Cloud Telephony Service Market – Snapshot
Cloud telephony is a type of service through which voice and data services can be operated using an Internet connection instead of a traditional phone line. Cloud telephony services offer improved scalability to companies as they enable them to add more channels over their existing trunks. They work on VoIP phone systems (Voice over Internet Protocol) and Public Switched Telephone Networks (PSTNs). Cloud telephony services can work without a physical connection to a phone company as they operate virtually.
The global cloud telephony services market is primarily driven by migration of telecom companies from traditional to IP networks. This migration is due to higher return on investment (ROI) and control capabilities of cloud telephony services. In addition, cloud telephony services have evolved as a cost-effective alternative to traditional telephony systems including PSTN and ISDN. The cost of installing multiple lines for traditional telephone and Internet services is reduced because voice and data are transferred over a single Internet line.
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Furthermore, increasing competition in the cloud telephony services market has influenced vendors to offer competitive pricing and additional features with their services to attract customers. Also, cloud telephony services offer greater scalability to business organizations to add further channels over their existing trunks. It also offers flexibility to customers by providing localized contact numbers irrespective of their geographical location. This enables organizations to create their virtual presence in different regions. Furthermore, it enables organizations to add new users over the existing infrastructure. However, interoperability and security concerns are some of the major issues faced by cloud telephony services.
Key players profiled in the cloud telephony services market 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, Megapath, Microsoft Corporation, Mitel Networks Corporation, Natterbox Ltd., NetFortis, Nextiva, NFON AG, NovaCloud Pty Ltd., NTT Communications, PortaOne, Inc., Redcentric plc., RingCentral, Inc., Singtel, Solutions Infini., Telviva, Tripudio Ltd., VoIPStudio, Vonage Intermedia.net, Inc., and Vox Telecom.
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The cloud telephony services market can be segmented based on deployment, enterprise, network, application, end-use industry, and region. In terms of deployment, the market can be classified into cloud and hosted services. Based on network, the market can be categorized into Public Switched Telephone Networks (PSTNs) and Voice over Internet Protocol (VoIP).
North America was a dominant region of the cloud telephony services market in 2017. The region accounted for more than half of the global market revenue share, and it is expected to continue its leading position throughout the forecast period. This is due to the presence of tech-savvy gadget users and rise in demand for advanced communication services. Asia Pacific is anticipated to be a lucrative region of the cloud telephony services market due to transition of large enterprises toward cloud telephony services solutions.
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