ID: MRFR/ICT/5885-HCR | February 2021 | Region: Global | 100 pages
Cloud Telephony Services Market Forecast the value will increase by 16.4%. Telephony offers both voice and data services over the internet. Cloud telephony can offer this service without the use of traditional landlines. Cloud offers more scalability for the companies. Carrying communications through telephony is cost-efficient. Adding more channels is possible through this technology. The cloud public telephone can help through an internet connection.
Voice over IP is possible through this service. Connecting virtually is efficient with the cloud. Both local and international calls are connected through this telephony. Since the release of cloud telephony, the adoption rate is massive among end-users. IT, telecom, healthcare, education, government and much more enterprises use this technology. The cost of adding multiple lines and phone lines is reduced through this service.
All the telephones are connected through the internet. Also, the effect of the act is one of the crucial features of this service. Most of the traditional phone lines have connection issues. Disrupted phone lines and poor services are witnessed in many regions. However, with cloud telephony communication is smooth.
The outbreak of covid 19 is leading to damaging effects on many markets. It is a challenging period from both the economic and health end of the market. However, the cloud telephony services market has less impact. Instead, the services of the market are widening during this period. In recent years, many organisations are working remotely.
Work from home is the best alternative to cope with this pandemic. Due to lockdowns and restrictions, the adoption of this work mode is high. For better communication among employees, cloud telephony serves are helpful. The subscription of these services is rising in this period. The demand is surging from the health and telecommunications sectors. This massive exposure for the products and services of the market will continue in upcoming years. There will be fresh demand for the Global Cloud Telephony Services Market post covid 19.
The need to reduce operational costs is a crucial driver of the cloud telephony services market. Many industries are trying to minimize their operational cost. It is a cost that increases the expenses of the company and reduces the revenue. Telephone charges are operational costs that need to be effective. Cloud telephony services are effective communication services. It is a cost-efficient service than other telephony. Conventional IST and PSTN are highly expensive. Small organisations find it difficult to adopt conventional telephones. However, cloud telephony is adaptable by small to large scale organisations.
The need for less operational cost will drive demand for the cloud telephony services market. The competition among enterprises drives demand for cloud telephony platforms. The adoption of cloud management is prevalent in many organizations. This stirs competition among various verticals. To prove their efficiency and productivity many enterprises are adopting cloud telephony.
The growing awareness about communication services is another factor driving demand for the market. The awareness about cloud telephony is high among developing nations. It is leading to massive Cloud Telephony Services Market Profit. The rising penetration of mobile devices is yet another driver. Conventional telephony services require landlines. However, cloud telephony doesn’t require phones lines but mobile devices are essential. The penetration of mobile devices is leading to favourable changes in the cloud telephony services market.
Technological advancements will bring new growth opportunities to the market. There are more product launches and innovations expected in the market. The Cloud Telephony Services Business will have new upgrades. Wider geographical location and quality data services are some other integration in the market. These new developments will attract new end users.
The overall expansion rate of the cloud telephony services market will increase due to these factors. Furthermore, the communication infrastructure of many markets is changing. Investments in communication are growing in many regions. Covid 19 is creating more awareness for effective communication. Even in social distancing and pandemic situation carrying out market operations are possible with good communication.
It is leading to a rise in investments by these nations. Due to this, communication infrastructure is transforming. The adoption from traditional telephones to cloud telephony services is high. This transition of the cloud telephony services market will provide exceptional scope. Demand from emerging markets will open new opportunities for the market. Enterprise developments are massive in emerging nations. The high adoption from these nations will contribute to high revenue.
The continuous technological advancements restrict the market growth. CTS Market is an advanced technology. Only cloud networks are compatible with these communication services. The choices for the customers are low in the market. But, the alternative is rising. There are plenty of substitutes for telephony.
In some regions adoption of cloud is low. It leads to lesser penetration of cloud telephony. This can lead to less demand from the user end. Further, the adoption of substitutes can be damaging to the cloud telephony services market. The growth rate and expansion rate is constricting due to this restraint.
Cloud telephony service is cost-efficient and flexible. Also, business efficiency is uplifted through this telephony service. There is a wide demand for cloud telephony for various services. Features such as efficiency, high productivity and scalability are the key reasons for the adoption. However, there is a massive amount of sensitive details and communication passed through telephony.
It is a solution mostly used by businesses. Also, much sensitive data is easily prone to cyber-attacks. With the high volume of data, attacks and data breach is high. Privacy concerns are one of the challenges of the cloud telephony services market. Due to this, many adopt private telephony services that come with high-end features.
The Cloud Telephony Services Market Trends is positive in the forecast period. Conferencing segment of the market will witness the highest demand. Video conferencing has high demand during covid 19. The conferencing services in the market are effective and cost-efficient. Further, crucial drivers of the market such as the need to reduce operational costs will drive demand for cloud telephony service.
The rising penetration of mobile devices is another demand driving factor of the cloud telephony services market. Further, technological advancements can bring more scope to the market. The launch of a new product will attract many end-users. However, the need to transform communication services from the conventional cloud is a restraining factor. Still. Overall growth is positive for the market in the forecast period.
North America will dominate the cloud telephony services market. The adoption of cloud-based services is high in this region. There are countries such as US and Canada that have high investments in the market. The need for seamless communication services is high.
Also, spending on telephony is boosting demand in the market. The enterprise applications are smooth due to effective cloud telephony communication. Further, adoption by both large scale and medium enterprises is high. Cloud Telephony Services Market Analysis shows positive growth in North America.
Cloud Telephony Services Market Segments
By Network Type
The competition in cloud telephony services is rising in the forecast period. There are plenty of developments in the market. Market acquisitions, expansions and partnerships in the market are expected to grow in the forecast period. The competitive landscape of the market holds high strategies.
The cloud telephony services market is diversified into Asia Pacific, Europe and North America. Significant adoption of this technology will contribute to high growth. US and Canada are key contributors to the cloud telephony market.
Advanced communication services have high demand in this region. Also, investments play a crucial role in the development of communication infrastructure. Asia pacific is another region with the largest cloud telephony market shares.
Predictive maintenance and most opportunities are available in their region. This developing economy has the highest demand for cloud telephony. Europe is another region with high market shares. Technological advancements will boost of telecommunication industry. This entire factor will contribute to the high revenue rate of the market.
The key players of cloud telephony services are
|Market Size||2027: Significant Value|
|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||
|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).