Cloud Telephony Services Market 2022 Size, Top Key Players, Latest Trends, Regional Insights and Global Industry Dynamics 2032
The global cloud telephony services market is expected to grow at a CAGR of 9.5% throughout the forecast period, growing from a valuation of US$ 20.7 Billion in 2022 to US$ 51.5 Billion by 2032. The shift of telecom vendors from traditional phone lines to IP telephony services is the key driver driving the growth of the cloud telephony service industry. This movement has been ascribed to cloud telephony services’ control capabilities and improved return on investment (ROI). A cost-effective alternative to traditional telephony systems that include ISDN and PSTN is cloud telephony. One of the most important factors driving global cloud telephony services market growth is the rising penetration of mobile devices. Aside from that, the increasing penetration of electricity and internet services in developing countries has increased the market prospects for cloud telephony. The growing trend of digitalization and the resulting demand for software as a service (SaaS) technologies are expe