Global Cloud Telephony Service Market, By Deployment Type (Cloud and Hosted), Enterprise (Small and Medium Enterprises (SMEs) and Large Enterprises), Network (Public Switched Telephone Networks (PSTNs) and Voice over Internet Protocol (VoIP)), Application (Conferencing, Multi-level IVR, Sales and Marketing, Customer Relationship Management (CRM)), End User Industry (Telecom and IT, Banking Financial Services and Insurance (BFSI), Government, Health Care, Media and Entertainment, Education, Retail, and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Cloud Telephony Service Market
Surge in the demand for cloud based services especially in the developing economies, growing technological advancements in the public switched telephone networks (PSTNs) and rising adoption of cloud telephony service by small and medium scale enterprises are the major factors attributable to the growth of the cloud telephony service market. Data Bridge Market Research analyses that the cloud telephony service market will exhibit a CAGR of 13.78% for the forecast period of 2022-2029. Therefore, the cloud telephony service market value would stand tall by USD 67.57 billion by 2029.
From the name itself, it is clear that cloud telephony services are the services that enable business-to-business communication using internet connectivity and replacing the conventional phone line system. In other words, cloud telephony service is used to move business phone systems to cloud.
Rising demand to streamline the business operations and improve the business efficiency will emerge as the major market growth driving factor. Surging volume of organizational data, growing number of small and medium scale enterprises especially in the developing economies, rising digitization of the economies and strengthening IT industry in developing economies such as India and China will further aggravate the growth of the market. Rising deployment of cloud services to reduce operational costs and growth in the demand from banking, financial services, and insurance (BFSI) are some other factors bolstering the growth of the market.
However, lack of skilled workforce and technological expertise in underdeveloped and developing economies will act as a growth restraint for the market. Also, risk related to data loss over internet and privacy related concerns and availability of alternative communication systems will yet again hamper the market growth rate. Lack of strong infrastructural facilities in the backward economies and increasing number of cyber-attacks will also hamper the market growth rate.
This cloud telephony service market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on cloud telephony service market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Cloud Telephony Service Market Scope and Market Size
The cloud telephony service market is segmented on the basis of deployment type, enterprise, network, application, and end user industry. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- Based on deployment type, the cloud telephony service market is segmented into cloud and hosted.
- Based on enterprise, the cloud telephony service market is segmented into small and medium enterprises (SMEs), large enterprises.
- Based on network, the cloud telephony service market is segmented into public switched telephone networks (PSTNs), voice over internet protocol (VoIP).
- Based on application, the cloud telephony service market is segmented into conferencing, multi-level IVR, sales and marketing, customer relationship management (CRM).
- Based on end user industry, the cloud telephony service market is segmented into telecom and IT, banking, financial services and insurance (BFSI), government, health care, media and entertainment, education, retail, and others.
Global Cloud Telephony Service Market Country Level Analysis
The cloud telephony service market is analysed and market size, volume information is provided by country, deployment type, enterprise, network, application, and end user industry as referenced above.
The countries covered in the cloud telephony service market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the cloud telephony service market and will continue to flourish its trend of dominance during the forecast period owing to the rise in adopting cloud and IoT technologies and presence of advanced IT infrastructure to run enterprise applications and deliver services to the customers seamlessly. Asia-Pacific will continue to undergo substantial gains during the forecast period and will score the highest CAGR. This is because of the large number of enterprises adopting cloud telephony solutions and increased adoption of cloud telephony by the various end user industries.
The country section of the cloud telephony service market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Cloud Telephony Service Market Share Analysis
The cloud telephony service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to cloud telephony service market.
Some of the major players operating in the cloud telephony service market are Cisco Systems, Inc., DIALPAD, INC., Exotel Techcom Pvt. Ltd., Knowlarity Communications Pvt Ltd, LeadNXT., Fusion Connect, Inc., Microsoft, Mitel Networks Corp., Natterbox, NetFortis, Nextiva, NFON, NovaCloud (Pty) Ltd., NTT Communications Corporation., PortaOne, Inc., Redcentric plc., RingCentral, Inc., Singtel, Kaleyra., Telviva, Tripudio Ltd., VoIPstudio, Vonage and Vox Telecom among others.