According to the latest report by IMARC Group, titled, “Cloud Telephony Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global cloud telephony service market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
| Report Attributes | Details |
| Market Size in 2022 | US$ 20.23 Billion |
| Market Forecast in 2028 | US$ 34.72 Billion |
| Growth rate (2023 to 2028) | CAGR of 9.25% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
Cloud telephony, or cloud calling, is a telecommunications technology that allows corporations and individuals to conduct phone calls over the Internet, utilizing cloud-based servers instead of traditional telephone lines or on-site hardware. It minimizes the complexity and costs associated with maintaining traditional phone networks and offers scalability, allowing businesses to effortlessly add or remove phone lines and adjust their capacity as per their requirements. It also offers flexibility by allowing users to conduct and receive calls from any internet-connected device, including smartphones, tablets, laptops, or IP desk phones. Nowadays, cloud telephony services are widely adopted in telecom, government, retail, media and entertainment, information and technology (IT), banking, financial services, and information (BFSI) sectors across the globe.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/cloud-telephony-service-market/requestsample
The market is primarily driven by the rising demand for effective connectivity. In addition, the cloud telephony service allows business-to-business communication using internet connectivity and replaces the conventional phone line system, which is increasing its application in small and medium enterprises (SMEs), thus contributing to the market growth. It also offers several advantages: scalability, flexibility, and cost-effectiveness. In line with this, the rising demand for cloud telephony services to order food online, book cabs, call banks, or OTP calls is also influencing the market growth. Moreover, the widespread adoption of cloud telephony services in the education sector for admissions, student services, and remote learning due to the growing number of schools and applicants represents another major growth-inducing factor. Besides this, various technological advancements in public switched telephone networks (PSTNs) and the extensive use of cloud telephony services in call centers to enhance efficiency through features such as automatic call distribution, call queuing, and call recording is accelerating the market growth. Along with this, the significant expansion in the hospitality and travel industry led to the deployment of cloud telephony services for managing reservations, guest inquiries, and customer support, thus propelling the market growth. Apart from this, the cloud telephony service market is growing at different rates in numerous regions, with North America being the largest market due to the widespread adoption of hosted cloud telephony services by corporations for numerous business-related activities, increasing cloud-based solutions and remote working models across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. For instance, in December 2020, Tata Tele business services introduced a cloud-based communication solution customized for corporations that provide hybrid connectivity between employees, customers, and vendors across various platforms and incorporates features such as intelligent call routing, API incorporation, call sentiment analysis, and text-to-voice conversion with the scalability and built-in security, eliminating the need for additional capital expenditure.
The report has segmented the market into the following categories:
Breakup by Network:
Breakup by Deployment Mode:
Breakup by Enterprise Size:
Breakup by Application:
Breakup by End User:
Breakup by Region:
The report covers the major market players including:
Ask Analyst for 10% Free Customized Report: https://www.imarcgroup.com/request?type=report&id=8055&flag=C
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact us:
IMARC Group
Email: sales@imarcgroup.com
USA: +1-631-791-1145 | Asia: +91-120-433-0800
Address: 134 N 4th St. Brooklyn, NY 11249, USA
Website: https://www.imarcgroup.com/
Follow us on Twitter: @imarcglobal
Linkedin: https://www.linkedin.com/company/imarc-group
… [Trackback]
[…] Find More Information here on that Topic: qasautos.com/cloud-telephony-service-market-size-2023-industry-share-and-forecast-2028/ […]
