According to a new market report published by Transparency Market Research 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 size, network, application,
industry, and region. There is high demand for cloud telephony services
from multiple industry verticals including BFSI, telecom and IT, health
care, retail, government, media & entertainment, education, and
others (transportation and manufacturing). The IT and telecom segment
held a prominent share in cloud telephony services market in 2017 and is
also expected to show sustainable expansion during the forecast period.
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Rapid expansion of the BPO industry and
fast growth in network services developments such as VoIP services and
IP network have largely contributed to the penetration of cloud
telephony services across different regions. Cloud telephony has been
evolving as a cost-effective solution to offer an effective
communication network. The health care, retail, and education segments
are anticipated to offer lucrative expansion opportunities in cloud
telephony services market. In terms of adoption of cloud telephony
services, the health care sector is projected to expand at a CAGR of
approximately 19% during the forecast period from 2018 to 2026.
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