Cloud Telephony Services Market is Projected to Grow US$ 67.1 Bn by 2031

The cloud telephony services market is projected to grow from US$ 23.1 Bn in 2020 to US$ 67.1 Bn by 2031, at an expected CAGR of 20.7% during the forecast period 2021-2031. An infrastructure of data communication and internet-enabled voice is cloud telephony service. Multiple applications, such as telecommunications, storage, and switching are hosted by a third party in the infrastructure and it is further accessed through internet channels.There are operations performed by these parties on the Public Switched Telephone Network (PSTN) and VoIP (Voice over Internet Protocol) telephone system because they perform functions in a virtual model and therefore do not require a physical connection with the network provider.

Managing business calls without compromising on quality and cost of calls can be done conveniently with cloud telephony service. More systemic, streamlined and controlled mode of communication with consumers are set up with the help of cloud telephony services.

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What is Driving Demand for Cloud Telephony Services?  

There is an increase in shift of telecommunication companies from conventional to IP (Internet Protocol) networks, which is one of the major factor driving the growth of cloud telephony services. Also, there is a rise in penetration of mobile phone devices among customers, which is further contributing to the market growth of cloud telephony services.

Due to high demand of SaaS (software-as-a-service) tools in various industries, there will be lucrative opportunities in the upcoming years for global cloud telephony services. Without any investment and infrastructure, queries of customers are solved by cloud telephony services, which will further help companies and businesses to set up proper communication via call centers. Due to such factors, cloud telephony services is anticipated to grow at a significant rate.

What are the Key Trends for Cloud Telephony Services?

The world has seen a surge in adoption of cloud services and telephony services in past one decade. Businesses and customers are adopting telephony services more and more while ordering food online, booking cabs, banking calls, or OTP calls, this is further fueling the growth of cloud telephony services globally. These sectors are growing at a rapid pace across the globe, which has created huge demand for telephony services.

Telecommunication and IT industries are continuously moving towards the adoption of cloud telephony services as there is a shift in focus from traditional communication technologies to cloud telephony services for improved voice audits. Such trend will further help the market to grow in the forecast period.

North America Demand Outlook for Cloud Telephony Services

The global market of cloud telephony services is currently dominated by North America as most of the vendors located in the region have a solid competition among the new vendors.

Many key players in the country are aiming for acquisition, collaboration and new strategies to expand their business presence. The companies in United States and Canada are focusing on cost effectiveness as they have one of the advanced technologies or strong R and D capability. The growth of cloud telephony services is also driven by region, owing to penetration of mobile phones and rise in demand for SAAS (software-as-a-service) tools.

South Asia Demand Outlook for Cloud Telephony Services

All the major industries such as telecom & IT, media & entertainment, health care, government, BFSI, retail, and others are moving towards the adoption of cloud telephony services in South Asia region. There is a good number of research projects going on setting up proper communication in the region through cloud telephony technology.

There are many telecom & IT companies in the region, shifting from traditional communication technologies to cloud telephony services. This can impel the expansion of cloud telephony services in South Asia. Enterprises are adopting cloud telephony services in the region due to cost effectiveness, attractive user interface, business call tracking and call reports, it will attribute to the availability of more cloud telephony solutions in the upcoming years.

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Who are the Key Cloud Telephony Services Vendors?   

Some of the leading vendors of cloud telephony services include

  • Cisco Systems, Inc.
  • 8×8, Inc.
  • Broadsoft
  • Exotel Techcom Pvt. Ltd.
  • Go 2 Market India Pvt. Ltd.
  • MegaPath, LeadNXT
  • Knowlarity Communications Pvt Ltd.
Key SegmentsBy Deployment:

  • Cloud
  • Hosted

By Network:

  • Public Switched Telephone Networks (PSTNs)
  • Voice over Internet Protocol (VoIP)

By Application:

  • Conferencing
  • Multi-level IVR
  • Sales & Marketing
  • Customer Relationship Management (CRM)

By End-User:

  • BFSI
  • Government
  • Telecom & IT
  • Healthcare
  • Media & Entertainment
  • Retail
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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