workplaces, and the deployment of cloud communication platforms helps solve the network congestion issues. Surge in demand for connected devices and the increase in the adoption of the IoT (internet of things) and cloud-based services are major factors driving the market growth. Furthermore, the speed of internet connection is a key factor governing the cloud communication platform market growth.
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The cloud communication platform market is expected to grow from US$ 4,632.3 million in 2021 to US$ 22,408.5 million by 2028; it is estimated to grow at a CAGR of 25.3% during 2021–2028.
Impact of COVID-19 Pandemic on Cloud Communication Platform Market
The COVID-19 crisis has affected various industries worldwide in a negative manner and hence, the global economy faced a slump in 2020 and it is continued in 2021 also. However, a few industries, such as video conferencing, cloud deployment, and desktop virtualization, are experiencing a positive impact of the COVID-19 outbreak. With lockdown measures and ban on travel of individuals, work from home policy has gained high acceptancy across the world. It has propelled the growth of the cloud communication platform market.
Cloud Communication Platforms Market Insights:
Rising Need of Bring Your Own Device Fuels Growth of Cloud Communication Platforms Market:
The BYOD (bring your own device) policy allows employees to use their personal devices for corporate purposes. This practice involves storing data on the cloud. The data can be viewed from anywhere, anytime without any challenges. The growing trend of BYOD in the corporate sector is a key enabler of the cloud communication platform market across the globe. The mobility has been noted as one of the three most important collaboration trends for SMEs (Small and Medium-sized enterprises) with ~67% of employees now dealing with their own devices at work, and close to 39% of businesses adopting a formal BYOD policy. By enabling employees’ personal devices with cloud services, SMEs provide their employees access to everything they need to perform their tasks, either at home or in the office. Further, according to Cisco Systems, Inc. report, the BYOD concept enhances the productivity of employees. It also shows that 36% of users have been found to be hyper-productive. Cloud communication platform vendors are continuously building infrastructure to support BYOD implementation in the corporate sector by connecting applications, such as enterprise social media and security policy portals, many leading toward managed mobility services (MMS).
Additionally, in the UK, the cloud communication platform market is growing due to the high adoption of BYOD policies in offices. Most of the companies are focusing on business strategies and core competencies, which are fueling the utilization and adoption of BYOD. For instance, according to a survey conducted in 2018 by the Department for Digital, Culture, Media, and Sport (UK), around 45% of UK businesses supported BYOD policy. Among the total number of UK businesses, 60% of finance or insurance firms (105 firms out of the 1,519 businesses) adopted BYOD trend.
Strategic Insights
The players operating in the cloud communication platform market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In August 2021, 8×8, Inc. signed a strategic distribution agreement with SYNNEX Corporation, a leading provider of distribution, systems design, and integration services for the technology industry. Under the terms of the agreement, 8×8 is providing 8×8 XCaaS (eXperience Communications as a Service) to SYNNEX’s partner community of traditional value-added resellers (VARs), managed service providers (MSPs), and system integrators.
In June 2021, Avaya and RingCentral Inc. launched a wide range of new capabilities for the Avaya Cloud Office by RingCentral Unified Communications as a Service (UCaaS) solution, including many Avaya device-specific enhancements providing easy migration, additional video, and other expansion features.
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