Report Ocean introduces a fresh report examining the Cloud Telephony Service Market, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the Cloud Telephony Service Market, which includes a full table of contents, over 200 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
Global Cloud Telephony Service Market is valued at approximately USD 18.72 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 10.62% over the forecast period 2022-2029. Cloud Telephony Service is a telephonic service that runs over the internet, used by cloud telephony, based on hosted PBX solutions. The Cloud Telephony Service market is expanding because of factors such as the increasing need for telecommunication solutions and the rising adoption of cloud-based services.
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Business communications are streamlined by using cloud telephony services to move telephony systems to the cloud. Its prevalence has progressively increased during the last few decades. According to Statista, in 2020, the leading telecommunications operator worldwide was the American company AT&T with sales of around USD 172.85 billion. The second biggest operator was the American company Verizon with USD 125.75 billion in sales. Furthermore, the total number of mobile subscriptions is estimated to have exceeded eight billion in 2019, reaching 8.3 billion subscriptions. In 2021, this figure increased to 8.6 billion. Another important component driving space increasing the adoption of cloud services. As per Statista, in 2021, the global cloud applications market had a value of USD 133.6 billion and is expected to reach 168.6 billion U.S. dollars by 2025. The cloud applications software market is anticipated to grow at a compound annual growth rate of 4.8 per cent. In addition, In the first quarter of 2022, the most popular vendor in the cloud infrastructure services market, is Amazon Web Services, acoounts 33% of the entire market and Microsoft Azure is at second place with 21% market share, followed by Google Cloud with 8% of market share. Together, these three cloud vendors account for 62% of total spending in 2022. Also, rising technological advancement and increasing penetration of mobile devices would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Cloud Telephony Service stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Cloud Telephony Service Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, due to the significant adoption of cloud-based services in the region. The two countries that dominate the North American market are the United States and Canada. According to Statista, the Public Cloud market is projected to reach USD 273.40 billion in 2023. The market’s largest segment is Software as a Service with a projected market volume of USD 143.10 billion in 2023 and expected to show an annual growth rate of 11.23% between 2023 to 2027, resulting in a market volume of USD 418.50 billion by 2027. Furthermore, Europe is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising technological advancements in the European telecommunication industry. As they gradually migrate towards cloud-based services in the market space.
Major market players included in this report are:
8×8, Inc.
AVOXI
BroadSoft, Inc
Cisco Systems, Inc
Dialpad Inc
Exotel Techcom Pvt. Ltd
Go 2 Market India Pvt. Ltd
Knowlarity Communications Pvt. Ltd
LeadNXT
Microsoft Corporation
Recent Developments in the Market:
In June 2021, Exotel, and Ameyo, announced a merger to create the largest customer engagement cloud platform in the emerging markets, with a presence in 60 countries and an ARR of 40 million USD.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below.
By Deployment Model
Cloud
Hosted
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 End User
BFSI
Government
Telecom & IT
Healthcare
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
Reasons to Consider Purchasing the Cloud Telephony Service Market Report:
Comprehensive Market Insights: Delve into the depths of the Cloud Telephony Service Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the Cloud Telephony Service market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the Cloud Telephony Service market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the Cloud Telephony Service market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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