Global demand for voice-over-Internet Protocol (VOIP) is anticipated to surpass US$ 127 billion by the end of 2022. By 2032, the global market is anticipated to reach US$ 255 billion, expanding at a CAGR of 9.7% from 2022 to 2032. It is anticipated that by emphasising VoIP solutions for both corporate and individual consumer sectors, industry participants will increase sales.
| Estimated Year (2022) Market Value | US$ 133.9 Bn |
| Projected Year (2032) Market Value | US$ 354.7 Bn |
| CAGR% (2022-2032) | 10.2% |
| Top 5 Vendor Market Share | Around 35% |
A technique or group of technologies known as VOIP is used to deliver communication services across packet-switched networks using internet protocol networks, including voice over broadband, IP telephony, and internet telephony. Rising internet usage for voice calls and multimedia transfers would therefore probably increase demand for VOIP services.
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Voice impulses must be transformed into digital signals before being transferred over IP networks, hence these services are necessary. Calls can be placed using computers, the internet, mobile phones, VoIP phones, and conventional telephones.
Worldwide demand for assistive technologies like VOIP has increased along with the use of cellphones and the internet. Smartphone shipments are anticipated to climb by 14% from 2020 to 173 million devices by 2021, according to a study by the India Brand Equity Foundation.
Additionally, it is anticipated that demand for VoIP services would increase due to the growing popularity of creative and user-friendly multimedia programmes like Skype, WhatsApp, Instagram, Viber, and Line, among others, where a significant amount of data and voice conversations are shared.
Which are Some Prominent Drivers Spearheading Chloromethane Market Growth?
As a result of the ongoing COVID-19 epidemic and the widespread adoption of remote working practises across a number of industries, including education, business, and others, VoIP services have seen tremendous growth.
For instance, due to the COVID pandemic’s uncertainty in several regions of the world, Google, a multinational technology corporation based in the United States, recently declared that it would extend its work from home policy. It is anticipated that the market for VoIP services will expand as a result of rising data sharing and international team conversations during remote working.
In addition, increasing adoption of hybrid cloud communications small and mid-sized as well as large enterprises, owing to the strategic advantages associated with it such as ease of adding forthcoming innovations and uniformity across networks is propelling the demand for VoIP services.
Market Competition
Some of the leading players in the global VOIP services market include Vonage Holdings Corp., RingCentral, Inc., 8×8, Inc., Nextiva, Inc. and InPhonex LLC. among others.
With increasing inclination towards adoption cloud-based services and growing penetration of internet, number of VOIP services start-ups are being emerged, especially across India and China, making the Asia Pacific market highly competitive.
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Key Segments Profiled in the VOIP Services Industry Survey
By Type:
- Integrated Access/Session Initiation Protocol (SIP) Trunking
- Managed IP PBX
- Hosted IP PBX
By Access Type:
- Phone to phone
- Computer to computer
- Computer to phone
By Call Type:
- International VoIP calls
- Domestic VoIP calls
By Medium:
- Fixed
- Mobile
By End-use:
- Consumers
- SMBs
- Large Enterprises
By Application:
- IT & telecom
- BFSI
- Government & public sector
- Healthcare
- Retail
- Education
- Hospitality
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America