At a compound annual growth rate of 9.5%, the size of the worldwide Cloud Telephony Service market is projected to reach US$ 51.5 Bn in 2032.
A cost-effective substitute to traditional telephony systems comprising ISDN and PSTN, increasing demand for Software as a Service (SaaS) tool, as well as rising penetration of mobile devices, are the factors responsible for the growth of the cloud telephony service market. On the other hand, growing access to electricity in evolving countries, coupled with migration of telecom operators from traditional to IP networks to achieve control capabilities and a higher return on investment (ROI) is likely to spur the industry growth in the coming years.
Cloud telephony service enables voice and data services to be functioned through the internet connection by substituting a conventional phone connection. It is an online communication system with an on-demand service that deals with various networks as well as VoIP phone systems and Public Switched Telephone Networks (PSTNs).
Cloud Telephony Service Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 51.5 Bn|
|Growth Rate||CAGR of 9.5 % during 2022-2032|
|Segment Covered||By Deployment, By Enterprise Size, By Network, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||8x8 Inc., Avoxi, BroadSoft, Cisco System Inc, DIALPAD|
Key Segments of the 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)
- Customer Relationship Management (CRM)
- Multi-level IVR
- Sales & Marketing
End-User Overview, 2018-2028 (USD Billion)
- Media & Entertainment
- Retail & Consumer Goods
- Telecom & IT
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global cloud telephony service market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global cloud telephony service market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the cloud telephony service solution industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on networks, application, and end-user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global cloud telephony service market. The report will benefit:
- Every stakeholder involved in the cloud telephony service market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global cloud telephony service market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global cloud telephony service market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The rise in the shift of telecom operators from conventional to IP networks is the key factor that drives cloud telephony service industry growth. Also, an increase in penetration of mobile phone devices within the end-users promotes the acceptance of cloud telephony services. Moreover, the rise in demand for SaaS tools among several industry verticals is projected to offer lucrative prospects for the cloud telephony service industry.
Telephony services find applications in various applications that include booking cabs, banking calls, ordering food online, or OTP calls, in the industry domains such as telecom & IT, banking and insurance sector, healthcare, and retail, among others. The development of these businesses at a very fast pace across the world has paved a way for telephony services demand in the last few years. However, privacy concerns and data loss is likely to hinder growth.
The global cloud telephony service market contains public switched telephone networks (PSTNs), and voice over internet protocol (VoIP) segment. In 2019, the public switched telephone networks (PSTNs) segment is likely to hold the largest share and is likely to hold its position throughout the forecast period. However, the voice over internet protocol (VoIP) is likely to grow at a higher rate from 2020 to 2028.
Based on the application segment, the market is bifurcated into customer relationship management (CRM), multi-level IVR, conferencing, and sales & marketing. In 2019, the multi-level IVR segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period. However, the customer relationship management (CRM) of the cloud telephony service solution is anticipated to boost in the coming years and enable them to have a significant market size from 2020 to 2028.
Based on the end-user segment, the market is bifurcated into telecom & IT, retail & consumer goods, government, media & entertainment, BFSI, healthcare, and others. The market for the telecommunications sector is anticipated to possess the largest market share in 2019 since the telecom companies today are predominantly developing to match their user needs. Moreover, the telecom operators are introducing advanced IT infrastructure to run enterprise platforms and applications and provide services to the customers impeccably.
The global cloud telephony service industry is a wide range to North America, Asia Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific region is expected to be a prominent region with countries such as India as the highest cloud telephony service market. Countries such as Japan, China, and South Korea are anticipated to be at the forefront in the adoption of cloud telephony services owing to increased technological investment in the countries. Moreover, the rising trend of small enterprise-based solutions in various industries propels the demand for cloud telephony services in the region.
The major players of the global cloud telephony service market are Exotel Techcom Pvt. Ltd., Cisco Systems, Inc., 8x8, 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 solution market is fragmented with the existence of well-known global and domestic players across the globe.