Rise in shift of telecom companies from conventional to IP networks is the major factor that drives growth of the cloud telephony service market. In addition, rise in penetration of mobile phone devices among end users fuel the market growth.
However, data loss and privacy concerns hampers the market growth. Furthermore, rise in demand for software-as-a-service tools among various industry verticals is expected to provide lucrative opportunities for the global cloud telephony service market.
Rise in adoption of telephony services while booking cabs, ordering food online, banking calls, or OTP calls drives growth of the cloud telephony service market. Growth of these sectors at a very fast pace across the globe has created demand for telephony services, which propels growth of the market.
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North America is expected to have the largest cloud telephony service market share during the forecast period, owing to early adoption if technological advancements and presence of prominent telephony service providers in the region.
In addition, there is a high demand and requirement for superior communication services in the region, which also contributes to the market growth. Moreover, Asia-Pacific is also expected to witness a significant growth, owing to large number of enterprises adopting cloud telephony solutions.
Major players include : 8×8, Inc., AVOXI, BroadSoft, Cisco Systems, Inc., DIALPAD, Exotel Techcom Pvt. Ltd., Go 2 Market India Pvt. Ltd., Knowlarity Communications Pvt. Ltd., LeadNXT, Microsoft Corporation, Megapath, Natterbox Ltd., Mitel Networks Corporation, Nextiva, NetFortis, NovaCloud Pty Ltd., NFON AG, NTT Communications, PortaOne, Inc., RingCentral, Inc., Redcentric plc., Solutions Infini., Singtel, Tripudio Ltd., Telviva, Vonage Intermedia.net, Inc., Vox Telecom, and VoIPStudio.
Key benefits of the report:
- This study presents analytical depiction of the global cloud telephony service market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global cloud telephony service market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the cloud telephony service market.
- The report provides a detailed cloud telephony service market analysis based on the present and future competitive intensity of the market.
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