The cloud telephony services market is anticipated to expand its roots at a steady CAGR of 9.7% between 2023 and 2033. The market is expected to have a market share of US$ 57.6 billion by 2033, while it is likely to be valued at US$ 22.8 billion in 2023
- Expanding businesses are pushing the adoption of futuristic business communication systems and are flourishing in market growth. The easy installation and integration of internet calling in different outsourcing mediums like call centers are garnering market growth.
- Higher mobility and flexibility are delivered through the connection modules with different types of devices that are cost-efficient and employee-sufficient. The integrated cloud telephony CRM systems offer new response times for employees, enhanced call volumes, and sales performance.
- Adding multiple users, virtual numbers, and smooth call flows are expected to make this future-ready. Furthermore, the better security and resilience delivered by cloud telephony services also benefit large and mid-sized corporate structures.
- Real-time transcriptions, call reports, SMS bots, missed incoming call reminders, and bulk SMS dispatch are some additional services that the cloud telephony services offer.
- The higher employee productivity and sales output, along with the highly customizable solutions, increase the customization properties.
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Key Takeaways from the Cloud Telephony Services Market Report:
- The United States market leads the cloud telephony services market in terms of market share in North America. The United States region held a market share of 16.6% in 2022. The growth in this region is attributed to increased outsourcing businesses and the adoption of advanced communication technologies. The North American region held a market share of 28.2% in 2022.
- The German market is another important market in the European region. The market held a market share of 9.2% in 2022. The growth is caused by the higher usage of cloud telephony services in in-house corporate communication and extending research and development. Furthermore, the European region also held a 24.3% global share in 2022.
- The Indian cloud telephony services market thrives at a CAGR of 11.5% during the forecast period. The growth is attributed to the IT and telecom boom and an increase in call centers.
- The China market also thrives at a CAGR of 8.6% between 2023 and 2033. The growth is caused by the expanding corporate structures.
- Based on deployment type, the cloud segment held the leading market share of 52.3% in 2022. The growth is attributed to the high-end security and managed control access.
- Based on enterprise size type, the large enterprise segment leads the market, as it held a leading market share of 62.2% in 2022. The growth is caused by higher consumption and long-range of the workforce.
Competitive Landscape:
The key vendors focus on advanced installation, better connection, and fewer call drops. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Major Key Players:
- 8×8 Inc.
- Avoxi
- BroadSoft
- Cisco System Inc
- DIALPAD
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Recent Market Developments:
- BroadSoft’s enterprise performance and security platforms deliver functional and effective business communications.
- Avori has introduced its PBX platform risk-free along with the management of 170+ countries with assigned local caller IDs during outbound calls.
Key Segments Covered
By Deployment:
- Hosted
- Cloud
By Enterprise Size:
- Small & Medium Enterprise (SMEs)
- Large Enterprises
By Network:
- Public Switched Telephone Networks (PSTNs)
- Voice over Internet Protocol (VoIP)
By Application:
- Conferencing
- Multi-level IVR
- Sales & Marketing
- Customer Relationship Management (CRM)
By Industry:
- Banking, Financial Institutions, and Insurance (BFSI)
- Education
- Government
- Healthcare
- Media & Entertainment
- Retail
- Telecom & IT
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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