The global cloud telephony services market is expected to reach a value of US$ 41,768.3 Mn by 2026 on account of cost reductions compared to traditional telephony systems. The market is projected to expand at a CAGR of 17.2% during the forecast period from 2018 to 2026. Increasing demand for enterprise mobility, mobile workforce, and multiple benefits offered by cloud telephony services are encouraging their higher adoption. In addition, rising penetration of mobile devices is boosting the global demand for cloud telephony services. Europe is anticipated to be a rapidly expanding region of the market, followed by Asia Pacific during the forecast period.
Cloud telephony services are being increasingly adopted across different industry verticals around the globe. Increase in the implementation of IP networks, Internet bandwidths, and improvement in the quality of services offered by telecommunication providers are further contributing to the expansion of the cloud telephony services market.
Adoption of cloud telephony services in small and medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as well as limited capital investment required for deploying network systems as compared to traditional network services. The advancements in technology and addition of multiple features to IP phones have attracted business customers to migrate to IP networks.
The cloud telephony services market can be segmented based on deployment, enterprise, network, application, end-use industry, and region. In terms of deployment, the market can be classified into cloud and hosted services. Based on network, the market can be categorized into Public Switched Telephone Networks (PSTNs) and Voice over Internet Protocol (VoIP).
In terms of enterprise, the market can be divided into small & medium enterprises (SME’s) and large enterprises. Based on application, the market can be classified into conferencing, multi-level IVR, sales & marketing, customer relationship management (CRM), and others. In terms of end-user industry, the market can be segmented into telecom & IT, BFSI, government, health care, media & entertainment, education, retail, and others.
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