Global Cloud Telephony Services Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Scope Of The Global Cloud Telephony Services Market?
Cloud telephony services are communication services delivered over the internet, leveraging cloud computing infrastructure. These services eliminate the need for traditional enterprise telephone systems by converting analog voice signals into digital data packets and transmitting them over the internet, allowing users to make and receive calls using VoIP desk phones, softphones, or mobile apps.
Cloud Telephony Services Global Market Report 2024 provides data on the global cloud telephony services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cloud telephony services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Cloud Telephony Services?
The cloud telephony services market has experienced rapid expansion in recent years, with its value increasing from $27.20 billion in 2023 to $31.88 billion in 2024, reflecting a compound annual growth rate (CAGR) of 17.2%. The historical growth is attributed to the rising demand for adaptable communication solutions, advancements in artificial intelligence and automation, growing need for real-time analytics and reporting, expansion of small and medium-sized enterprises (SMEs), and the evolution of WebRTC (web real-time communication). Moving forward, the market is projected to grow further, reaching $60.77 billion in 2028 at a CAGR of 17.5%. This future growth is driven by the widespread adoption of cloud-based solutions, increasing utilization of VoIP technology, growing popularity of virtual phone numbers, demand for advanced communication services, and the expansion of the mobile workforce. Key trends in this period include technological progress in voice recognition and natural language processing, growth of e-commerce, integration with collaboration tools, adoption of subscription-based models, and the expansion of the gig economy.
What Factors Are Driving Growth In The Cloud Telephony Services Market?
The growing usage of virtual phone numbers is anticipated to drive the expansion of the cloud telephony service market in the future. Virtual phone numbers are not tied to a specific phone line and can be redirected to any device or number the user prefers. The increasing demand for remote work and the need for flexible communication solutions are contributing to the rise of virtual phone numbers. Cloud telephony services support this trend by offering flexible communication options over the internet. For example, a report by Vonage, a US-based cloud communications provider, noted a 35% year-over-year increase in virtual phone number adoption among US businesses since 2021. As a result, the growing reliance on virtual phone numbers is boosting the cloud telephony service market.
Get Your Free Sample of the Global Cloud Telephony Services Market ReportWhat Are The Main Segments Of The Global Cloud Telephony Services Market?
The cloud telephony services market covered in this report is segmented –
1) By Network: Public Switched Telephone Networks (PSTNs), Voice Over Internet Protocol (VoIP)
2) By Deployment Type: Cloud, Hosted
3) By Enterprise: Small And Medium Enterprises (SMEs), Large Enterprises
4) By Application: Conferencing, Multi-Level Ivr, Sales And Marketing, Customer Relationship Management (CRM)
5) By End User Industry: Telecom And IT, Banking, Financial Services And Insurance (BFSI), Government, Health Care, Media And Entertainment, Education, Retail, Other End User Industries
What Emerging Trends Are Influencing The Growth Of The Cloud Telephony Services Matket?
Major companies in the cloud manufacturing market are developing manufacturing-specific cloud platforms, such as Manufacturing Data Engine and Manufacturing Connect, to gain a competitive edge. These platforms are designed to address the unique challenges of manufacturers, including data integration, analytics, and supply chain management. For example, in May 2022, Google LLC, a US-based technology company, launched Manufacturing Data Engine and Manufacturing Connect. These solutions are designed to help manufacturers unify their data and improve operations with AI and analytics capabilities. They enable manufacturers to connect isolated assets, standardize data, and enhance visibility from the factory floor to the cloud, supporting key AI-based use cases like predictive maintenance and machine anomaly detection.
What Is The Largest Region In The Cloud Telephony Services Market?
North America was the largest region in the cloud telephony services market in 2023. The regions covered in the cloud telephony services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.