The Telecommunications Cloud Market Will Reach 42 Billion Dollars By 2024

The cloud telecommunications market was valued at 14.19 billion dollars in 2018 and is expected to reach 42 billion dollars by 2024. It is also estimated a growth of 20.89% over the next five years.

The latest trend in cloud technology has allowed telecommunications organizations to migrate to the Internet, where there is no longer a need for expensive hardware to keep businesses connected to the rest of the world.

Advances in information and communications technology have brought notable changes in global business operations. Several public and government companies depend on important information infrastructure services. In addition, organizations now show more interest in cloud services to meet the growing demand for commercial operations.

Growth Of The Cloud Telecommunications Market

The growing demands for cloud services, the reduction of operational and administrative costs and the growing cloud communications solutions for companies are expected to drive market growth.

With the growing demand for cost-effective and easy-to-use browser-based communication solutions, many providers are looking to introduce specific vertical WebRTC solutions and services in North America, which indirectly is estimated to drive market growth.

Cloud Telecommunications are already a new advance in information and communication technology, where there is no use of hardware to connect. It provides unlimited network capacity to manage unpredictable data growth and offer a superior customer experience.

Key Market Trends

The offers of solutions in the market include unified communication and collaboration (UCaaS), content delivery network and others. This is mainly due to the growing penetration of the Internet and mobile devices.

With this, companies increasingly recognize the need to take advantage of advanced technologies in order to improve business agility and obtain operational efficiency.

Therefore, they are implementing a wide range of communications and collaboration applications, including telephone, email, voicemail and unified messaging, instant messaging and audio presence, web and videoconferencing, file sharing, mobility, social networks and more.

In addition, the trend of digitalization among organizations in verticals of end users stimulates the need for content delivery network solutions.

North America Has Most Of The Cloud Telecommunications Market

North America has witnessed a great penetration of large companies with technically qualified employees, providing continuous innovative technologies.

The dominance of this region can be attributed to the recent increase in mobility and the explosion of smart mobile devices due to the consumerization of IT.