The cloud communication platform market, which includes interactive voice response (IVR), is predicted to jump to more than $3.2 billion by 2019.
According to a recent report, the Cloud Communication Platform Market will increase from $887.5 million in 2014 to $3234.9 million in 2019, a compound annual growth rate (CAGR) of 29.5 percent from 2014 to 2019.
North America is predicted to be the largest market when it comes to revenue contribution. Emerging economies found in the Middle East and Africa, Latin America, and the Asia-Pacific region are expected to see high CAGRs, too.
The report, "Cloud Communication Platform Market by Solution and Service [Application Programming Interface (API), Interactive Voice Response (IVR) System, Unified Communication and Collaboration (UCC), WebRTC, & VoIP] - Global Forecast to 2019," points out that cloud communication platform solutions are “developing and being deployed on the application platform because of the rising real-time applications over the Internet on an on-demand basis,” according to a company statement.
The report identifies IBM, Cisco, Alcatel Lucent, 8×8, Inc., Genesys (News - Alert), Avaya, Mitel, West Corporation, Fujitsu, and CallFire as some of the major players in the cloud communication platform market. CallFire has pointed out that with an IVR system, enterprises can set up surveys, polls, appointment reminders, payments, and other functions for inbound or outbound uses.
In addition, trends such as virtual Private Branch Exchange, Web Real-Time Communications, Bring Your Own Device, and consumerization of IT are “driving the demand for cloud communication platform related solutions and services,” according to a second company statement.
Increasing business demand, with contact centers favoring the cloud, and small- and medium-sized businesses also favoring it, is leading to more use of public, private, and hybrid deployment models.
“The benefit of low up-front capital costs is often an enabler for many companies to go with a cloud-based software solution for communication applications,” the statement said. “Deployment on the cloud helps the SMBs to start with a smaller deployment and expand it as the need and value are proven.”
The cloud has seen increased demand and growth recently, and cloud communication platforms provide increased flexibility, scalability and business agility for the enterprises, and also provide cost savings for these companies, according to the first company statement.
Edited by Rory J. Thompson