Industry analyst firm The Insight Partners recently valued the global cloud communication platform market at $4.63 billion and expects it to hit $22.4 billion by 2028, growing at a compound annual rate of 25.3 percent.
The firm credited growth of the business process outsourcing sector, growing preference for cloud-based solutions, especially in the face of COVID-19 lockdoiwns that caused work-from-home policies to surge, an increase in the number of internet users worldwide, growth of cloud-based IoT platforms, and the surge in the need of voice over internet protocol (VoIP) as the major factors bolstering the market growth.
The research firm includes unified communications-as-a-service (UCaaS) WebRTC, interactive voice response (IVR), VoIP, and application programming interfaces as the leading software categories in the market. In 2020, the UCaaS segment accounted for the largest market share.
The research firm also found that large enterprises segment led the market, and among verticals, technology adoption was strongest among the financial services, IT and telecom, healthcare, retail, government, and education sectors.
It identified 8x8, Avaya, CallFire, Cisco Systems, NotFortris, Vonage, Plivo, Telestax, Twilio, and Intrado as the major players operating in the global cloud communication platform market.