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 the business.

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On the basis of the end user, the cloud telephony market is categorized into media & entertainment, telecom & IT, health care, BFSI, government, retail, education, and others. Among these segments, telecom & IT segment is anticipated to witness the fastest growth during the forecast period.

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.

North America is the largest cloud telephony service market due to increasing advancements made by the key players in the aspect of internet of things compared to other technologies.

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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.

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