The market for cloud telephony services is anticipated to expand at a CAGR of 9.5% from 2022 to 2032, rising from a valuation of US$ 20.7 billion to US$ 51.5 billion. The primary factor fueling the expansion of the cloud telephony service business is the transition of telecom vendors from traditional phone lines to IP telephony services. This movement has been attributed to the controllability and enhanced return on investment of cloud telephony services (ROI). Cloud telephony is a more affordable option than classic telecommunication systems like ISDN and PSTN.
Benefits like scalability, affordability, 24/7 accessibility, adaptability, auto-update capability, and large storage capacity are what motivate the need for cloud-based solutions. Similar to this, several advantageous characteristics, including flexible call reporting and call monitoring options, cost-effectiveness, an intuitive user interface, and others, are anticipated to propel the market for cloud telephony services.
- North America currently dominates the cloud telephony service market and is anticipated to do so throughout the forecast period due to the rise in adoption of cloud and IoT technologies as well as the existence of cutting-edge IT infrastructure to run enterprise applications and deliver solutions to clients seamlessly.
- Throughout the projected period, the voice-over-internet protocol market is anticipated to grow at a CAGR of 14.3%.
- The European telecommunications industry is expected to experience significant global expansion as a result of technological advancements. The market for cloud telephony services is anticipated to grow as European industries move to cloud-based services.
- By 2032, it is anticipated that the US market for cloud telephony services will be worth $US 12 Bn.
Leading firms use a range of organic and inorganic business growth tactics due to the global cloud telephony service market’s intense competition. Due to the intense competition in the worldwide market, suppliers take proactive measures to offer a diverse service portfolio to meet the continuously changing needs of their consumers.
The following companies are significant players in the market for cloud telephony services: 88, 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,