The North America cloud communication platform market was valued at US$ 1,106.6 million in 2019 and is projected to reach US$ 5,592.5 million by 2027; it is expected to grow at a CAGR of 22.6% from 2020 to 2027.
Cloud communication platforms are efficient and cost-effective due to which organizations are training their sights on cloud telephony solutions. These platforms do not require huge investment in the entire setup replete with several types of equipment as they are adaptable to emerging communication functionalities. With cloud communication platforms, the PBX can be facilitated on a cloud at a lower cost. Various large enterprises and SMEs are choosing cloud communication platform to leverage cost-effectiveness and higher working efficiency benefits. Moreover, these cloud communication platforms require no capital infrastructure costs, transparent pay-as-you-go subscriptions, which is an added advantage for the cloud communication platforms.
The business process outsourcing (BPO) sector is known to be fastest-growing stream of the Information Technology Enabled Services (ITES) industry. The growth of this sector is mainly attributed to economies of scale, business risk mitigation, cost advantage, utilization enhancement, and superior competency. The outsourced services are better delivered with the use of cloud. Adopting cloud communication platforms assists in saving cost for BPOs, while enhancing the quality and timeliness of the data. The increasing need for higher flexibility/scalability among business organizations has raised the adoption rate of cloud communication platform solutions and services, which acts as a huge opportunity for the platform vendors. There are several global and regional players of BPO sector in North America, which will directly offer new opportunities for the market.
A few major players operating in the North America cloud communication platform market are CallFire, Avaya Inc, Cisco System Inc, NETFORTIS, Plivo Inc, Telestax Inc, Twilio Inc, Vonage, and 8x8 Inc.
The overall cloud communication market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the cloud communication market with regard to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the cloud communication platform market.