Global cloud telephony service market is expected to grow at a formidable rate of around 10% during the forecast period. The global cloud telephony service market is driven by the shift in telecommunication companies to IP networks. Additionally, benefits such as cost effectiveness, call reports & call tracking options, user friendly interface, availability of virtual number service, among others associated with cloud telephony services are further expected to propel the market through 2027.
Furthermore, ongoing technological advancements and new product launches by the major players operating in the market is expected to create lucrative opportunities for market growth over the next few years. However, data security and privacy concerns can hamper the market growth during the forecast period. Also, the sudden outbreak of pandemic COVID-19 has made the world work under remote conditions and restrictions. This has increased the susceptibility of organizations and their important data to cyber threats, malwares, ransomwares and data breaches & theft thereby negatively impacting the market growth through 2027.
The global cloud telephony service market is segmented based on network type, deployment mode, organization size, application, end user industry, company and region. Based on deployment mode, the market can be bifurcated into on-premises and cloud. The cloud segment is expected to dominate the market during the forecast period on account of the benefits associated with cloud such as affordability, scalability, flexibility, 24/7 availability, large storage space, auto-update feature, among others.
Regionally, the cloud telephony service market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America is expected to dominate the overall cloud telephony service market owing to the well-established IT infrastructure in the region. Additionally, the presence of major players operating in the market further drives the growth of market in the region.
The major players operating in the cloud telephony service market Nextiva, Vox Telecom, AVOXI, 8x8, Inc., BroadSoft, DIALPAD, Cisco Systems, Inc., Go 2 Market India Pvt. Ltd., Exotel Techcom Pvt. Ltd., LeadNXT, Knowlarity Communications Pvt. Ltd and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
- To analyze and estimate the market size of global cloud telephony service market from 2017 to 2020.
- To estimate and forecast the market size of global cloud telephony service market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast global cloud telephony service market based on network type, deployment mode, organization size, application, end user industry, company and regional distribution.
- To identify dominant region or segment in the global cloud telephony service market.
- To identify drivers and challenges for global cloud telephony service market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global cloud telephony service market.
- To identify and analyze the profile of leading players operating in global cloud telephony service market.
- To identify key sustainable strategies adopted by market players in global cloud telephony service market.
