The global cloud telephony services market is expected to grow at a CAGR of 9.5% throughout the forecast period, growing from a valuation of US$ 20.7 Bn in 2022 to US$ 51.5 Bn by 2032. The shift of telecom vendors from traditional phone lines to IP telephony services is the key driver driving the growth of the cloud telephony service industry. This movement has been ascribed to cloud telephony services’ control capabilities and improved return on investment (ROI). A cost-effective alternative to traditional telephony systems that include ISDN and PSTN is cloud telephony.
One of the most important factors driving global cloud telephony services market growth is the rising penetration of mobile devices. Aside from that, the increasing penetration of electricity and internet services in developing countries has increased the market prospects for cloud telephony. The growing trend of digitalization and the resulting demand for software as a service (SaaS) technologies are expected to drive the cloud telephony services market share expansion.
The need for cloud-based solutions is driven by benefits such as scalability, affordability, 24/7 availability, adaptability, auto-update feature, and big storage capacity. Similarly, several beneficial features such as call reporting and call monitoring choices, cost-efficiency, user-friendly interface, and others are expected to move the cloud telephony service market forward.
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Furthermore, new product launches and continuous technological improvements are likely to generate favorable growth possibilities for the cloud telephony services market in the coming years. Owing to the benefits connected with clouds, such as affordability, 24/7 availability, scalability, flexibility, auto-update function, big storage capacity, and so on, the cloud segment is likely to dominate the market over the projection period.
As per the global cloud telephony services market study, because all offices are closed and businesses have resorted to an online manner for their activities, the COVID-19 pandemic has a favorable impact on the global cloud telephony service market. Cloud telephony services assist enterprises and companies in establishing good communication via contact centers with less expenditure and equipment while also efficiently resolving client queries.
Key Takeaways
- Owing to the rise in adoption of cloud and IoT technologies, as well as the existence of advanced IT infrastructure to run enterprise applications and deliver solutions to clients seamlessly, North America currently dominates the cloud telephony service market and is projected to continue to do so during the forecast period.
- The voice over internet protocol segment is expected to rise at a CAGR of 14.3% throughout the forecast period.
- Because of technological developments in the European telecommunications business, Europe is set to see major global expansion. The shift of European industries to cloud-based services is expected to boost the cloud telephony service market forward.
- The US cloud telephony services market is projected to reach a valuation of $US 12 Bn by 2032.
Competitive Landscape
The highly competitive nature of the worldwide cloud telephony service market drives leading companies to employ a variety of organic and inorganic business growth techniques. Because global marketplace competition is fierce, vendors take proactive steps to provide a diverse service portfolio to fulfil customers’ constantly changing needs.
As per the cloud telephony services market study by FMI, to maintain their market competency, leading vendors use a variety of ultimate business growth tactics such as partnerships, collaborations, mergers, and acquisitions. Leading market companies are working on developing new technologies to help the sector run more efficiently by reducing the amount of time and money it takes to do so.
In the cloud telephony services market, important players include 8×8, Inc., AVOXI, BroadSoft, Cisco Systems, Inc., DIALPAD, Exotel Techcom Pvt. Ltd., Go 2 Market India Pvt. Ltd., Knowlarity Communications Pvt Ltd., LeadNXT, Megapath, Microsoft Corporation, Mitel Networks Corporation, Natterbox Ltd., NetFortis, Nextiva, NFON AG, NovaCloud Pty.
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Key Segments:
By Deployment
- Hosted
- Cloud
By Enterprise Size
- Small & Medium Enterprise (SME’s)
- Large Enterprises
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 Industry
- Banking, Financial Institutions, and Insurance (BFSI)
- Education
- Government
- Healthcare
- Media & Entertainment
- Retail
- Telecom & IT
By Region
- United States
- Canada
- Austria
- Germany
- France
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