The telecom cloud market size is expected to grow from USD 10.92 billion in 2016 to USD 30.79 billion by 2021, at a CAGR of 23.0 percent, states Markets and Markets. The major drivers of this market include the need for lower operational and administration costs, as telecom cloud is hosted on cloud platform. It offers flexible pricing for products and services and allows managing various types of revenue without constraints.
Unified Communications-as-a-Service (UCaaS) is estimated to have the largest market share in the telecom cloud market. Various features, such as multimedia, unified messaging, conference bridges, presence management, and customer relationship management (CRM) integration are helping improve business functions. Therefore, with its increasing demand, telecom service providers (TSPs) are providing UCaaS solutions in the market. The network services of the telecom cloud market are witnessing a potential growth, in comparison to other services, owing to the benefits, such as local area network (LAN)/wide area network (WAN)/wireless local area network (WLAN) management, voice over Internet protocol (VoIP), managed network services, Internet protocol (IP) contact center management, network integration, and network implementation services.
North America has a huge penetration from large enterprises with technically sound employees providing continuous innovative technologies. This has led to the growth of telecom cloud market.