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Cloud Telephony Services Market 2024: Industry Insights, Trends, and Growth
Cloud Telephony Services Market 2024
According to The Business Research Company's, The cloud telephony services market size has grown rapidly in recent years. It will grow from $27.20 billion in 2023 to $31.88 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth in the historic period can be attributed to Increasing demand for flexible communication solutions, rise of artificial intelligence and automation, demand for real-time analytics and reporting, growth of small and medium-sized enterprises (SMES), evolution of WebRTC (web real-time communication).
The cloud telephony services market size is expected to see rapid growth in the next few years. It will grow to $60.77 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to growing adoption of cloud based solution, rising adoption of VoIP technology, increasing use of virtual phone numbers, raising demand for advanced communication services, growing mobile workforce. Major trends in the forecast period include technological innovations in voice recognition and natural language processing., expansion of e-commerce businesses, integration with collaboration tools, shift towards subscription-based models, expansion of the gig economy.
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Market Drivers and Trends:
The increasing use of virtual phone numbers is expected to propel the growth of the cloud telephony service market going forward. Virtual phone numbers refer to telephone numbers that are not directly associated with a traditional phone line and can be routed to any device or phone number of the user's choosing. The use of virtual phone numbers is increasing due to the rising adoption of remote work arrangements and the need for flexible communication solutions. Cloud telephony services facilitate the increasing use of virtual phone numbers by offering scalable and flexible communication solutions accessible over the internet. For instance, according to data from Vonage, a US-based cloud communications solutions provider, businesses in the US have a 35% year-over-year increase in the adoption of virtual phone numbers since 2021. Therefore, the increasing use of virtual phone numbers drives the growth of the cloud telephony service market.
Major companies operating in the cloud telephony service market focus on providing cloud phone services to new locations to deliver communication services. Cloud phone services offer flexibility by allowing users to make and receive calls from any location with an internet connection, facilitating remote work and business continuity. Cloud phone services provide call routing, voicemail transcription, and integration with other business tools, enhancing productivity and efficiency for users. For instance, in June 2023, RingCentral, Inc., a US-based cloud communications solution company, launched a cloud telephony service in India. This is the country's first global cloud provider to offer fully compliant cloud phone system services. This move enables multinational organizations in India to access cloud phone capabilities for streamlined communication with employees, customers, and partners.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Microsoft Corporation, Cisco Systems Inc, Singapore Telecommunications Limited, EPAM Systems, Inc, Zoom Video Communications Inc, Twilio Inc, Avaya Inc, RingCentral Inc, Genesys Telecommunications Laboratories Inc, Vonage Holdings Corp, Mitel Networks Corporation, Five9 Inc, 8x8 Inc, VOXX International, Freshworks Inc, Kaleyra Inc, Fuze Inc, Nextiva Inc, Redcentric plc, Jive Communications Inc, Dialpad Inc, Talkdesk Inc, Telnyx LLC, Plivo Inc, Flowroute Inc.
Cloud Telephony Services Market 2024 Key Insights:
• The cloud telephony services market size is expected to see rapid growth in the next few years. It will grow to $60.77 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%.
• Energizing Growth Cloud Telephony Services And Virtual Phone Numbers
• RingCentral Expands Reach With Launch Of Cloud Telephony Service In India
• North America was the largest region in the cloud telephony services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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