Growing access to electricity in evolving countries, coupled with the migration of telecom operators from traditional to IP networks to achieve control capabilities and a higher ROI, drives the demand for the cloud telephony service market
Growing digitalization and acceptance of cloud services to reduce operational expenses are the factors promoting the growth of the cloud telephony service industry. 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. Hence, the global cloud telephony service market size is anticipated to reach USD 47 billion by 2028
The shift of telecom operators from traditional systems to IP networks acts as a prospect. However, rising cyber-attacks are likely to hinder the cloud telephony service market. Privacy-related concerns along with risk associated with data loss over the internet and are the factors to limit the growth of the cloud telephony service industry.
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.
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.
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)
- 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, 2018-2025 (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