Cloud Telephony Service Market | Contrive Datum Insights

Market Overview:

Cloud Telephony Service Market was valued at USD 24.70 Billion in 2022 and is expected to reach USD 66.97 Billion by 2030 at a CAGR of 13.28% over the forecast period 2022-2030.

{{info}}

A VoIP (Voice over Internet Protocol) service like cloud telephony uses the internet to route phone calls. It can also be called "internet telephony" or "cloud-based telephony." Most cloud telephony services are delivered through a private branch exchange (PBX) in the cloud. This is a type of VoIP phone system.

With cloud telephony, businesses can use their internet connection to make and receive calls. Cloud telephony services are often cheaper than traditional landline phone services, and they offer a number of features and benefits that can be helpful for businesses, such as scalability, flexibility, and mobility.

As an alternative to traditional telephony, cloud telephony is used to move business phone systems to the cloud. The best and easiest way to handle business calls without lowering the quality or cost of calls. It is hosted by third parties and can be accessed through the public internet. This makes it possible for businesses to communicate in a reliable way without having to spend more on infrastructure and capital. It helps businesses set up a way to talk to customers that is more organized, structured, and under control. Also, cloud telephony services have many benefits, such as attractive user interfaces, low costs, business call tracking, easy and quick setup, call reports, and network security, which is why businesses all over the world use them. The market for cloud telephony services is growing.

COVID-19 Impact:

During the worst of the pandemic, when more phones were needed, the cloud telephony services market grew too much. Companies have also put in place cloud-based phone systems to make working from home easier. Cloud telephony is being used by small and medium-sized businesses (SMEs) because it costs less to set up and maintain.

Cloud telephony is also used a lot, which has made the customer experience better during pandemics when phone support is possible. As business has moved online, these systems have also been installed in corporate spaces to make it easier for employees to talk to each other. During the peak of the pandemic, data about covid-19 was also tracked with the help of cloud telephony systems. Cloud telephony services were set up by government agencies to help people who were in trouble.

Market Dynamics:

Market Trends:

The current trend in the cloud-based telephony solutions market is the increasing integration of advanced features like machine learning, the Internet of Things, and artificial intelligence (AI) with digital cloud-based solutions. Integration of these new technologies is becoming more common in corporate services because it makes it easier for end users to talk to each other. Cloud telephony solutions help companies improve their service operations by giving them more freedom and making it easier to store data.

Driving Factors:

• Rising Adoption of Cloud Telephony Services

Small and medium-sized businesses (SMEs) are using cloud telephony services more and more to spread the word about their products. Advanced IP telephony services, which make connections better and work better, make it easier to use this digital solution.

• Cost-Effective and High-Performance Quality 

Telecom companies are using cloud-based telephony solutions and switching to IP network services instead of traditional networks more and more. Compared to traditional networks, cloud telephony services have many advantages, such as being cheaper and better at what they do. This has led to a high demand across telecom services.

• Integrated Services Digital Network (ISDN) and Public Switched Telephone Network (PSTN)

Also, it is often used as an alternative service to the Integrated Services Digital Network (ISDN) and the public switched telephone network (PSTN), which is a big reason why the market is growing. Also, the market is getting a lot of help from the fact that more and more people are using smartphones.

• Telephony Services Increase Usage and Demand across BFSI Enterprises

BFSI is using this digital technology more and more in a variety of ways in the industry. When users use cloud services, the costs of running and keeping them up to date go down. Cloud telephony solutions help keep your data and apps safe and secure. It is also a key part of making banking services faster and more efficient. People think of cloud telephony as a reliable and flexible way to use advanced software and phone services from anywhere. So, telephony services make BFSI businesses use and want them more, which boosts the market.

Restraints/Challenges:

• Lack Of Availability of a Skilled Workforce and Shortage of Technical Expertise 

In developing and underdeveloped markets, there aren't enough skilled workers and technical experts, which makes it hard for the market for cloud telephony services to grow as a whole. This lack of strong infrastructure could lead to a rise in the number of cyberattacks, which would slow the growth rate of the market.

