Cloud Telephony Service Market Size to Reach US$ 34.72 Billion 2023-2028

According to the latest report by IMARC Group, titled, "Cloud Telephony Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global cloud telephony service market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the cloud telephony service market?

The global cloud telephony service market size reached US$ 20.23 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.72 Billion by 2028, exhibiting a growth rate (CAGR) of 9.25% during 2023-2028.

What is cloud telephony service?

Cloud telephony, or cloud calling, is a telecommunications technology that allows corporations and individuals to conduct phone calls over the Internet, utilizing cloud-based servers instead of traditional telephone lines or on-site hardware. It minimizes the complexity and costs associated with maintaining traditional phone networks and offers scalability, allowing businesses to effortlessly add or remove phone lines and adjust their capacity as per their requirements. It also offers flexibility by allowing users to conduct and receive calls from any internet-connected device, including smartphones, tablets, laptops, or IP desk phones. Nowadays, cloud telephony services are widely adopted in telecom, government, retail, media and entertainment, information and technology (IT), banking, financial services, and information (BFSI) sectors across the globe.

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What are the growth prospects and trends in the cloud telephony service industry?

The market is primarily driven by the rising demand for effective connectivity. In addition, the cloud telephony service allows business-to-business communication using internet connectivity and replaces the conventional phone line system, which is increasing its application in small and medium enterprises (SMEs), thus contributing to the market growth. It also offers several advantages: scalability, flexibility, and cost-effectiveness. In line with this, the rising demand for cloud telephony services to order food online, book cabs, call banks, or OTP calls is also influencing the market growth. Moreover, the widespread adoption of cloud telephony services in the education sector for admissions, student services, and remote learning due to the growing number of schools and applicants represents another major growth-inducing factor. Besides this, various technological advancements in public switched telephone networks (PSTNs) and the extensive use of cloud telephony services in call centers to enhance efficiency through features such as automatic call distribution, call queuing, and call recording is accelerating the market growth. Along with this, the significant expansion in the hospitality and travel industry led to the deployment of cloud telephony services for managing reservations, guest inquiries, and customer support, thus propelling the market growth.

Apart from this, the cloud telephony service market is growing at different rates in numerous regions, with North America being the largest market due to the widespread adoption of hosted cloud telephony services by corporations for numerous business-related activities, increasing cloud-based solutions and remote working models across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in December 2020, Tata Tele business services introduced a cloud-based communication solution customized for corporations that provide hybrid connectivity between employees, customers, and vendors across various platforms and incorporates features such as intelligent call routing, API incorporation, call sentiment analysis, and text-to-voice conversion with the scalability and built-in security, eliminating the need for additional capital expenditure.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Network:
Public Switched Telephone Networks (PSTNs)
Voice over Internet Protocol (VoIP)

Breakup by Deployment Mode:
Cloud
Hosted

Breakup by Enterprise Size:
Small and Medium-Sized Enterprises (SMEs)
Large Enterprises

Breakup by Application:
Conferencing
Multi-level IVR
Sales and Marketing
Customer Relationship Management (CRM)

Breakup by End User:
BFSI
Government
Telecom and IT
Healthcare
Media and Entertainment
Retail
Others

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

8×8 Inc.
AVOXI Inc.
Cisco Systems Inc.
Dialpad Inc.
Exotel Techcom Pvt. Ltd.
Go 2 Market India Pvt. Ltd.
LeadNXT
Nextiva
NFON AG
Tripudio Ltd.

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