Cloud Telephony Services Market Is Projected To Increase a Valuation US$ 51.5 Billion By 2032

As of FY 2021, the global cloud telephony services business was valued at US$ 17.7 billion. The market is expected to grow by approximately 17% year on year, reaching US$ 20.7 billion in 2022. During the projection period of 2022-2032, the market is expected to grow at a 9.5% CAGR to reach US$ 51.5 billion.

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Market Growth:

As micro, small, and medium-sized firms (MSMEs) take center stage in a variety of industries, business executives are lobbying for technological upgrades to keep up with expanding operational demands. The emergence of cloud telephony has made this possible, which is expected to be a driving factor in the global adoption of this technology. Adding a user to a cloud phone system is as simple as a click with cloud telephony.

Because a private branch exchange (PBX) is required, deploying an on-premise phone system is too expensive. While the majority of these networks are scalable, some businesses must pay additional costs to assure operational continuity. As a result, a company may find up paying for 12 users when, in reality, they only need services for one.

Key Players:

• 8×8 Inc.
• AVOXI
• BroadSoft Inc.
• Cisco Systems Inc.
• Dialpad
• Exotel Techcom Pvt. Ltd.
• Knowlarity Communications Pvt. Ltd.
• Go2Market India Pvt. Ltd
• LeadNXT
• MegaPath (Fusion Connect)
• Microsoft Corporation
• Mitel Networks Corporation
• Natterbox Ltd.
• NetFortris
• Nextiva
• NFON AG
• NovaCloud (Pty) Ltd.
• NTT Communications
• PortaOne
• Redcentric Plc.
• RingCentral Inc.
• Singapore Telecommunications Limited (SingTel)
• Solutions Infini (Kaleyra)
• Telviva
• Tripudio Telecom Ltd.
• VoIPStudio
• Vonage Intermedia.net Inc.
• Vox Telecom

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Regional Analysis: 

According to Fact.MR’s research, cloud telephony services are anticipated to grow at an 8.9% CAGR in the United States between 2022 and 2032. The market is expected to reach US$ 12 billion by the conclusion of the assessment period. Furthermore, an absolute dollar growth opportunity worth US$ 6.9 billion is estimated to exist within the aforementioned time period. The ever-expanding scope of the domestic IT & telecom industry is largely responsible for the market’s growth in the United States.

Extensive adoption of 5G technology, reliance on cloud telephonic services, and deployment of internet-enabled calling services are all driving telecom operators across the country to adopt cloud telephony services.

Key Segments of Industry:

• By Deployment
  • Hosted Cloud Telephony Services
  • Cloud Telephony Services
• By Enterprise Size
  • Cloud Telephony Services for SMEs
  • Cloud Telephony Services for Large Enterprises
• 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
• 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

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