Cloud Telephony Service Market – Evolving Technology, Trends, Market Analysis by 2024
Cloud telephony services are internet-enabled voice infrastructures and data communications where a third party host several applications such as storage, telecommunications and switching and are further accessed over the internet channels. These parties perform operations on public switched telephone networks (PSTNs)VoIP phone systems (Voice over Internet Protocol) which can operate without a physical connection to a network provider since they perform functions in a virtual mode. Moreover, the increasing penetration of mobile phones across the globe is a major reason for the growth of global cloud telephony market.
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On the basis of organization size, the cloud telephony service market is categorized into large and small and medium enterprises. Among these segments, small and medium enterprises are anticipated to witness the fastest growth during the forecast period since it enables simple operations of business. Cloud telephony services provide a great value of money to these enterprises by promoting efficient and effective communication within the organization or on mobile devices and enables lower subscription cost. Additionally, increasing popularity of cloud telephony service in small and medium enterprises is thus bolstering the growth of cloud telephony service market globally.
Migration of telecom companies from traditional to IP networks, increasing accessibility to electricity in developing countries, cost-effective alternative to traditional telephony services including PSTN and ISDN are the key factors attributing towards the growth of global cloud telephony service market. Furthermore, migration of telecom companies from traditional to IP networks has made it brought a push to the virtual telecom or cloud telephony services. This technology is more economical than the traditional telephony systems and thus, is getting adopted by major business operators across the globe.
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Geographically, North America is the largest cloud telephony service market due to increasing advancements made by the key players in the aspect of internet of things compared to other technologies. The increasing utilization of cloud computing technology and growing telecom domain are other factors contributing towards the growth of the cloud telephony service market in the region. Furthermore, cloud telephony service market in the Asia-Pacific is anticipated to witness the fastest growth due to increasing adoption of the technology and increasing accessibility to electricity. Furthermore, due to technological advancement in the cloud telephony services in countries such as India, this has made it accessible to SEBI and has further enhanced the growth of the cloud telephony service market.
Some of the key players in the cloud telephony market are Microsoft Corporation, Cisco Systems, Tele Logic,8×8, Inc., BroadSoft, Inc., Exotel Techcom Pvt. Ltd., DIALPAD, Knowlarity Communications Pvt Ltd., Go 2 Market India Pvt. Ltd., and Mitel Networks Corporation.