The Market For Cloud Telephony Services Will Reach 42 Billion Dollars In 2026

According to a report by Transparency Market Research, the global market for cloud telephone services is expected to reach almost 42 billion dollars by the year 2026, registering a compound annual growth rate of more than 17%.

The growing demand for business mobility, a mobile workforce and the multiple benefits offered by cloud telephony services are encouraging greater adoption, according to this report. In addition, the growing penetration of mobile devices is driving global demand.

The adoption of cloud telephony services in SMBs is increasing mainly due to cost efficiency, as well as to the limited capital investment required to implement network systems compared to traditional network services. Advances in technology and the addition of multiple functions to IP telephones have attracted commercial customers to migrate to IP networks.

There is a great demand from vertical sectors of the industry that include banking, financial services and insurance, telecommunications and information technology, medical care, retail, government, media and entertainment, education and others. The IT and telecommunications segment had a prominent market share in 2017 and is also expected to expand substantially until 2026.

The Market Of Virtual PBXs Will Double In 2023

On the other hand, according to a report by MarketsandMarkets, the Virtual PBXs market is expected to double by 2023, growing from more than 4.7 billion dollars this year to 9.5 billion dollars in 2023, with a of annual compound growth of 15%.

The factors that promote growth include a growing need for business mobility and a growing adoption of the cloud and unified communications. Growth also fosters the growing need to upgrade traditional switchboards to cloud-based virtual switchboards, as well as cost savings.

By region the report projects that North America will have the largest share and will continue to dominate the market. The region has witnessed the emergence of trend technologies, such as the cloud, the Internet of Things (IoT), mobility and unified communications, which drive the need for reliable connectivity and communication. Companies and industries are adopting virtual switchboards as part of their commercial operations and strategies to compete in the market and increase their productivity.

The Global Cloud Telecommunications Market Will Also Grow

According to a Mordor Intelligence report, the global cloud telecommunications market will reach 34.590 billion dollars in 2023 and is expected to experience a growth of 20.35% during the forecast period (2018-2023).

Organizations now show more interest in cloud services to meet the growing demand for business operations. It is expected that the growing demand for cloud services, lower operating and administrative costs, and greater awareness of cloud telecommunications among companies will drive market growth.

The integration of commercial models with collaborative applications will be the main driver for the growth of this solution. It is expected that collaborative applications, such as email, instant messaging, unified messaging and voice mail, boost the growth prospects in this market, since most companies seek a high degree of integration with collaborative applications.

Some of the main advantages offered by UCC solutions include higher productivity, faster and more efficient communications, greater flexibility, reduced costs, collaborative task management and elimination of communication barriers. Communication and unified collaboration solutions are crucial for organizations that seek to increase productivity and remain competitive. These benefits offered by UCC solutions have increased demand, indirectly driving the growth of the cloud telecommunications market.