• Cyber-Attacks Related to Privacy Services 

Risks that come with telephony services, like losing data over the internet and growing worries about cyberattacks on privacy services, make it hard for the market to grow as a whole. The market potential of cloud telephony services is also limited by the fact that there are other ways to communicate.

• Security and Privacy

Concerns about security and privacy are holding the market back. The market is also held back by the fact that people don't know about cloud telephony services and by the fact that there aren't enough trained people.

Opportunities:

• Technological Advancement

Growing growth opportunities are expected to come from growing technological progress. In the cloud telephony services market, more and more manufacturing companies are focusing on making and releasing new products that work well with the latest technology. For example, companies are putting out more and more new products that can connect to the Internet of things and other networks. This makes these companies have to put more effort into research and development, which drives the market. There are also more opportunities in the market because the big players are merging and buying each other and forming strategic partnerships.

Strategic Development:

• In December 2020 - Tata Tele Business Services launched a cloud-based communications solution for businesses. This solution allows customers, employees, and vendors to communicate with each other across multiple platforms. The solution allows intelligent routing of customer calls, API integration, call sentiment analysis, and text-to-voice conversions, as well as scalability on demand and built-in security, all without the need to spend more money on capital.
• In February 2022 - Conversational engagement company Gupshup announced a deal with contact verification company Truecaller to bring advanced business identity solutions for enterprises. The goal of this partnership is to create a safe way for brands to talk to their customers over the phone and improve the overall calling experience in India.
• In March 2022 - Together with MIA Distribution, Dialpad planned to bring its TrueCaaS solution to all of Australia. Dialpad also teamed up with Google and hopes to put its UC-CC solution on the Google Cloud Marketplace.

Key Vendors:

Top market players are

• AVOXI

AVOXI is the best cloud communications platform for contact center and virtual number solutions. It makes it easier for businesses to talk to their customers. AVOXI provides an integrated communications experience to more than 6,000 contact centers around the world. This lets businesses give great customer service through one complete platform.

• Broadsoft

BroadSoft, which is now part of Cisco, is the leading provider of software and services that let mobile, fixed-line, and cable service providers offer Unified Communications over their Internet Protocol networks. The company's core communications platform makes it possible to offer a wide range of calling, messaging, and collaboration services for businesses and consumers, such as private branch exchanges, video calling, text messaging, and services that combine mobile and fixed-line services.

• Cisco Systems, Inc.

Cisco helps people make strong connections in business, education, philanthropy, and creativity. Cisco's hardware, software, and services are used to make the Internet solutions that make networks possible and make it easy to get information from anywhere, at any time.

• DIALPAD, Inc

Dialpad is a place where work comes together. It is a beautiful workspace where people can communicate and work together from anywhere. Dialpad has made innovative and truly unified products, such as the most advanced business phone system in the industry, unlimited text and team messaging, one-click video meetings, and an AI contact center, all of which are powered by the most advanced communications AI in the world.

• VoIPstudio

VoIPstudio is a call center management service that runs in the cloud and is made for businesses of all sizes. It has features like automatic call distribution (ACD), interactive voice response (IVR), call logs, speech to text, and remote offices. The solution works for businesses in the financial services, media, retail, and tourism industries.

• Go 2 Markets India Pvt Ltd.

Go 2 Market is the leading company in the Indian market that offers Cloud Telephony solutions to businesses. The way modern technology is always changing and keep your communications running smoothly without using any extra hardware.

• RingCentral, Inc

RingCentral, Inc. is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video PhoneTM global platform. RingCentral is more flexible and less expensive than the on-premises PBX and video conferencing systems it replaces. It allows modern mobile and distributed workforces to communicate, collaborate, and connect using any method, any device, and any location.

• Tripudio Ltd

Tripudio Limited is a company that is no longer in business. It was founded on September 19, 2005, and its registered office is in London, Greater London.

