Cloud Telephony Services Global Market Report 2024

Description

Cloud telephony services are modern communication solutions delivered via the internet, harnessing the power of cloud computing infrastructure. These services eliminate the necessity for traditional enterprise telephone systems by converting analog voice signals into digital data packets and transmitting them over the internet. This enables users to conduct calls using VoIP desk phones, softphones, or mobile applications.

The primary networks supporting cloud telephony services are public switched telephone networks (PSTNs) and voice over internet protocol (VoIP). PSTNs represent the conventional telephone networks managed by telecommunications carriers, employing circuit-switched technology for voice communication. These services offer various deployment options such as cloud and hosted solutions, catering to the needs of small, medium, and large enterprises across sectors including telecom and IT, banking, financial services and insurance (BFSIs), government, healthcare, media and entertainment, education, retail, and other industries. These solutions serve diverse purposes such as conferencing, multi-level IVR, sales and marketing, and customer relationship management (CRM) applications.

The cloud telephony services market research report is one of a series of new reports from The Business Research Company that provides cloud telephony services market statistics, including cloud telephony services industry global market size, regional shares, competitors with cloud telephony services market share, detailed cloud telephony services market segments, market trends, and opportunities, and any further data you may need to thrive in the cloud telephony services industry. This cloud telephony services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud telephony services market size has grown rapidly in recent years. It will grow from $27.20 billion in 2023 to $31.88 billion in 2024 at a compound annual growth rate (CAGR) of 17.2%. The growth experienced during the historic period can be credited to several factors. These include a rising demand for flexible communication solutions, the emergence of artificial intelligence and automation technologies, an increasing need for real-time analytics and reporting capabilities, the proliferation of small and medium-sized enterprises (SMEs), and the evolution of WebRTC (web real-time communication) technology.

The cloud telephony services market size is expected to see rapid growth in the next few years. It will grow to $60.77 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The anticipated growth in the forecast period is primarily driven by the increasing adoption of cloud-based solutions, the rising popularity of VoIP technology, the growing utilization of virtual phone numbers, the heightened demand for advanced communication services, and the expanding mobile workforce. Major trends expected during this period include technological advancements in voice recognition and natural language processing, the expansion of e-commerce businesses, integration with collaboration tools, a shift towards subscription-based models, and the expansion of the gig economy.

The projected increase in the use of virtual phone numbers is set to drive the expansion of the cloud telephony service market. Virtual phone numbers, which are not tied to traditional phone lines and can be directed to any device or number chosen by the user, are gaining popularity due to the growing adoption of remote work setups and the demand for flexible communication solutions. Cloud telephony services play a crucial role in facilitating the uptick in virtual phone number usage by offering scalable and adaptable communication solutions accessible via the internet. For instance, according to Vonage, businesses in the US have witnessed a 35% year-over-year surge in virtual phone number adoption since 2021, highlighting the pivotal role of virtual phone numbers in propelling the growth of the cloud telephony service market.

Key players in the cloud telephony service market are prioritizing the expansion of their cloud phone services to new locations to cater to evolving communication needs. Cloud phone services offer flexibility by enabling users to make and receive calls from any location with an internet connection, thereby facilitating remote work setups and ensuring business continuity. These services encompass features such as call routing, voicemail transcription, and integration with other business tools, enhancing productivity and efficiency for users. For example, in June 2023, RingCentral, Inc. introduced its cloud telephony service in India, becoming the first global cloud provider to offer fully compliant cloud phone system services in the country. This initiative enables multinational organizations in India to leverage cloud phone capabilities for streamlined communication with employees, customers, and partners.

In January 2024, Dura Software expanded its presence in the telecommunications industry by acquiring Infosys Limited, a UK-based telephony technology company specializing in cloud telephony services. Through this acquisition, Dura Software aims to leverage Invosys' comprehensive suite of solutions, including connectivity and cloud offerings, intelligent call management, and routing for contact centers, to enhance its portfolio, drive growth, access new resources and expertise, and broaden its product offerings.

Major companies operating in the cloud telephony services market are Microsoft Corporation, Cisco Systems Inc., Singapore Telecommunications Limited, EPAM Systems, Inc, Zoom Video Communications Inc., Twilio Inc., Avaya Inc., RingCentral Inc., Genesys Telecommunications Laboratories Inc., Vonage Holdings Corp., Mitel Networks Corporation, Five9 Inc., 8x8 Inc., VOXX International, Freshworks Inc., Kaleyra Inc., Fuze Inc., Nextiva Inc., Redcentric plc., Jive Communications Inc., Dialpad Inc., Talkdesk Inc., Telnyx LLC, Plivo Inc., Flowroute Inc.

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.

