Cloud Communications Market Opportunity Forecasts by Geography, Technology Segments and Industry Verticals to 2027
Cloud Communications Market Report Overview
The cloud communications market was valued at US$ 78.00 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 18.30% to reach a value of US$ 180.70 billion by 2027. The cumulative revenue generation opportunities for cloud communications providers is estimated at US$ 732.90 billion between 2022 to 2027.
Cloud Communications Market Outlook, 2022-2027 (in US$ Billion)
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The cloud communications market opportunity forecast report provides the total addressable market for cloud communications solutions from 2022 to 2027.
| Market Size (2022) | US$ 78.00 billion |
| Market Size (2027) | US$ 180.70 billion |
| CAGR (2022-2027) | 18.30% |
| Key Segments | · Unified Communications as a Service (UCaaS)
· Contact Center as a Service (CCaaS) · Communications Platform as a Service (CPaaS) |
| Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
| Key Verticals | · Manufacturing
· Information Technology · Retail · Retail Banking · Government · Insurance · Transport and Logistics · Healthcare · Construction · Energy · Consumer Goods · Financial Markets · Utilities · Communication · Education · Foodservice · Travel and Leisure · Media · Pharmaceuticals · Mining · Medical Devices · Others |
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Cloud Communications Market Segmentation by Region
The cloud communications market is geographically segmented into North America, South & Central America, Western Europe, Central & Eastern Europe, the Middle East & Africa, and the Asia Pacific.
The North American region dominated the cloud communications market with a revenue share of 41.0% in 2022. Undoubtedly, the US is the largest market with a market share of 36.7% in the cloud communications market in this region. Furthermore, Asia Pacific and Western Europe held the second and third positions in the market with a share of 27.0% and 16.7%, respectively.
Cloud Communications Market Analysis by Region, 2022 (%)
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Cloud Communications Market Segmentation by Vertical
Manufacturing, information technology, retail, retail banking, government, insurance, healthcare, transport and logistics, construction, and energy among others are some of the key end-use industries using cloud communications in their operations.
In terms of vertical end-use segments, the manufacturing sector is the largest segment with an 8.9% market share, followed by the Information Technology sector. Additionally, the cloud communications market for the energy sector is anticipated to be the fastest-growing segment recording an estimated CAGR of 23.92% during the forecast period.
Cloud Communications Market Analysis by Verticals, 2022 (%)
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Cloud Communications Market - Competitive Landscape
The major players significantly impacting the cloud communications market are Cisco Systems, IBM Corporation, Microsoft Corporation, Huawei Technologies, and Avaya among others.
Leading Cloud Communications Companies
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Scope
This product provides revenue opportunity forecasts for the global enterprise cloud communications market from 2022 to 2027, spanning 3 technology segments, 52 geographical markets, six regions, 22 verticals, and 5 size bands. The details of the IT solution and the corresponding products/services have been provided.
Key Highlights
- The cloud communications market is expected to grow at a CAGR of 18.30% over the forecast period.
- The cloud communications market over the forecast period is expected to be led by North America with a share of 41.0%, followed by Asia Pacific and Western Europe with shares of 27.0% and 16.7%, respectively. The Middle East, Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 15.3%.
Reasons to Buy
- Access the current state and expected growth (next 5 years) of the cloud communications
- Determine the most lucrative sectors for cloud communications considering their current contribution to the overall cloud communications market and their expected contribution to the growth of the market over the next 5 years.
- Identify the geographies/countries that would be the contributors to the growth of the cloud communications market over the next 5 years.
Frequently Asked Questions
The cloud communications market size was estimated at US$ 78.00 billion in 2022 and is expected to reach US$ 90.91 billion in 2023.
The cloud communications market is expected to grow at a compound annual growth rate of 18.30% over the forecast period to reach US$ 180.70 billion by 2027.
The manufacturing sector was the largest vertical with 8.9% market share in 2022.
The North American region dominated the cloud communications market with 41.0% market share in 2022.
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