Market Overview:
The CTS Industry is expected to grow at a CAGR of 16.4% during the forecast period, 2020–2027. The global need of businesses to reduce operational costs and rapidly scale the communication solution as and when needed are the key driving factors for the market's growth. However, lack of awareness and availability of alternative communication systems are the major challenges in the cloud telephony services market during the forecast period.
Cloud telephony services solutions help enterprises set up communication infrastructure without requiring hardware or software costs. All communication devices and applications are hosted on the cloud or at the service provider's premises in cloud telephony services. It offers numerous benefits to an enterprise, such as zero investment in hardware or software, integration with CRM, quick and easy setup of an IVR, call centre, and call recording. These services can be started using traditional phones, mobile devices, or computers/laptops.
Cloud telephony services have wide adoption in almost all industry verticals, such as Banking, Financial Services, Insurance (BFSI), government, retail, consumer goods, healthcare, and IT and telecom. BFSI, retail and consumer goods, and IT and telecom are major industry verticals adopting cloud telephony services to reduce operational costs and serve customers with advanced and seamless cloud communication technologies.
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Segmentation Overview:
The global cloud telephony services market is segmented on deployment model, organization size, network type, application, industry vertical, and region/country.
1. By deployment model, the market is segmented into cloud and hosted.
2. The market is segmented into large enterprises and small and medium-sized enterprises (SMEs) by organization size.
3. The market is segmented into Public Switched Telephone Network (PSTN) and Voice over Internet Protocol (VoIP) by network type.
4. The market is segmented into conferencing, multi-level IVR, sales and marketing, and customer relationship management by application.
5. The market is segmented into IT and telecom, BFSI, government, retail, consumer goods, healthcare, education, and others by industry vertical.
6. By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis:
The global cloud telephony services market is estimated to grow rapidly during the forecast period from 2018 to 2023. The geographical analysis of the global cloud telephony services market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is presumed to have the largest market share in the global cloud telephony services market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to major cloud telephony services solution vendors and advanced IT infrastructure to seamlessly run enterprise applications and deliver services to customers.
Asia-Pacific is anticipated to be the fastest-growing region in the global cloud telephony services market over the forecast period. Increasing digitalization and adoption of cloud services to reduce operational costs are the key driving factors for adopting cloud telephony services solutions in the region.
Recent Developments:
December 2020: Tata Tele business services launched a cloud-based communication solution for enterprises that offers hybrid connectivity between customers, employees, and vendors across several platforms. Such a communication base solution enables intelligent routing of clients, and customers calls call sentiments analysis, API Integration, text and voice conversion, and on-demand stability and built-in security without any extra capital expenditure.

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