New research indicates cloud services providers (CSPs) could boost their profits over the next few years thanks in part to the cloud communication platform market’s expected growth.

MarketsandMarkets researchers are predicting the cloud communication platform market’s worth will increase from $887.5 million this year to more than $3.2 billion by 2019, which represents a 29.5 percent compound annual growth rate (CAGR).

Researchers also said they anticipate North America will be the biggest cloud communication platform market in terms of revenue contribution, followed by the Middle East and Africa (MEA), Latin America (LA) and Asia-Pacific (APAC) markets.

“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,” MarketsandMarkets said in a prepared statement. “These solutions provide organizations with processing, development and data storage capabilities in the cloud and deliver the flexibility needed by organizations to enable growth and expansion.”

Many organizations want cloud communication platform solutions

MarketsandMarkets pointed out numerous cloud communication platform solutions are available, including:

As more organizations search for ways to leverage the cloud, the demand for cloud communication platform solutions is expected to increase accordingly in several markets.

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In addition to its cloud communication platform solutions predictions, MarketsandMarkets said it anticipates the mobile UC market’s worth will rise from nearly $5.2 billion in 2014 to roughly $17.4 billion by 2019, which represents a 27.5 percent CAGR.

The research firm also pointed out the demand for unified communications-as-a-service (UCaaS) solutions is expected to grow and is predicting the UCaaS market’s worth will increase from roughly $2.5 billion in 2013 to more than $7.6 billion by 2018.

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