Cloud Telephony Services Market Research Report – Global Forecast till 2027

Cloud Telephony Services Market Research Report Information, By Deployment Mode (Cloud and Hosted), Organization Size, Network Type (PSTN and VoIP), Application, Industry Vertical (IT and Telecom, BFSI, Government, Healthcare) - Global Forecast till 2027

ID: MRFR/ICT/5885-HCR | February 2021 | Region: Global | 100 pages

Market Synopsis


Globally, the cloud telephony services market is expected to grow at a CAGR of 16.4% during the forecast period, 2018–2023. Global need of businesses to reduce operational costs and rapidly scale the communication solution as and when needed are the key driving factors for the growth of the market. However, lack of awareness, and availability of alternate communication systems are the major challenges in the cloud telephony services market during the forecast period.


Cloud telephony services solutions help enterprises to setup communication infrastructure without requiring hardware or software cost. In cloud telephony services, all communication devices and applications are hosted on cloud or at the service provider’s premises. It offers numerous benefits to an enterprise, such as zero investment in hardware or software, integration with CRM, quick and easy setup of an IVR, call center, and call recording. These services can be started using traditional phones, mobile devices, or computers/laptops.


Cloud telephony services solutions and services have a wide adoption in almost all industry verticals, such as Banking, Financial Services, and Insurance (BFSI), government, retail and consumer goods, healthcare, and IT and telecom. BFSI, retail and consumer goods, and IT and telecom are some of major industry verticals adopting the cloud telephony services to reduce its operational costs and serve its customers with advanced and seamless cloud communication technologies.


Segmentation


The global cloud telephony services market is segmented based on deployment mode, organization size, network type, application, industry vertical, and region/country.


By deployment mode, the market is segmented into cloud and hosted.


By organization size, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs).


By network type, the market is segmented into Public Switched Telephone Network (PSTN) and Voice over Internet Protocol (VoIP).


By application, the market is segmented into conferencing, multi-level IVR, sales and marketing, and customer relationship management.


By industry vertical, the market is segmented into IT and telecom, BFSI, government, retail and consumer goods, heatlhcare, education, and others.


By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.


Regional Analysis


The global market for Cloud telephony services market is estimated to grow rapidly during the forecast period from 2018 to 2023. The geographical analysis of global cloud telephony services market is studied for North America, Europe, Asia-Pacific, and the rest of the world.


North America is presumed to have the largest market share in the global cloud telephony services market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the presence of major cloud telephony services solution vendors and advanced IT infrastructure to run enterprise applications and deliver services to the customers seamlessly. Asia-Pacific is anticipated to be the fastest growing region in the global cloud telephony services market over the forecast period. Increasing digitalization and adoption of cloud services to reduce operational costs are the key driving factors for the adoption of cloud telephony services solutions in the region.


Competitive Analysis


According to the competitive analysis in the cloud telephony services market, most enterprises are observed to expand their technological capabilities by increasing investments in their research and development activities. Many leading vendors adopted inorganic strategy to expand their businesses. The strategy of partnership and collaboration of the overall key development undergone by the key players in the cloud telephony services market.


Key Players


The prominent players in Cloud telephony services market are AVOXI (US), Cisco Systems, Inc. (US), 8x8, Inc. (US), Broadsoft (US), Exotel Techcom Pvt. Ltd. (India), DIALPAD (US), Go 2 Market India Pvt. Ltd. (India), MegaPath (US), LeadNXT (US), and Knowlarity Communications Pvt Ltd. (India).


Intended Audience



  • Cloud telephony services providers

  • Project managers

  • Developers

  • IT Administrators

  • Cloud service providers

  • Network solution providers

  • Communication service providers



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: Significant Value
  CAGR   16.4% (2018-2023)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Deployment Mode, Organization Size
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   AVOXI (US), Cisco Systems, Inc. (US), 8x8, Inc. (US), Broadsoft (US), Exotel Techcom Pvt. Ltd. (India), DIALPAD (US), Go 2 Market India Pvt. Ltd. (India), MegaPath (US), LeadNXT (US), and Knowlarity Communications Pvt Ltd. (India).
  Key Market Opportunities

  • The growth is attributed to the presence of major cloud telephony services solution vendors and advanced IT infrastructure to run enterprise applications and deliver services to the customers seamlessly. \r\n
  • Asia-Pacific is anticipated to be the fastest growing region in the global cloud telephony services market over the forecast period.
  •   Key Market Drivers   Global need of businesses to reduce operational costs and rapidly scale the communication solution as and when needed are the key driving factors for the growth of the market.


    Frequently Asked Questions (FAQ) :


    The cloud telephony services market is projected to expand at 16% CAGR across the review period.

    The segments of the cloud telephony services market on the basis of application are sales and marketing, conferencing, multi-level IVR, and customer relationship management

    The segments of the cloud telephony services market, on the basis of network type, are PSTN (Public Switched Telephone Network), VoIP (Voice over Internet Protocol).

    North America is poised to hold the maximum share of the cloud telephony services market.

    The players operating in the cloud telephony services market are AVOXI (US), 8x8, Inc. (US), Cisco Systems, Inc. (US), Broadsoft (US), DIALPAD (US), Exotel Techcom Pvt. Ltd. (India), Go 2 Market India Pvt. Ltd. (India), LeadNXT (US), MegaPath (US), and Knowlarity Communications Pvt Ltd. (India).