According to the new research report published by The Insight Partners, titled “Cloud Communication Platform Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Enterprise Size, and Industry” the market is expected to grow from US$ 4,632.3 million in 2021 to US$ 22,408.5 million by 2028; it is expected to grow at a CAGR of 25.3% from 2021 to 2028.
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.
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The COVID-19 outbreak is having a disruptive impact on the economy of the US and Canada. According to the Center for Strategic and International Studies, the US would experience contraction in GDP (Gross Domestic Product) in the second quarter owing to the COVID-19 outbreak. With the lockdown being compulsory across the world, there has been a sudden rise in remote working or work from home. Many organizations and industries have adopted cloud communication platform to continue their business. Therefore, there has been a sudden rise in the requirement for cloud communication platforms, such as unified communication and collaboration, web real-time communication, interactive voice response, voice over internet protocol, application programming interface, and reporting and analytics. SMEs are continuously adopting cloud-based platforms and services mainly due to cost efficiency and limited capital investment required for deploying the setup.
8X8, INC.; Avaya Inc.; CallFire; Cisco Systems, Inc.; NetFortris; Vonage; Plivo Inc.; Telestax, Inc.; TWILIO INC.; and Intrado are among the major companies operating in the cloud communication platform market.
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