CTS Industry Analysis, Drivers, Opportunities, Trends, Applications, And Growth Forecast To 2027
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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