According to a new market report published by Transparency Market Research the global cloud telephony services market is expected to reach a value of US$ 41,768.3 Mn by 2026 on account of cost reductions compared to traditional telephony systems. The market is projected to expand at a CAGR of 17.2% during the forecast period from 2018 to 2026. Increasing demand for enterprise mobility, mobile workforce, and multiple benefits offered by cloud telephony services are encouraging their higher adoption. In addition, rising penetration of mobile devices is boosting the global demand for cloud telephony services. Europe is anticipated to be a rapidly expanding region of the market, followed by Asia Pacific during the forecast period. Cloud telephony services are being increasingly adopted across different industry verticals around the globe. Increase in the implementation of IP networks, Internet bandwidths, and improvement in the quality of services offered by telecommunication providers are further contributing to the expansion of the cloud telephony services market.
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Multiple Telecommunication Operators are Migrating Their
Customers over the IP Network, which is Likely to Drive the Demand for Cloud
Telephony Services in Coming Years
Adoption of cloud telephony services in small and
medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as
well as limited capital investment required for deploying network systems as
compared to traditional network services. The advancements in technology and
addition of multiple features to IP phones have attracted business customers to
migrate to IP networks.
Cloud Telephony Services Market: Scope of the Report
The cloud telephony services market can be segmented based
on deployment, enterprise size, network, application, industry, and region.
There is high demand for cloud telephony services from multiple industry
verticals including BFSI, telecom and IT, health care, retail, government,
media & entertainment, education, and others (transportation and
manufacturing). The IT and telecom segment held a prominent share in cloud
telephony services market in 2017 and is also expected to show sustainable
expansion during the forecast period. Rapid expansion of the BPO industry and
fast growth in network services developments such as VoIP services and IP
network have largely contributed to the penetration of cloud telephony services
across different regions. Cloud telephony has been evolving as a cost-effective
solution to offer an effective communication network. The health care, retail,
and education segments are anticipated to offer lucrative expansion
opportunities in cloud telephony services market. In terms of adoption of cloud
telephony services, the health care sector is projected to expand at a CAGR of
approximately 19% during the forecast period from 2018 to 2026.
Demand for cloud telephony services in Europe is likely to
increase as leading telecom players migrate their customers to IP
networks. The market in the U.K., Germany, and France is expected to offer
lucrative opportunities due to the phasing out of Integrated Services Digital
Network (ISDN) lines by telecom operators in these countries. Asia
Pacific is anticipated to be a high potential region of te market for the cloud
telephony services during the forecast period. Rise in investments in the
commercial sector and on-going network infrastructure developments in the
developing countries such as China, India, and Philippines are anticipated to
favor the cloud telephony services market in Asia Pacific during the forecast
period. High concentration of IT and telecom companies and network developments
in the U.S. are aiding the adoption of cloud telephony services. Moreover, the
rise in number of contact centers across North America is expected to
contribute to the cloud telephony services market. Integration with web
real-time communication (WebRTC) and session initiation protocol (SIP) to
support bring your own device (BYOD) are the key trends influencing the market
expansion in the region.
Global Cloud Telephony Services Market: Competitive
Dynamics
The research study includes profiles of leading companies
operating in the global cloud telephony services market. Key players profiled
in the cloud telephony services market include 8×8, Inc., AVOXI, BroadSoft,
Cisco Systems, Inc., DIALPAD, Exotel Techcom Pvt. Ltd., Go 2 Market India Pvt.
Ltd., Knowlarity Communications Pvt Ltd., LeadNXT, Megapath, Microsoft
Corporation, Mitel Networks Corporation, Natterbox Ltd., NetFortis, Nextiva,
NFON AG, NovaCloud Pty Ltd., NTT Communications, PortaOne, Inc., Redcentric
plc., RingCentral, Inc., Singtel, Solutions Infini., Telviva, Tripudio Ltd.,
VoIPStudio, Vonage Intermedia.net, Inc., and Vox Telecom.
The global Cloud Telephony Services Market is segmented
as below:
Global Cloud Telephony Services Market, by Deployment
- Hosted
- Cloud
Global Cloud Telephony Services Market, by Enterprise
Size
- SMEs
- Large
Enterprises
Global Cloud Telephony Services Market, by Application
- Conferencing
- Multi-level
IVR
- Sales
& Marketing
- Customer
Relationship Management (CRM)
- Others
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Global Cloud Telephony Services Market, by Network
- Public
Switched Telephone Networks (PSTNs)
- Voice
over Internet Protocol (VoIP)
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