Cloud Telephony Services Market Overview
According to MRFR analysis, the global Cloud Telephony Services Market is expected to register a CAGR of ~ 9.10% from 2022 to 2030 and hold a value of over ~ USD 42.91 Billion by 2030.
Cloud telephony services are the services that allow business-to-business communication utilizing internet connectivity and substituting the conventional phone line system. In other words, cloud telephony service is cast-off to move business phone systems to the cloud. Increasing demand to streamline business operations and recover business efficiency will emerge as the main market growth driving factor. The heaving volume of organizational data, rising number of small and medium scale enterprises especially in developing economies, increasing digitization of the economies, and strengthening IT industry in developing economies such as India and China will further intensify the growth of the market. Increasing deployment of cloud services to decrease operational costs and growth in the demand from banking, financial services, and insurance (BFSI) are some other factors boosting the growth of the market.
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Regional Analysis
North America dominates the cloud telephony service market and will remain to flourish its trend of dominance during the estimated period due to the increase in adopting cloud and IoT technologies and the incidence of advanced IT infrastructure to run enterprise applications and deliver facilities to the customers seamlessly.
Asia-Pacific will remain to undergo substantial gains during the estimated period and will score the highest CAGR. This is because of the huge number of enterprises adopting cloud telephony solutions and the increased adoption of cloud telephony by several end-user industries.
Market Segmentation
The global Cloud Telephony Services Market has been segmented into Deployment, network type, Application, and End-User
Based on the Deployment, the global Cloud Telephony Services Market has been segmented into Services, and Cloud
Based on the Network Type, the global Cloud Telephony Services Market has been segmented into Voice over internet protocol, and Public switched telephones
Based on the Application, the global Cloud Telephony Services Market has been segmented into Conferencing, Customer relationship management, and Sales and marketing multilevel VR
Based on the End-User, the global Cloud Telephony Services Market has been segmented into Retail, IT, Healthcare, Media and entertainment, Government, and BFSI
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Key Players
Some of the key market players are Broad Soft, Knowlarity Communications Pvt Ltd, PortaOne, Cisco Systems, Exotel tech com Pvt, Vox Telecom, Vonage Intermedia.net, Singtel, DIALPAD, and AVOXI
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