SAN FRANCISCO, Aug. 20, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Cloud Communication Platform – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Pool: 4881
Companies: 92 – Players covered include x, Inc.; Avaya, Inc.; Callfire, Inc.; Cisco Systems, Inc.; Nexmo, Inc.; Plivo Inc.; Telestax, Inc.; Twillo, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Segment (Unified Communication and Collaboration (UCC/UCaaS), Web Real-Time Communication (WebRTC), Interactive Voice Response (IVR), Voice over Internet Protocol (VoIP), Application Programming Interface (API), Reporting and Analytics)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Cloud Communication Platform Market to Reach $13.5 Billion by 2026
Amid the COVID-19 crisis, the global market for Cloud Communication Platform estimated at US$3.2 Billion in the year 2020, is projected to reach a revised size of US$13.5 Billion by 2026, growing at a CAGR of 24.3% over the analysis period. Unified Communication & Collaboration (UCC/UCaaS), one of the segments analyzed in the report, is projected to record a 27% CAGR and reach US$9.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Web Real-Time Communication (WebRTC) segment is readjusted to a revised 19.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $2 Billion by 2026
The Cloud Communication Platform market in the U.S. is estimated at US$1.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2026 trailing a CAGR of 23.5% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 22.1% and 20.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.7% CAGR.
Interactive Voice Response (IVR) Segment to Reach $1.2 Billion by 2026
In the global Interactive Voice Response (IVR) segment, USA, Canada, Japan, China and Europe will drive the 22.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$268.5 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$285 Million by the year 2026. More
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SOURCE Global Industry Analysts, Inc.