Corporate Telephony Market to Grow with Significant CAGR in Coming Years says P&S Intelligence
NEW YORK, July 15, 2021 /PRNewswire/ -- The increasing use of unified communication systems and the surging investments being made by organizations in the development of corporate telephony, as it provides operational cost reductions and better productivity, are the major factors driving the expansion of the global corporate telephony market. Furthermore, because of the increasing adoption of the corporate telephony technology in both public and private sectors, the market is expected to demonstrate rapid expansion during 2021–2030, according to P&S Intelligence.
The COVID-19 pandemic has positively impacted the growth of the corporate telephony market. Due to the announcement of lockdowns in several countries, many companies have adopted work-from-home policies, which has subsequently pushed up the requirement for communication over call, thereby driving the demand for the corporate telephony technology.
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The corporate telephony market is categorized into banking, financial services, and insurance (BFSI), retail, government, IT, healthcare, and manufacturing, depending on industry. Out of these, the IT category held the largest share in the market in 2020. This is ascribed to the surging adoption of the corporate telephony technology in the IT sector, on account of its simple, flexible, and cost-effective nature.
The corporate telephony market is also divided into key telephony system, internet protocol-private branch exchange (IP-PBX), and wireless private brand exchange, based on technology. Amongst these, the IP-PBX category is predicted to exhibit substantial expansion during the forecast period, due to the various benefits of this technology sch as worry-free scalability and robustness.
Browse detailed report with COVID-19 impact analysis on Corporate Telephony Market Research Report: By Technology (IP-PBX, Key Telephone System, Wireless Private Branch Exchange), Industry (IT, BFSI, Government, Retail, Healthcare, Manufacturing) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/corporate-telephony-market
Geographically, North America dominated the corporate telephony market in 2020. This is credited to the surging competition between industry players, growing use of unified communication systems, soaring investments being made by market players, and the presence of numerous end users in the region.
The players in the corporate telephony market are focusing on developing new products to gain an edge over their rivals.
In March 2021, Avaya Inc. developed two video devices namely the Avaya Huddle Camera HC010 and the Avaya Vantage K155 equipped with built-in Alexa, with the help of the Avaya Inc. devices as a service (DaaS) offering. These devices can be used by paying a small monthly fee. The main objective behind launching these devices was to enhance workstream collaboration.
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International Business Machines Corporation (IBM), NEC Enterprise Solutions, Cisco Systems Inc., Huawei Technologies Co. Ltd., Mitel Networks Corp., Interactive Intelligence Group Inc., Microsoft Corporation, Siemens Aktiengesellschaft, Avaya Inc., and Atos SE are some of the major players in the global corporate telephony market.
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