According to a new market research report "Telecom Cloud Market by Type (Solution and Service), Application (Billing & Provisioning and Traffic Management), Service Model (SaaS, PaaS, and IaaS), Organization Size, Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the market size is expected to grow from USD 10.92 Billion in 2016 to USD 30.79 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23.0% during the forecast period.

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 & services and allows managing various types of revenue without constraints.

The Unified Communication and Collaboration (UCaaS) solution segment is estimated to dominate the Telecom Cloud Market share during the forecast period 

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.

Network services are expected to capture the highest market share during the forecast period" 

The network services of the Telecom Cloud Market is 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 centre management, network integration, and network implementation services.

North America is the leading region, in terms of market share in the Telecom Cloud Market space 

North America is expected to hold the largest market share and dominate the Telecom Cloud Market in 2016. North America has a huge penetration from large enterprises with technically-sound employees providing continuous innovative technologies. This has led to the growing Telecom Cloud Market. These are some of the major driving factors contributing to the growth of cloud-based services and solutions in North America.

Major vendors covered in the Telecom Cloud Market for the study are AT&T, Inc. (Dallas, Texas, U.S.), BT Group PLC (London, U.K.), Verizon Communication, Inc. (New Jersey, U.S.), Level 3 Communications, Inc. (Broomfield, Colorado, U.S.), Deutsche Telekom (Bonn, Germany), NTT Communications Corporation (Tokyo, Japan), CenturyLink, Inc. (Louisiana, U.S), Singapore Telecommunications Limited (Singapore), Orange Business Service (Paris, France), and Ericsson (Stockholm, Sweden).

Source: MarketsandMarkets release