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.
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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.
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.