The countries covered in the cloud telephony services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cloud telephony services market consists of revenues earned by entities by providing services such as virtual phone systems, call forwarding, interactive voice response systems, and voicemail. The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud telephony services market also includes sales of IP phones, analog telephone adapters (ATA), routers and switches, power over ethernet (PoE) switches, headsets and microphones. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Including: 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
Covering: Microsoft Corporation; Cisco Systems Inc.; Singapore Telecommunications Limited; EPAM Systems, Inc.; Zoom Video Communications Inc.

Product Code: r17317

1. Executive Summary

2. Cloud Telephony Services Market Characteristics

3. Cloud Telephony Services Market Trends And Strategies

4. Cloud Telephony Services Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Cloud Telephony Services Market Size and Growth

5.1. Global Cloud Telephony Services Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Cloud Telephony Services Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Cloud Telephony Services Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Cloud Telephony Services Market Segmentation

6.1. Global Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Public Switched Telephone Networks (PSTNs)
Voice Over Internet Protocol (VoIP)
6.2. Global Cloud Telephony Services Market, Segmentation By Deployment Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Cloud
Hosted
6.3. Global Cloud Telephony Services Market, Segmentation By Enterprise, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Small And Medium Enterprises (SMEs)
Large Enterprises
6.4. Global Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Conferencing
Multi-Level Ivr
Sales And Marketing
Customer Relationship Management (CRM)
6.5. Global Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Telecom And IT
Banking, Financial Services And Insurance (BFSI)
Government
Health Care
Media And Entertainment
Education
Retail
Other End User Industries

7. Cloud Telephony Services Market Regional And Country Analysis

7.1. Global Cloud Telephony Services Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Cloud Telephony Services Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Cloud Telephony Services Market

8.1. Asia-Pacific Cloud Telephony Services Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Cloud Telephony Services Market

9.1. China Cloud Telephony Services Market Overview
9.2. China Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Cloud Telephony Services Market

10.1. India Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Cloud Telephony Services Market

11.1. Japan Cloud Telephony Services Market Overview
11.2. Japan Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Cloud Telephony Services Market

12.1. Australia Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Cloud Telephony Services Market

13.1. Indonesia Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Cloud Telephony Services Market

14.1. South Korea Cloud Telephony Services Market Overview
14.2. South Korea Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Cloud Telephony Services Market

15.1. Western Europe Cloud Telephony Services Market Overview
15.2. Western Europe Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Cloud Telephony Services Market

16.1. UK Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Cloud Telephony Services Market

17.1. Germany Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Cloud Telephony Services Market

18.1. France Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Cloud Telephony Services Market

19.1. Italy Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Cloud Telephony Services Market

20.1. Spain Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Cloud Telephony Services Market

21.1. Eastern Europe Cloud Telephony Services Market Overview
21.2. Eastern Europe Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Cloud Telephony Services Market

22.1. Russia Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Cloud Telephony Services Market

23.1. North America Cloud Telephony Services Market Overview
23.2. North America Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Cloud Telephony Services Market

24.1. USA Cloud Telephony Services Market Overview
24.2. USA Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Cloud Telephony Services Market

25.1. Canada Cloud Telephony Services Market Overview
25.2. Canada Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Cloud Telephony Services Market

26.1. South America Cloud Telephony Services Market Overview
26.2. South America Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Cloud Telephony Services Market

27.1. Brazil Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Cloud Telephony Services Market

28.1. Middle East Cloud Telephony Services Market Overview
28.2. Middle East Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Cloud Telephony Services Market

29.1. Africa Cloud Telephony Services Market Overview
29.2. Africa Cloud Telephony Services Market, Segmentation By Network, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Cloud Telephony Services Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Cloud Telephony Services Market, Segmentation By End User Industry, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Cloud Telephony Services Market Competitive Landscape And Company Profiles

30.1. Cloud Telephony Services Market Competitive Landscape
30.2. Cloud Telephony Services Market Company Profiles
- 30.2.1. Microsoft Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Cisco Systems Inc.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Singapore Telecommunications Limited
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. EPAM Systems, Inc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Zoom Video Communications Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Cloud Telephony Services Market Other Major And Innovative Companies

31.1. Twilio Inc.
31.2. Avaya Inc.
31.3. RingCentral Inc.
31.4. Genesys Telecommunications Laboratories Inc.
31.5. Vonage Holdings Corp.
31.6. Mitel Networks Corporation
31.7. Five9 Inc.
31.8. 8x8 Inc.
31.9. VOXX International
31.10. Freshworks Inc.
31.11. Kaleyra Inc.
31.12. Fuze Inc.
31.13. Nextiva Inc.
31.14. Redcentric plc.
31.15. Jive Communications Inc.

32. Global Cloud Telephony Services Market Competitive Benchmarking

33. Global Cloud Telephony Services Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Cloud Telephony Services Market

35. Cloud Telephony Services Market Future Outlook and Potential Analysis

35.1 Cloud Telephony Services Market In 2028 - Countries Offering Most New Opportunities
35.2 Cloud Telephony Services Market In 2028 - Segments Offering Most New Opportunities
35.3 Cloud Telephony Services Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer