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.
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.
The major key players dominating the Cloud Telephony Services Market include 8×8 Inc., renowned for its comprehensive communication solutions; Avoxi, known for its global virtual number services; BroadSoft, a pioneer in cloud unified communication services; Cisco Systems Inc., a tech giant providing robust networking solutions; and DIALPAD, recognized for its innovative cloud-based communication platform. Together, they shape the landscape of cloud telephony services with their cutting-edge technologies and expansive offerings, catering to diverse business communication needs globally.
Regional Outlook:
Regionally, North America dominates the cloud telephony services market, owing to the presence of established players, technological advancements, and the widespread adoption of cloud-based solutions across industries such as BFSI, healthcare, and IT & telecom. However, Asia Pacific is poised to witness significant growth opportunities in the coming years, fueled by rapid urbanization, digitization initiatives, and the burgeoning SME sector. Countries like India and China are emerging as lucrative markets for cloud telephony services, driven by the growing demand for cost-effective communication solutions and improving internet infrastructure.
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