The global cloud telephony services industry reached US$ 17.7 Billion in valuation as of FY 2021. The market is projected to document a Y-o-Y expansion of nearly 17% to be valued at US$ 20.7 Billion in 2022. Across the 2022-2032 forecast period, the market is scheduled to embark on a positive trajectory, registering a CAGR of 9.5% to reach US$ 51.5 Billion.
Overall, the market for cloud telephony services is slated to yield absolute dollar growth worth US$ 30.8 Billion throughout the forthcoming decade. By deployment, cloud based telephony services remains dominant, documenting a value CAGR worth 11% from 2016 to 2021, while in terms of network, demand for voice-over-internet protocol cloud telephony services continues to reign supreme, with a historical CAGR of 15.6% (2016-2021).
Important Growth Factors Affecting the Adoption of Cloud Telephony Services
Cloud telephony services have become an essential part of modern business communication. With the increasing demand for remote working and virtual communication, cloud telephony has emerged as a game-changer in the industry. However, the adoption of cloud telephony services is not a straightforward process. There are several growth factors that affect the adoption of cloud telephony services.
One of the most important growth factors affecting the adoption of cloud telephony services is the cost. Businesses are always looking for cost-effective solutions that can improve their operational efficiency. Cloud telephony services offer a cost-effective alternative to traditional telephony services. With cloud telephony, businesses can save a significant amount of money on hardware, software, and maintenance costs. Moreover, cloud telephony services are scalable, which means that businesses can easily adjust their communication needs according to their requirements.
Another growth factor that affects the adoption of cloud telephony services is the level of customization and flexibility. Businesses need a communication solution that can be tailored to their specific needs. Cloud telephony services offer a high level of customization and flexibility, allowing businesses to choose the features and functionalities that best suit their communication requirements. Moreover, cloud telephony services can be easily integrated with other business applications, such as CRM and ERP, to streamline communication and improve the overall efficiency of the business.
Security is another important growth factor affecting the adoption of cloud telephony services. Businesses need to ensure that their communication channels are secure and protected from potential threats. Cloud telephony services offer a high level of security, with advanced encryption protocols and regular security updates. Moreover, cloud telephony providers offer 24/7 support and monitoring to ensure that any potential security threats are identified and resolved in a timely manner.
In conclusion, the adoption of cloud telephony services is influenced by several growth factors, including cost, customization, flexibility, and security. Businesses need to evaluate these factors carefully before adopting a cloud telephony solution. By choosing the right cloud telephony provider, businesses can improve their communication efficiency, reduce costs, and enhance their overall business performance.
Major Cloud Telephony Service Providers
- 8×8 Inc.
- BroadSoft Inc.
- Cisco Systems Inc.
- Exotel Techcom Pvt. Ltd.
- Knowlarity Communications Pvt. Ltd.
- Go2Market India Pvt. Ltd
- MegaPath (Fusion Connect)
- Microsoft Corporation
- Mitel Networks Corporation
- Natterbox Ltd.
- NFON AG