• Microsoft Corporation

Microsoft Corp. (Microsoft) makes software products, services, and devices, sells licenses for them, and provides support for them. The company has a wide range of operating systems, cross-device productivity applications, server applications, software development tools, business solution applications, desktop and server management tools, video games, and training and certification services. It also makes, designs, and sells hardware like PCs, tablets, game and entertainment consoles, and other smart devices.

Segmentation Analysis:

By Organization Outlook:

The global cloud telephony services market is split into large enterprises and small and medium enterprises based on the size of the business. The small and medium enterprises segment brought in most of the market's income and is likely to keep growing over the next few years. Advocates for business are focusing on getting high-tech services and meeting the growing operational needs of a growing number of micro and medium enterprises.

Cloud telephony services have made it easier for businesses to talk to each other. So, more and more small and medium-sized businesses (SMEs) are using cloud services to improve how well they work. Just one click is all it takes to add a user to a cloud phone system so that they can use cloud telephone services. So, the growing number of SMEs and the growing number of cloud telephony services made it possible for the segment to grow.

• Large Enterprises
• Small & Medium Enterprises

By Deployment:

Based on how they are used, the market is split into cloud telephony and hosted telephony. The cloud segment has a lot of market potential and is expected to lead sales with a CAGR of about 9.2% over the next few years. The benefits of cloud computing, such as high reliability, convenience, easy implementation, and a secure loop, help explain why consumers want it so much. The market sales of this deploying solution are also being driven by the growing need for good connectivity.

• Cloud
• Hosted

By Network Type:

Based on the type of network, the global cloud telephony services market is split into public switched telephone networks (PSTNS) and voice-over-internet protocol (VoIP) service networks. In the cloud telephony services market, the voice-over-internet protocol (VoIP) service network segment is growing quickly and is expected to grow at a CAGR of around 14.1% by 2031. VoIP service networks have a lot of benefits, such as an easy-to-use interface that makes communication better and lower costs than other network services.

• Public Switched Telephone Networks
• Voice-over-internet Protocol Service Networks

By Application Outlook:

The market is divided into conferencing, sales and marketing, multi-level interactive voice response (IVR), and customer relationship management. The customer relationship management segment is likely to grow because companies are putting a lot of emphasis on keeping contact and call data safe so they can communicate with customers more effectively and make their employees better and more productive.

• Conferencing
• Sales & Marketing
• Multi-level IVR
• Customer Relationship Management

By End-User:

By end user, the market is divided into media and entertainment, telecom and IT, healthcare, BFSI, retail, government, education, and others. The telecom & IT segment dominated the market and is expected to continue to grow quickly over the next few years. It gives users better ways to talk to each other and better voice audits. Also, businesses are using telephony network services more and more to connect mail, chat, voice, media, and social networking more effectively. This helps the market grow even more.

• Media & Entertainment
• Telecom & IT
• Healthcare
• BFSI
• Retail
• Government
• Education
• Others

Regional Insights:

The market for cloud telephony services is expected to be led by North America, where cloud-based services are used a lot. In North America, the United States and Canada have the most important markets. This growth is made possible by a sophisticated IT infrastructure that runs business applications and makes services run smoothly. The market is also being driven by the growing demand for advanced telecom services.
{{info2}}

Technology improvements in Europe's telecommunications industry are likely to lead to a lot of growth around the world. The move of European businesses to cloud-based services is likely to boost the cloud telephony services market.

The shift of businesses to cloud telephony services will make Asia-Pacific the area with the most room for growth in the predictive maintenance market. One of the main things driving cloud telephony services in the region is the increasing use of cloud services to keep digitizing and lower operating costs.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The Global Cloud Telephony Service market research report gives a detailed look at the market and focuses on important things like leading companies, products, and industries that use graphene.
• Also, the report gives information about market trends and highlights important changes in the industry.
• In addition to the things already mentioned, the report also talks about other things that have helped the market grow in recent years.
• This report looks at historical data and predicts revenue growth at the global, regional, and country levels.
• It also looks at the latest market trends and opportunities in the industry.