The market size for global cloud telephony services is projected to reach USD 47 billion by 2028. Additionally, this market report includes an assessment of the impact of COVID-19 on this industry.
Dallas, United States – April 25, 2021 /MarketersMedia/ —
The most significant event to have a revolutionary impact on the cloud technology and telephony market is the advent of COVID-19 which deeply drove many industries to implement a work from home system in compliance with the government regulations and policies deployed across various countries. With a view of maintaining healthy enterprise profile achieving stable sales amidst COVID-19, a major focus of enterprises is towards paying attention to employee health and safety which has boosted the adoption cloud technology rising the demand for software-as-a-service based solutions. Also, SaaS based tools and streaming platforms are gaining intense popularity typically useful across various range of industries irrespective of their business nature.
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The major players of the global cloud telephony service market are Exotel Techcom Pvt. Ltd., Cisco Systems, Inc., 8×8, Inc. AVOXI, DIALPAD, BroadSoft, Go 2 Market India Pvt. Ltd., Knowlarity Communications Pvt Ltd., Megapath, LeadNXT, and Microsoft Corporation, and more.
The cloud telephony service market is bifurcated based on the mode of deployment, types of networks applications and end-user industries. The mode of deployment applied by cloud telephony services market includes cloud based on-premise/hosted are two ways of offering solutions and services whereas the networks segment includes voice over internet protocol (VoIP) and public switched telephone networks (PSTNs). The cloud telephony services market offers a wide range of applications such as multi-level IVR, conferencing, Customer relationship management (CRM) and sales and marketing which successfully appeals an array of customers/industries boosting the demand for cloud telephony services market.
Besides, the end-user industries which act as the potential customers include government, telecom and IT, BFSI, media and entertainment, healthcare, retail and others. Cloud telephony offers a replacement of traditional phone systems to cloud based solutions. Cloud telephony services target at providing smart and convenient forms of business communication while reducing costs and maintaining the quality. This type of business communication platforms are popularly used as they are considered as reliable communication procedures eliminating the factor of infrastructure costs. Majority of enterprises adopt cloud-based communication with a view of streamlining communication with the customers along with attributing systemic and controlled communication.
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Increasing shift towards IP networks by telecom companies replacing conventional networks coupled with rising penetration of the smartphones market among the end-user industries is exponentially advancing the growth prospects of the cloud telephony services market. In addition to this, the increasing adoption of telephony services in day-to-day life such as booking cabs, banking calls or OTP calls and ordering food online are some major drivers augmenting the growth of the telephony services market. Regionally, the cloud telephony services market obtains maximum revenue from North America making it the dominant player with the prevalence of largest cloud service/telephony service providers.
Segment Overview of Global Cloud Telephony Service Market
Network Overview, 2018-2028 (USD Billion)
• Public Switched Telephone Networks (PSTNs)
• Voice over Internet Protocol (VoIP)
Application Overview, 2018-2028 (USD Billion)
• Conferencing
• Customer Relationship Management (CRM)
• Multi-level IVR
• Sales & Marketing
End-User Overview, 2018-2028 (USD Billion)
• BFSI
• Government
• Healthcare
• Media & Entertainment
• Retail & Consumer Goods
• Telecom & IT
• Others
Regional Overview, 2018-2025 (USD Billion)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
• Middle East and Africa
o UAE
o South Africa
o Rest of Middle East and Africa
• South America
o Brazil
o Rest of South America
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