The global cloud telephony services industry is poised to expand 2.5x from 2022-2032, expected to reach a market value of US$ 51.5 Billion, according to a recently concluded study published by Fact.MR. The market is expected to yield absolute dollar growth worth US$ 30.8 Billion. As of 2022, demand for cloud telephony services is forecast to accrue US$ 20.7 Billion. Growth is attributed to a shift towards more efficient telecommunications technologies.
From 2016-2021, cloud telephony market demand accelerated at an impressive 10.6% value CAGR, concluding at US$ 17.7 Billion. The rapid transition from conventional phone lines to IP enabled telephony services is a key contributing factor to market growth. The market experienced further growth during the COVID-19 pandemic, as prevalence of remote working prompted enterprises to rely on virtual technologies, including frequent audio calls.
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Key Takeaways from the Market Study
- Global cloud telephony services industry to flourish at a 9.5% value CAGR until 2032
- S to be an attractive destination for key cloud telephony service providers, reaching US$ 12 Billion in 2032
- Germany to emerge as the fastest growing market, registering a 10.7% CAGR
- France to be the 2nd most lucrative market in the world, documenting a CAGR of 9.9%
- Canada & Austria to yield dollar growth opportunities worth US$ 476.6 Million and US$ 702.7 Million respectively
- By network, voice-over-internet protocols to be most preferred, growing at over 14% CAGR
“As businesses look to streamline telecommunications technologies, industry leaders are advocating a transition from the conventional telephone apparatus which includes landlines and other fixed devices, towards more remote and flexible alternatives, thus providing traction to market growth,” remarks a Fact.MR analyst.
Extensive penetration of 5G technology, extensive reliance on cloud telephonic services and deployment of internet-enable calling services are all leading telecom operators to adopt cloud telephony services across the country.
Competitive Landscape
Prominent cloud telephony service providers are continuously innovating their service offerings, often collaborating with leading telecommunications or cloud based software providers. Besides, introducing new software, as well as taking over small to medium-scale vendors are some other strategies relied upon by key players. Some notable developments are as under:
- In March 2022, cloud communication platform provider Dialpad partnered with MIA Distribution, an Australian unified communications-as-a-service (UCaaS) provider. Through this initiative, Dialpad hopes to make its cloud telephony services, most notably its TrueCaaS solution, throughout Australia. Dialpad also partnered with Google to list its UC-CC solution on the Google Cloud Marketplace
- Likewise, Singapore Telecommunications Limited (SingTel) introduced Paragon- a revolutionary platform enabling enterprises to tap into SingTel’s 5G network to activate network slices on demand and deploy mission-critical applications on SingTel MEC in February 2022. Additionally, the solution provides access to robust ecosystems of partner applications, offering unparalleled control and choices
- In June 2020, 8×8 Inc. introduced an enterprise-grade cloud telephony solution for Microsoft Teams environments, allowing organizations to scale and deliver work-from-anywhere communications. The solution delivers an enterprise-class and easy-to-administer global voice solutions for IT leaders, while retaining the Microsoft Teams experience for users
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Key Segments Covered in the Cloud Telephony Services Industry Analysis
- Cloud Telephony Services by Deployment
- Hosted Cloud Telephony Services
- Cloud Telephony Services
- Cloud Telephony Services by Enterprise Size
- Cloud Telephony Services for SMEs
- Cloud Telephony Services for Large Enterprises
- Cloud Telephony Services by Network
- Cloud Public Switched Telephone Networks (PSTNs)
- Cloud Telephony Voice-over-Internet Protocol (VOIP) Service Network
- Cloud Telephony Services by Application
- Cloud Telephony Services for Conferencing
- Cloud Telephony Services for Multi-level IVR
- Cloud Telephony Services for Sales & Marketing
- Cloud Telephony Services for Customer Relationship Management (CRM)
- Cloud Telephony Services for Other Applications
- Cloud Telephony Services by Industry
- Cloud Telephony Services in BFSI
- Cloud Telephony Services in Education
- Cloud Telephony Services in Government
- Cloud Telephony Services in Healthcare
- Cloud Telephony Services in Media & Entertainment
- Cloud Telephony Services in Retail
- Cloud Telephony Services in Telecom & IT
- Cloud Telephony Services in Other Industries
- Cloud Telephony Services by Region
- North America Cloud Telephony Services Market
- Europe Cloud Telephony Services Market
- Resto of the World Cloud Telephony Services Market
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global cloud telephony services market, presenting historical analysis from 2016 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of deployment (hosted and cloud), enterprise size (SMEs and large enterprises), network (public switched telephone networks (PSTNs) and voice-over-internet protocol (VOIP)), application (conferencing, multi-level IVR, sales & marketing, customer relationship management (CRM) and others), and industry (BFSI, education, government, healthcare, media & entertainment, retail, telecom & IT and others) across three major regions (North America, Europe and Rest of the World).
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