Overview and Scope
Cloud telephony services are communication services delivered over the internet, leveraging cloud computing infrastructure. These services eliminate the need for traditional enterprise telephone systems by converting analog voice signals into digital data packets and transmitting them over the internet, allowing users to make and receive calls using VoIP desk phones, softphones, or mobile apps.
Sizing and Forecast
The cloud telephony services market size has grown rapidly in recent years. It will grow from $27.20 billion in 2023 to $31.88 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to Increasing demand for flexible communication solutions, rise of artificial intelligence and automation, demand for real-time analytics and reporting, growth of small and medium-sized enterprises (SMES), evolution of WebRTC (web real-time communication).
The cloud telephony services market size is expected to see rapid growth in the next few years. It will grow to $60.77 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to growing adoption of cloud based solution, rising adoption of VoIP technology, increasing use of virtual phone numbers, raising demand for advanced communication services, growing mobile workforce. Major trends in the forecast period include technological innovations in voice recognition and natural language processing., expansion of e-commerce businesses, integration with collaboration tools, shift towards subscription-based models, expansion of the gig economy.
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Segmentation & Regional Insights
The cloud telephony services market covered in this report is segmented –
1) By Network: Public Switched Telephone Networks (PSTNs), Voice Over Internet Protocol (VoIP)
2) By Deployment Type: Cloud, Hosted
3) By Enterprise: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Conferencing, Multi-Level Ivr, Sales And Marketing, Customer Relationship Management (CRM)
5) By End User Industry: Telecom And IT, Banking, Financial Services And Insurance (BFSI), Government, Health Care, Media And Entertainment, Education, Retail, Other End User Industries
North America was the largest region in the cloud telephony services market in 2023. The regions covered in the cloud telephony services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing use of virtual phone numbers is expected to propel the growth of the cloud telephony service market going forward. Virtual phone numbers refer to telephone numbers that are not directly associated with a traditional phone line and can be routed to any device or phone number of the user’s choosing. The use of virtual phone numbers is increasing due to the rising adoption of remote work arrangements and the need for flexible communication solutions. Cloud telephony services facilitate the increasing use of virtual phone numbers by offering scalable and flexible communication solutions accessible over the internet. For instance, according to data from Vonage, a US-based cloud communications solutions provider, businesses in the US have a 35% year-over-year increase in the adoption of virtual phone numbers since 2021. Therefore, the increasing use of virtual phone numbers drives the growth of the cloud telephony service market.
Key Industry Players
Major companies operating in the cloud telephony services market are Microsoft Corporation, Cisco Systems Inc., Singapore Telecommunications Limited, EPAM Systems, Inc, Zoom Video Communications Inc., Twilio Inc., Avaya Inc., RingCentral Inc., Genesys Telecommunications Laboratories Inc., Vonage Holdings Corp., Mitel Networks Corporation, Five9 Inc., 8×8 Inc., VOXX International, Freshworks Inc., Kaleyra Inc., Fuze Inc., Nextiva Inc., Redcentric plc., Jive Communications Inc., Dialpad Inc., Talkdesk Inc., Telnyx LLC, Plivo Inc., Flowroute Inc.
The cloud telephony services market report table of contents includes:
1. Executive Summary
2. Cloud Telephony Services Market Characteristics
3. Cloud Telephony Services Market Trends And Strategies
4. Cloud Telephony Services Market – Macro Economic Scenario
5. Global Cloud Telephony Services Market Size and Growth
….
32. Global Cloud Telephony Services Market Competitive Benchmarking
33. Global Cloud Telephony Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud Telephony Services Market
35. Cloud Telephony Services Market Future Outlook and Potential Analysis
36. Appendix
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