Cloud telephony services companies, offer cloud-based communication solutions for businesses. These services include virtual phone systems, call management, and voice-over-IP (VoIP) capabilities, enabling organizations to enhance their communication infrastructure while reducing costs. Cloud telephony services companies play a crucial role in modernizing and optimizing business communication.
Competitive Landscape of Cloud Telephony Services Market
The cloud telephony services market is undergoing a dynamic transformation, propelled by the rapid adoption of remote work and digital communication solutions. This fast-paced environment fosters intense competition amongst established players and the emergence of innovative newcomers. Understanding this landscape is crucial for both established businesses and those seeking to enter the market.
Key Players:
Strategies Adopted:
Factors for Market Share Analysis:
New and Emerging Companies:
The market is witnessing the rise of innovative startups offering niche solutions and disrupting traditional players. These companies leverage AI, automation, and cloud-native platforms to provide cost-effective and user-friendly solutions. Some examples include:
Current Investment Trends:
Latest Company Updates:
RingCentral plans to launch its cloud phone service in India in 2023. As a result of the move, RingCentral claims to be the only international cloud provider in the nation to deliver enterprise-grade cloud telephony that complies. By providing a cloud phone service in India, the vendor facilitates easier communication between global firms based in India and their customers, partners, executives, and employees.
China Mobile introduced cloud phone, a significant new product, in 2023. The cloud phone from China Mobile is essentially a cloud-based virtual phone. Cloud phone is able to provide lighter, faster, safer, and more convenient services than a physical phone by utilising China Mobile's extensive computer network.
In 2023, Ooredoo introduced its Cloud Phone service to the business community as part of a historic partnership with global tech giant Cisco. In addition to introducing the new Cloud Phone service, the event highlights the strong cooperation between the two trailblazing industry leaders and provides information about Ooredoo's improved Business Broadband offerings, which include the game-changing Business EDGE solution.
Cloud Telephony Services Market size was valued at USD 19.5 billion in 2022. The cloud telephony services market industry is projected to grow from USD 21.2745 billion in 2023 to USD 42.703 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.10% during the forecast period (2023 - 2032). The surge in demand for cloud-based services, especially in developing economies, growing technological advancements in public switched telephone networks (PSTNs), and rising adoption of cloud telephony service by small and medium-scale enterprises are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Growing awareness about communication services is driving market growth
Market CAGR for cloud telephony services is driven by the rising number of technologies. The trend towards remote work has accelerated the adoption of Unified Communication and Collaboration (UCC) tools. These tools enable employees to communicate and collaborate seamlessly from anywhere, anytime, and on any device. This growth is applied to the increasing demand for remote collaboration, the rising adoption of cloud-based communication platforms, and the growing trend of bringing your device policies to organizations.
Additionally, the demand for Contact Center as a Service solution is expected to grow significantly in the coming years, driven by the increasing need for businesses to provide Omni channel customer support. CCaaS solutions enable organizations to provide a seamless customer experience across multiple channels, such as voice, chat, email, and social media. The growth is attributed to the increasing adoption of cloud-based solutions, the need for scalable and flexible contact center solutions, and the rising demand for personalized customer experiences.
The cloud telephony services market is evolving rapidly, with the emergence of advanced services such as AI-powered virtual assistants, voice analytics, and automated call routing. These services are expected to transform how organizations communicate with their customers and employees, improving customer experience, increasing productivity, and reducing costs. AI-powered virtual assistants can handle customer queries and provide personalized solutions, reducing the need for human intervention and improving response times.
For instance, the increasing demand for advanced communication technologies, the adoption of UCC tools, the emergence of advanced cloud telephony services, and the increasing demand for CCaaS solutions drive the Cloud Telephony Services Market revenue.
The Cloud Telephony Services Market segmentation, based on deployment, includes services and cloud. The cloud deployment segment dominated the market due to its ease of use, flexibility, and cost-effectiveness. It is gaining popularity due to its ability to provide both scalability and security.
The Cloud Telephony Services Market segmentation, based on application, includes conferencing, customer relationship management, and sales & marketing multilevel VR. The customer relationship management segment dominated the market. Cloud telephony solutions integrated with CRM systems can improve customer engagement, automate communication workflows, and provide valuable customer insights.
