09-Feb-2021 | Zion Market Research
As per analysts at Zion Market Research, the global cloud telephony service market was capitalized USD 18.94 billion during 2019 and is predicted to attain USD 52.10 billion by 2025, developing at a CAGR of over 13.15% over forecasted period 2019–2025. The shift of telecommunication companies from conventional to IP networks and gains of a single internet line is impelling the expansion of the global cloud telephony service market. Moreover, increased demand for the mobile workforce, business mobility, and multiple benefits presented by cloud telephony services are promoting their higher adoption.
Some of the prominent players in the market are Mitel Networks Corporation, Microsoft Corporation, NetFortis, Natterbox Ltd., NFON AG, Nextiva, NTT Communications, NovaCloud Pty Ltd., Redcentric plc, and PortaOne, Inc.
Advancement In The Cloud Telephony Services To Boost The Global Cloud Telephony Services Market
The global cloud telephony services market is mainly impelled by a shift of telecommunication firms from customary to IP networks. This migration is as a result of a higher ROI (return on investment) and control abilities of cloud telephony services. Besides, the cloud telephony services have developed as a cost-effective option to customary telephony systems including ISDN and PSTN. The cost of mounting multiple lines for traditional Internet and telephone services is decreased as the data and voice are transferred in a single Internet line. In addition, the surging competition in the cloud telephony services market has persuaded suppliers to present additional features and competitive pricing with their services to draw customers.
The global cloud telephony services market is bifurcated on the basis of deployment type, enterprise size, network, application, industry, and regional analysis. Based on the deployment type, the market is divided into hosted and cloud. Based on the enterprise size, the market is divided into small & medium enterprises and large enterprises. Based on the network, the market is divided into PSTNs (public switched telephone networks) and VoIP (voice over internet protocol). Based on the application, the market is divided into multi-level IVR, conferencing, CRM (customer relationship management), sales & marketing, and others. Based on the industry, the market is divided into BFSI (banking, financial services and insurance), retail, healthcare, education, media & entertainment, government, and IT & telecommunication.
The North America Region Is Projected To Dominate The Global Cloud Telephony Service Market
Based on geographical analysis, the global cloud telephony service market is divided into Latin America, Asia Pacific, Europe, North America, and Middle East & Africa. The North America region contributed to a 34% market share in 2019 and anticipated to grow in the forecasted period. The development is credited to the incidence of large cloud telephony services solution providers and highly developed IT infrastructure to manage business applications and deliver flawless services to the customers.
Browse the full “Cloud Telephony Service Market - By Deployment Type (Hosted And Cloud), By Enterprise Size (Small & Medium Enterprises And Large Enterprises, By Network (PSTNs And VoIP), By Application (Multi-Level IVR, Conferencing, CRM, Sales & Marketing, And Others), By Industry (BFSI, Retail, Healthcare, Education, Media & Entertainment, Government, And IT & Telecommunication), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast, 2019 – 2025.” Report at https://www.zionmarketresearch.com/report/cloud-telephony-service-market
The global cloud telephony service market is segmented as follows:
By enterprise size:
By deployment type:
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