Cloud Telephony Services Market Size To Expand at a Notable CAGR Of 7.92% During 2024-2032

MRFR Press Release/— Market Research Future published a half-cooked research report on global cloud telephony services market research report— forecast till 2032.

Market Highlights

The Global Cloud Telephony Services Market is expected to reach USD 42.7 billion by 2032, growing at a CAGR of 7.92% during the forecast period 2024-2032.

Globally, the cloud telephony services market is expected to have significant growth over the forecast period. This is due to the global demand by enterprises to reduce their operational costs and rapidly deploy and run call center services. Moreover, the solution help enterprises to have complete visibility on the performance of all its agents and customer experiences. This has helped many businesses to retain their customers by achieving a high level of customer satisfaction. However, less awareness, particularly among SMEs in developing economies, is expected to hinder growth of the global cloud telephony services market.

In this study on global cloud telephony services market, the market is segmented based on deployment mode, organization size, network type, application, industry vertical, and region/country. By deployment mode, the market is segmented into cloud and hosted. By organization size, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs). By network type, the market is segmented into Public Switched Telephone Network (PSTN) and Voice over Internet Protocol (VoIP). By application, the market is segmented into conferencing, multi-level IVR, sales and marketing, and customer relationship management.

On the basis of industry vertical, the market is segmented into IT and telecom, BFSI, government, retail and consumer goods, heatlhcare, education, and others. Finally, by region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world. North America is further segmented into the US, Canada, and Mexico; Europe into Germany, France, the UK, and the rest of Europe; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific; and the rest of the world into Middle-East and Africa and Latin America.

Key Players

The prominent players in global cloud telephony services market are AVOXI (US), Cisco Systems, Inc. (US), 8x8, Inc. (US), Broadsoft (US), Exotel Techcom Pvt. Ltd. (India), DIALPAD (US), Go 2 Market India Pvt. Ltd. (India), MegaPath (US), LeadNXT (US), and Knowlarity Communications Pvt Ltd. (India).

Regional Analysis

The global market for global cloud telephony services is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the market is studied for North America, Europe, Asia-Pacific, and the rest of the world.

North America is presumed to have the largest market share in the global cloud telephony services market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the presence of major cloud telephony services solution vendors and advanced IT infrastructure to run enterprise applications and deliver services to the customers seamlessly. Asia-Pacific is anticipated to be the fastest growing region in the global cloud telephony services market over the forecast period. Increasing digitalization and adoption of cloud services to reduce operational costs are the key driving factors for the adoption of cloud telephony services solutions in the region.