Global Cloud Telephony Service Market to grow from USD 19.10 billion in 2019 to USD 53.10 billion in 2027

The global cloud telephony service market is expected to witness a CAGR of 13.25% during the forecast period. The transformation of telecommunications companies to IP networks drives the global market for cloud telephony services. Moreover cloud telephony service market provides many benefits such as cost efficiency, call reports, business call tracking options, user-friendly interface, security over the network, and presence of virtual number service, because of which businesses around the world are adopting this service, resulting in the growth of cloud telephony service market.

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Enterprises are choosing cloud-based telephony services solutions to manage contact center operations during the COVID19 crisis so as to run daily operations remotely. The demand for cloud-based telephony services solutions is expected to increase in 2020 because of its flexibility, scalability, and low setup costs. Many companies in all walks of life have adopted a work-from-home model to protect employee well-being and maintain operational efficiency, thereby increasing the demand for cloud-based solutions.

Tata Tele business services have launched a cloud-based communication solution basically for enterprises, that offers hybrid connectivity across various platforms especially between various employees and customers.

IT and telecom industries are anticipated to have their dominance in the global cloud telephony services market during the forecast period. The migration of telecom companies from traditional to IP networks results in a higher return on investment (ROI) and control capabilities of cloud telephony services. Moreover, using cloud telephony services allow users to access the cloud and work from any device they want. A high concentration of IT and telecom companies and network developments in the US are helping the adoption of cloud telephony services.

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North America is anticipated to witness a dominant position in the cloud telephony services market due to the presence of tech-savvy gadget users and increasing demand for advanced communication services. Moreover, the presence of a large number of vendors in the US and Canada, strong IT infrastructure facilities, escalating demand for availing seamless customer services have facilitated the growth of the cloud telephony services market, thereby creating new opportunities for business growth in the region.

Some of the key players in the cloud telephony market are Microsoft Corporation, Cisco Systems, Tele Logic,8×8, Inc., BroadSoft, Inc., Exotel Techcom Pvt. Ltd., DIALPAD, Knowlarity Communications Pvt Ltd., Go 2 Market India Pvt. Ltd., and Mitel Networks Corporation.

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