Europe Cloud Communication Platform Market

Market Introduction

The cloud communication platform market in Europe is segmented into the UK, Germany, Italy, France, Russia, and the Rest of Europe. In Europe, the growing adoption of cloud communication platforms in the BFSI sector is one of the factors for the growth of the cloud communication platform market. With the adoption of cloud communication platforms in the BFSI sector, sending and receiving documents such as insurance policies, account statements, identity proofs, and transaction details is easy. Also, the adoption of a cloud communication platform in BFSI offers several features. It sends alerts to customers regarding payment reminders, policy renewals, cards delivery, and protection via SMS and enhances user convenience through video calls. The digital transformation in the banking sector has been an epochal turning point that has impacted many different processes, from the financial side to branch management, from security to the increasingly personalized user experience.

Further, in June 2019, 52.1% of customers used their bank’s website to carry out routine operations; only a year earlier, i.e., in July 2018, the percentage was 49.1%, according to Doxee S.p.A. C.F. data. Moreover, the growing need of digitalization has increased the use of cloud communication platforms. The benefits of cloud communication services include cost reduction, improved performance, and increased productivity; there are possibilities of rapid scalability, flexibility, and improved performance in terms of reliability and security. Allied Irish Banks, ING Group, Deutsche Börse, Euroclear, and UniCredit are among the financial institutions in Europe that have adopted cloud services.       

Russia, the UK, Spain, Italy, Germany, Turkey, and France are a few of the major countries that are adversely affected due to COVID-19 outbreak. Europe is a major industrial hub for several industrial sectors, such as IT & telecom, automotive, healthcare, aerospace & defense, energy & power, and manufacturing. Due to COVID-19 outbreak, the governments in European countries have imposed complete lockdown in various areas for multiple weeks, which affected the business activities in these countries. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the economies and industries across European countries witnessed decline in the growth in past few months. Hence, the need for efficient remote working solutions and cloud-based solutions for communication to stabilize the growth of various businesses is growing at a fast pace across various countries, such as the UK, Sweden, Netherlands, Finland, Germany, and France.                 

Market Overview and Dynamics

The cloud communication platform market in Europe is expected to grow from US$ 1,239.83 million in 2021 to US$ 6,221.16 million by 2028; it is estimated to grow at a CAGR of 25.9% from 2021 to 2028. With the growing internet connectivity, the use of VoIP is also rising for communication purposes. VoIP uses IP networks to pass voice signals and send multimedia files. It is a most cost-efficient method and support cloud platform. Several industries use VoIP for their business communication. VoIP offers features such as call forwarding, called ID, voicemail, SMS, and video calls. VoIP even offers actual-time analytics, automatic call routing, and online faxing. Some of platform that supports VoIP includes nextiva, aircall, zoiper, skype, whatsapp, google hangouts, viber, facebook messenger, and google voice. Further, due to COVID-19 outbreak, there has been a growth in remote working and online learning. Many organizations and industries have adopted cloud communication platform to continue their business. Thus, for conducting meeting or taking online new courses, the VoIP is most essential. For instance, according to Startupanz.com data, in 2020 alone, the VoIP market was US$ 82.5 billion and is expecting to reach US$ 102.4 billion by the end of 2026. Further, the companies that provide VoIP are Alcatel Lucent, AT&T, Cisco, Citrix, Deutsche Telekom, Ribbon Communication, Google, Verizon, Microsoft, Avaya, RingCentral, Zultys, and Intermedia, among others. Therefore, with the rising need of VoIP, the demand for cloud communication platform market is increasing.  

Key Market Segments

Europe cloud communication platform market is segmented into component, enterprise size, industry, and country. Based on component, the Europe cloud communication platform market is segmented into solution and services. In 2020, the solution segment accounted for largest share in the market. On the basis of enterprise size type, the Europe cloud communication platform market is segmented into large enterprises and SMEs segments. Large enterprises segment accounted for the largest market share. Based on industry, the Europe cloud communication platform market is segmented into BFSI, IT & Telecom, Healthcare, Retail, Government, Education, and Others. In 2020, the BFSI segment accounted for the largest market share. Based on country, the Europe cloud communication platform market is segmented into Belgium, France, Germany, Italy, Russia, UK, and rest of Europe. Germany held the largest market share in 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the cloud communication platform market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are8x8, Inc; Avaya Inc.; Cisco Systems, Inc.; Intrado Corporation; Plivo Inc.; Telestax, Inc.; Twilio Inc; and Vonage Holdings Corp.        

Reasons to buy report

• To understand the Europe cloud communication platform market landscape and identify market segments that are most likely to guarantee a strong return.
• Stay ahead of the race by comprehending the ever-changing competitive landscape for Europe cloud communication platform market.
• Efficiently plan M&A and partnership deals in Europe cloud communication platform market by identifying market segments with the most promising probable sales.
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe cloud communication platform market.
• Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.

Europe Cloud Communication Platform Market Segmentation

Europe Cloud Communication Platform Market - By Component

• Solutions
  • UCaaS
  • WebRTC
  • IVR
  • VoIP
  • API
• Services
  • Training and Consulting
  • Support and Maintenance
  • Managed Services

Europe Cloud communication platform Market - By Enterprise Size

• SMEs
• Large Enterprises

Europe Cloud Communication Platform Market - By Industry

• BFSI
• IT & Telecom
• Healthcare
• Retail
• Government
• Education
• Others

Europe Cloud Communication Platform Market - By Country

• Belgium
• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

Europe Cloud Communication Platform Market - Company Profiles

• 8x8, Inc
• Avaya Inc.
• Cisco Systems, Inc.
• Intrado Corporation
• Plivo Inc.
• Telestax, Inc.
• Twilio Inc
• Vonage Holdings Corp.

Europe Cloud Communication Platform Market Strategic Insights

Europe Cloud Communication Platform Market Segmentation Analysis

Europe Cloud Communication Platform Market Report Highlights

Europe Cloud Communication Platform Report Scope

Europe Cloud Communication Platform Market Country and Regional Insights