Demand for cloud telephony services is being driven by their key role in streamlining business communication via VoIP, thereby improving operational efficiency, says FactMR.

Revenue from the global cloud telephony services market is expected to reach US$ 24.68 billion in 2024, according to an updated industry analysis compiled by proficient analysts at Fact.MR, a market research and competitive intelligence provider. The market is projected to expand at a 9.2% CAGR from 2024 to 2034. Increased need for advanced communication technologies, along with the emergence of advanced cloud-based telephony services, is driving global market growth.

Rising demand for cloud telephony services in SMEs (small & medium enterprises) is due to their several advantages, such as cost-effectiveness, flexibility, and scalability. In addition, the growing preference for these telephony services in several organizations, such as call centers, academic institutions, and healthcare sectors, is attributed to their features of enhancing communication efficiency.

Remote working practices are accelerating demand for cloud telephony services for their features of ensuring seamless communication at anytime, anywhere, and on any device. The increasing trend of bring-your-own-device (BYOD) policies at several organizations is also creating remunerative opportunities for market players.

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Key Takeaway from the Market Study:

• Worldwide sales of cloud telephony services are projected to reach US$ 59.5 billion by 2034-end.
• Demand for cloud telephony services in South Korea is forecasted to increase at 10.7% CAGR from 2024 to 2034.
• The market in Japan is expected to expand at a CAGR of 10.5% through 2034.
• Global revenue from cloud-based telephony services is expected to increase at 9.6% CAGR and reach US$ 44.6 billion by the end of 2034.
• Public switched telephone network (PSTN)-based cloud telephony services are analyzed to capture 58% share of the global market by 2034.
• North America is projected to hold 31.5% of the global market share by the end of 2034.

“Integration of IoT (Internet of Things) solutions in cloud telephony services is helping market players offer more effective and secure communication systems,”says a Fact.MR analyst.

Well-established IT & Telecom Industry Widening Application Scope of Cloud Telephony Services in United States

Demand for cloud telephony services in the United States is evaluated to increase at a CAGR of 9% and reach a value of US$ 8.5 billion by the end of 2034. An expanding IT & telecom industry is contributing to increased adoption of cloud telephony services. Growing penetration of 5G technology and preference for cloud telephonic services are pushing leading telecom operators to adopt cloud telephony services in the country.

Key Market Players:

NetFortris, 8x8 Inc., Vox Telecom, AVOXI, Tripudio Telecom Ltd., BroadSoft Inc., Singapore Telecommunications Limited (SingTel), Cisco Systems Inc., RingCentral Inc., Nextiva, Dialpad, PortaOne, Go2Market India Pvt. Ltd., LeadNXT, NFON AG, and Microsoft Corporation are some of the leading providers of the cloud telephony services market.

Cloud Telephony Services Industry News:

Key players in the cloud telephony services market are continuously investing in innovation and collaborating with prominent cloud-based and telecommunication software providers. These efforts, along with new software launches, partnerships, and agreements, are helping market players gain a competitive edge. For instance, Dialpad, a leading provider of cloud communication solutions, collaborated with Australia-based UCaaS provider MIA Distribution in March 2022 to enhance its cloud telephony services across Australia. Additionally, Singapore Telecommunications Limited (SingTel) recently introduced Paragon, a revolutionary platform enabling enterprises to leverage the 5G network for activating network slices based on specific requirements and deploying solutions on SingTel MEC. This solution also provides access to a robust ecosystem while offering enterprises greater choice and control.

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More Valuable Insightson Offer

Fact.MR, in its new offering, presents an unbiased analysis of the cloud telephony services market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on deployment (cloud, on-premise), enterprise size (SMEs, large enterprises), network (public switched telephone networks [PSTNs], voice-over-internet protocol [VOIP]), application (conferencing, multi-level IVR, sales & marketing, customer relationship management [CRM]), and end-use industry (BFSI, education, government, media & entertainment, healthcare, retail, telecom & IT), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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