Demand for cloud telephony services is being driven by their key role in streamlining
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.
For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7256
Key Takeaway from the Market Study:
“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.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=S&rep_id=7256
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).
Check out More Related Studies Published by Fact.MR Research:
IP telephony market is set to reach a valuation of US$ 37.3 billion in 2024 and thereafter expand at a CAGR of 8% to end up at US$ 80.6 billion by the year 2034.
Sales of cloud managed services in 2021 was held at US$ 86.1 Bn. With 9.6%, the projected market growth during 2022 to 2032.
Cloud computing market is calculated at a size of US$ 628.6 billion for 2024 and is projected to increase at a noteworthy CAGR of 14.2% to reach US$ 2,371.6 billion by 2034.
Internet services market is analyzed to reach US$ 1,321.5 billion in 2024 and touch a value of US$ 4.058.89 billion by the end of 2034.
Direct carrier billing market size has been estimated at a value of US$ 42.38 billion in 2024. According to an updated research report compiled by skilled analysts at Fact.MR, the market is projected to expand at a CAGR of 8.8% to reach US$ 98.5 billion by the end of 2034.
Cloud telephony refers to the use of cloud-based technology to manage phone calls and communications, allowing businesses to streamline communication without traditional phone systems.
SMEs, or small and medium enterprises, are businesses whose personnel numbers fall below certain limits, often characterized by their smaller scale and limited resources.
Operational efficiency refers to the ability of an organization to deliver products or services in the most cost-effective manner while maintaining high quality.
BYOD stands for Bring Your Own Device, a policy allowing employees to use their personal devices for work purposes, enhancing flexibility and productivity.
Explore more articles in the Research Reports category
