The Market For Cloud Telephony Services Will Grow By 16.4% Per Year Until 2023

According to a study by Market Research Future, it is expected that, worldwide, the market for cloud telephone services will grow at a compound annual rate (CAGR) of 16.4% up to 2023. The need Global companies reduce the costs of services and rapidly scale communication solutions when necessary are the key factors driving market growth.

Cloud telephony service solutions help companies configure the corporate communication infrastructure without requiring hardware or software costs. In cloud telephony services, all communication devices and applications are hosted in the cloud or at the service provider’s premises.

The solutions of communications in the cloud offer numerous benefits for a company, like zero investment in hardware or software, integration with CRM, fast and easy configuration of an IVR, center and recording of calls. These services can be started using traditional phones, mobile devices, desktop computers or laptops.

Cloud telephony solutions and services are widely adopted in almost all vertical sectors of the industry, such as Banking, Financial Services and Insurance (BFSI), consumer and retail goods, healthcare, IT and telecommunications, among others. These sectors adopt the services of telephony in the cloud to reduce their operating costs and offer services to their customers with advanced cloud communication technologies and without interruptions.

In Which Regions Will Cloud Telephony Services Grow The Most?

It is estimated that the global market for cloud telephone services will grow rapidly until 2023 in almost all regions. North America has the largest share in the global market for cloud telephony services. The United States, Canada and Mexico are the leading countries in the region. This growth is attributed to the presence of the main providers of cloud telephony service solutions and advanced IT infrastructure, to execute business applications and offer services to customers in a transparent manner.

It is anticipated that Asia-Pacific will be the fastest growing region in the global cloud telephony services market in the next four years. The increase in digitalization and the adoption of cloud services, in order to reduce operating costs, are the key factors for contracting solutions for telephony services in the cloud in the region.