Cloud Telephony Service Market Size, Share & Industry Analysis, By Deployment (Cloud, Hosted), By Network Type (Public Switched Telephone Networks (PSTNs), Voice over Internet Protocol), By Application (Conferencing, Multi-level IVR, Sales & Marketing, Customer Relationship Management), By End User (BFSI, Government, Healthcare) And Regional Forecast, 2024-2032

Cloud telephony or voice over internt protocol (VoIP) based hosted PBX solution uses is a telephony service runs through the internet connection. Cloud telephony service helps to move business telephony system to the cloud which streamlines the business communication. It deals with numerous networks and voice over internet protocol (VoIP) phone systems, and public switched telephone networks (PSTNs).

The primary factor driving the cloud telephony service market's growth is telecom vendors' migration from the traditional phone line to IP telephony services. This migration has been attributed to control capabilities and a higher return on investment (ROI) offered by the cloud telephony services. Cloud telephony service is a cost-effective alternative to conventional telephony system that contains ISDN and PSTN. Increasing penetration of mobile devices is one of the crucial factors in driving market growth globally. Apart from this, the growing penetration of electricity and internet services in developing countries further boosts cloud telephony market opportunities. The ever increasing digitalization trend and cumulative demand for software as a service (SaaS) tools are likely to fuel market growth. Benefits offered by cloud services such as scalability, affordability, 24/7 availability, flexibility, auto-update feature, and large storage space drives the demand for cloud-based solutions. Similarly, various advantageous features such as call reporting and call tracking options, cost-efficiency, user-friendly interface, and many more are likely to propel the cloud telephony service market growth.

Moreover, new product launches and ongoing technological advancements are probable to create beneficial opportunities for the market to grow over the next few years. The cloud segment is expected to dominate the market during the forecast period based on the benefits associated with clouds, such as affordability, 24/7 availability, scalability, flexibility, auto-update feature, large storage space, etc. Moreover, the increasing penetration of mobile phones worldwide is one of the significant reasons for the global cloud telephony market's growth.

Key Players Covered:

The global cloud telephony service market's highly competitive landscape encourages key players to implement various organic and inorganic business growth strategies. The global marketplace competition is intense, so vendors take active measures to offer a diversified service portfolio to meet the dynamically changing customer's needs. Prominent vendors adopt various ultimate business growth strategies such as partnerships, collaborations, mergers, and acquisitions to sustain their market competence. Prominent market players are focusing on developing new technologies to facilitate the industry with lowermost time and expenditure-consuming technologies.

Prominent companies in the global market includes 8x8, Inc., AVOXI, BroadSoft, Cisco Systems, Inc.,  DIALPAD,  Exotel Techcom Pvt. Ltd., Go 2 Market India Pvt. Ltd., Knowlarity Communications Pvt. Ltd., LeadNXT,  Microsoft Corporation, Megapath, Natterbox Ltd., Mitel Networks Corporation, Nextiva, NetFortis, NovaCloud Pty Ltd., NFON AG, NTT Communications, PortaOne, Inc.,  RingCentral, Inc., Redcentric plc., Solutions Infini., Singtel, Tripudio Ltd., Telviva, Vonage Intermedia.net, Inc., Vox Telecom, VoIPStudio, and among others.

Regional Analysis:

North America would be anticipated to dominate the cloud telephony service market due to the significant adoption of cloud-based services in the region. The United States and Canada are the leading countries in driving market across North America. This growth is attributed to the advanced information technology infrastructure to run enterprise applications and provide seamless services. The rising demand for advanced communication services is another crucial factor that drives the market

Europe is likely to showcase significant growth globally due to technological advancements in the European telecommunication industry. European industries' migration towards cloud-based services would be likely to propel cloud telephony service market

Asia-Pacific would emerge as the most opportunistic region for the predictive maintenance market to grow due to enterprises' transition towards cloud telephony services. The ongoing digitalization and cumulative adoption of cloud services to reduce operational costs are the key factors in driving cloud telephony services in the region.

Segmentation

Key Industry Developments:

• December 2020: Tata Tele business services launched a cloud-based communication solution for enterprises that offers hybrid connectivity between customers, employees, and vendors across various platforms. The solution enables intelligent routing of customers calls, API integration, call sentiment analysis, text and voice conversion along with on-demand scalability and built-in security without additional capital expenditure.