The Cloud Telephony Services Market segmentation, based on end users, includes retail, IT, healthcare, media & entertainment, government, and BFSI. The BFSI segment dominated the market. Banks, insurance companies, and other financial institutions require efficient and reliable communication systems. Cloud telephony services can help these organizations improve customer service by providing features such as IVR, automatic call distribution, and call recording.
The Cloud Telephony Services Market segmentation, based on network type, includes voice over internet protocol and publicly switched telephones. The voice-over-internet protocol category generated the most income. It is gaining popularity due to its cost-effectiveness, flexibility, and scalability. VoIP uses the internet to transmit voice communication, making it more efficient and cost-effective than public switched telephones.
Figure 1: Cloud Telephony Services Market, by Network Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American cloud telephony services market will dominate this market. It can be attributed to the high adoption rate of advanced technologies, such as cloud computing, in the region. The presence of major cloud service providers and the increasing number of new enterprises in the region will likely drive the growth of the cloud telephony services market.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CLOUD TELEPHONY MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Cloud Telephony Services Market accounts for the second-largest market share due to a highly developed telecommunications infrastructure and many enterprises adopting cloud technology. The rising demand for advanced communication features, such as call recording and analytics, is expected to drive the market's growth. Further, the German Cloud Telephony Services Market held the largest market share, and the UK Cloud Telephony Services Market was the fastest-growing market in the European region.
The Asia-Pacific Cloud Telephony Services Market is expected to grow at a significant CAGR from 2023 to 2032. It is due to the increasing adoption of cloud technology, the rise in the number of SMEs, and the rapid growth of the e-commerce industry in the region. Moreover, China’s Cloud Telephony Services Market held the largest market share, and the Indian Cloud Telephony Services Market was the fastest-growing market in the Asia-Pacific region.
For instance, the cloud telephony services market will likely grow rapidly in the coming years, driven by increased adoption of cloud technology, rising demand for unified communication solutions, and the need for cost-effective communication solutions.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Cloud Telephony Services Market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Cloud Telephony Services industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Cloud Telephony Services industry to benefit clients and increase the market sector. The Cloud Telephony Services industry has offered some of the most significant medical advantages in recent years. Major players in the Cloud Telephony Services Market, including DIALPAD, Broad Soft, Exotel Tech com Pvt, Vox Telecom, Vonage Intermedia.net, Singtel, AVOXI, Knowlarity Communications Pvt Ltd, PortaOne, Cisco Systems, Mitel Networks Corporation, and others, are attempting to increase market demand by investing in research and development operations.
8x8 Inc. is an American company founded in 1987. Its products include cloud-based voice, contact center, video, mobile, and unified business communications. It is a provider of Voice over IP products. In June 2020, 8x8 Inc. introduced an enterprise-grade cloud telephony solution for Microsoft Teams environments, allowing organizations to scale and deliver work-from-anywhere communications. The solution delivers enterprise-class and easy-to-administer voice solutions for IT leaders while retaining the Microsoft Teams experience for users.
Cisco Systems, Inc., known as Cisco, is an American-based multinational digital communications technology corporation in San Jose, California. Cisco develops, manufactures, and sells hardware, software, telecommunications equipment, and other high-technology services and products. Cisco's broad works have introduced its new platform, providing enterprise-level performance and full PBX functionality in the cloud, supporting hunt-group and auto-attendant, and fueling the sales of cloud telephony systems.
Broad Soft
Exotel Tech com Pvt
Vox Telecom
Vonage Intermedia.net
Singtel
AVOXI
Knowlarity Communications Pvt Ltd
PortaOne
Cisco Systems
Mitel Networks Corporation
December 2020:Tata Tele business services announced a cloud-based communication solution for enterprises that offers combination connectivity between customers, employees, and vendors across various platforms. The solution enables intelligent routing of customer calls, API integration, call sentiment analysis, text and voice conversion, on-demand scalability, and built-in security without additional capital expenditure.
March 2022:cloud communication platform provider Dialpad partnered with MIA Distribution, an Australian unified communications-as-a-service (UCaaS) provider. Dialpad hopes to make its cloud telephony services, most notably its TrueCaaS solution, throughout Australia through this initiative. Dialpad partnered with Google to list its UC-CC solution on the Google Cloud Marketplace.
Services
Cloud
Voice over Internet protocol
Public switched telephones
Conferencing
Customer relationship management
Sales and marketing multilevel VR
Retail
IT
Healthcare
Media and entertainment
Government
BFSI
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Cloud Telephony Services Market Highlights:
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)