Due to the surging acceptance of the corporate telephony technology in both private and public sectors, the market is projected to witness significant growth during the forecast period (2021–2030)
The increase in the adoption of unified communication systems worldwide and rising investments by organizations in corporate telephony because it offers better productivity and operational cost reductions are the major factors responsible for the growth of the global corporate telephony market, according to P&S Intelligence. Further, due to the surging acceptance of the corporate telephony technology in both private and public sectors, the market is projected to witness significant growth during the forecast period (2021–2030).
The COVID-19 pandemic positively affected the corporate telephony market. In the light of the implementation of lockdowns in many countries, work-from-home policies are being implemented by various companies, which has resulted in a rise in the number of people communication over call. Thus, the demand for the corporate telephony technology would increase.
Largest Market Share Was Held by Information Technology (IT) Industry
The corporate telephony market is divided into IT, banking, financial services, & insurance (BFSI), government, retail, healthcare, manufacturing, and others, on the basis of industry. In this segment, the largest market share was held by the IT category in 2020. This can be credited to corporate telephony’s cost-effective, simple, and flexible nature, which is resulting in its increasing adoption by the IT sector.
The corporate telephony market is classified into internet protocol-private branch exchange (IP-PBX), key telephone system, wireless private brand exchange, and others, on the basis of technology. Among these categories, IP-PBX is expected to display substantial growth during the forecast period owing to the benefits of this technology, such as robustness and worry-free scalability.
Globally, North America was the largest market for corporate telephony solutions in 2020. This can be attributed to the increasing competition among the players in the region, large number of end-users present in the region, increasing adoption of unified communication systems, and high investments by players.
Product Launches Are Major Strategic Measures Taken by Players in Market
Players in the corporate telephony market are launching new products in order to gain a significant position in the market.
In March 2021, Avaya launched two new video devices via the Avaya device as a service (DaaS) offering. There is a small monthly fee for using these devices, which are Avaya Vantage K155 with built-in Alexa and Avaya Huddle Camera HC010. The main motive behind the development of these devices was to improve workstream collaboration.
Some of the major players operating in the global corporate telephony market are IBM, Cisco Systems, Mitel Networks Corp., Siemens Aktiengesellschaft, NEC Enterprise Solutions, Atos SE, Huawei Technologies Co., Interactive Intelligence Group, Avaya, and Microsoft Corporation.