Cloud Communication Platform Market, By Solution Type (Application Programming Interface (API), Interactive Voice Response (IVR) System, Unified Communication & Collaboration, Voice over Internet Protocol (VoIP), and Web Real Time Communication (WebRTC)), By Services Type (Managed Services, System Integration, and Training & Consulting), By Deployment Type (Hybrid Cloud Services, Private Cloud Services, and Public Cloud Services), By application (BFSI, Government, IT & telecommunication, Manufacturing, and Retail), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029

Market for cloud communication platforms was estimated to be worth USD 2.93 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 19.80% to reach USD 17.57 billion.

Phone switching is one of the many telecommunications applications that can be hosted by cloud communication. Cloud-based communications platforms (VoIP) offer modern services, including text, audio, and video calling via the Internet. Modern communication methods like VoIP administrations and video conferencing are less compatible with old communication systems because of the expensive equipment required. On the other hand, cloud communication systems do not require a whole setup consisting of a range of equipment, making them more cost-effective and more flexible to new technological advances.North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa comprise the regional segments of the global cloud communication platform market. Three major regions are seeing significant growth in the cloud communication platform market: North America, Western Europe, and Asia Pacific (excluding Japan) (APEJ). Solutions-wise, the UCaaS sector leads the IVR market in North America. Video conferencing is expected to slow down in this region while the IVR segment grows more quickly. Western Europe is progressively witnessing a rise in the use of WebRTC and VoIP.