Sales of cloud telephony services to reach $51.5 billion by the end of 2032
The scalability is particularly useful in today’s hybrid work environment
The global cloud telephony services industry is poised to expand 2 ½ times from 2022-2032, expected to reach a market value of $51.5 billion, according to a study published by Fact.MR. The market is expected to yield absolute dollar growth worth $30.8 billion. As of 2022, demand for cloud telephony services is forecast to accrue $20.7 billion. Growth is attributed to a shift toward more efficient telecommunications technologies.
From 2016-2021, cloud telephony service market demand accelerated at a 10.6% compound annual growth rate (CAGR), concluding at $17.7 billion. The rapid transition from conventional phone lines to IP-enabled telephony services is a key contributing factor to market growth. The market experienced further growth during the COVID-19 pandemic, as prevalence of remote working prompted enterprises to rely on virtual technologies, including frequent audio calls.