Cloud telephony services are internet-enabled voice infrastructures and data communications where a third party host several applications such as storage, telecommunications and switching and are further accessed over the internet channels.
On the basis of organization size, the cloud telephony service market is categorized into large and small and medium enterprises. Among these segments, small and medium enterprises are anticipated to witness the fastest growth during the forecast period since it enables simple operations of business.
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Cloud telephony services provide a great value of money to these enterprises by promoting efficient and effective communication within the organization or on mobile devices and enables lower subscription cost. Additionally, increasing popularity of cloud telephony service in small and medium enterprises is thus bolstering the growth of cloud telephony service market globally.
Migration of telecom companies from traditional to IP networks, increasing accessibility to electricity in developing countries, cost-effective alternative to traditional telephony services including PSTN and ISDN are the key factors attributing towards the growth of global cloud telephony service market.
Key players in the cloud telephony market are launching new products in order to earn major revenue from early adopters of the adoption cycle that is further improving the quality of their offerings and to gain competitive advantage. Also, it has been observed that key players in the cloud telephony service market are depending upon new technology to develop cost efficiencies, thereby increasing the rivalry in the market to some extent.
Some of the key players in the cloud telephony market are Microsoft Corporation, Cisco Systems, Tele Logic,8×8, Inc., BroadSoft, Inc., Exotel Techcom Pvt. Ltd., DIALPAD, Knowlarity Communications Pvt Ltd., Go 2 Market India Pvt. Ltd., and Mitel Networks Corporation.
Source: VynZ Research