The voice over internet protocol (VoIP) market is experiencing significant growth, with a projected Compound Annual Growth Rate (CAGR) of 9.8%. By the year 2033, it is expected to reach a valuation of over US$118.86 billion, highlighting its remarkable expansion in the telecommunications industry.
Voice over Internet Protocol is a technology that transforms spoken words into digital data, allowing them to be sent over the internet. It seamlessly combines voice and data capabilities, enabling various convenient services like video voicemail, instant messaging, and even real-time language translation to enhance communication experiences.
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The increasing popularity of VoIP is driven by the fast-paced advancements in technology, such as video and audio calls. Urban areas are benefiting from the widespread availability of 5G technology, offering ample bandwidth and tailored services for lightning-fast communication. Effective communication is crucial for business growth, and VoIP services offer scalable calling options, making them an excellent choice for businesses looking to enhance their connectivity.
The higher adoption of platforms like WhatsApp, Line, and Viber are gaining traction in the market. The advanced network solution and rising number of VoIP service providers are thriving in the sales of VoIP.
The technologies like 5G, Unified Communication (UC), and Artificial Intelligence (AI) are likely to work side-by-side with voice over internet protocol systems. These factors are expected to enhance the end-user experience.
The downfall of (Plain Old Telephone Service) POTS due to the advent of call services like caller ID and call forwarding provides space for VoIP services to expand their roots.
Aside from making international calls at a lower cost when using VoIP modules, affordable calling is another benefit. Also, the market expansion is being fueled by the rising outsourcing industries in developing nations like China and India. VoIP systems support multi-channel communication and have extra features like voicemail, email, time-of-day routing, and interactive voice response.
Key Takeaways from Voice over Internet Protocol (VoIP) Market Report:
- The substantial share of the Voice over Internet Protocol (VoIP) Market is anticipated to be in North America. The market’s expansion is linked to growing outsourcing companies, remote employment, and the use of hybrid working methods. Mobile businesses are also helping the market gain traction in the United States.
- The Voice over Internet Protocol (VoIP) Market in APAC is also an important market. The growing consumer use of audio and video communication apps like WhatsApp and Line is credited with the region’s rise.
- Europe is projected to contribute to the growth of the entire market thanks to its quicker 5G installations and growing adoption of multi-channel communication.
- The computer-to-phone segment is likely to thrive in the access type of category, as it delivers significant mobility to the end-user while promoting inclusivity for different end-users. It is expected to hold 40% of the global market by 2033.
- The consumer segment tops the end-user category, while it thrives on a steady CAGR of 9.8% between 2023 and 2033. The growth of this is fueled by affordable international calls and other features like residential VoIP.
Leading Key Players:
- KT (Korea Telecom) Corporation
- T-Mobile USA, Inc.
- Vonage Citrix
- Microsoft Corporation
- Telenor
- AT&T
- Orange S.A.
- Verizon
- Telecom Italia
- Deutsche Telekom AG
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Voice over Internet Protocol (VoIP) Market Segmentation:
By Type:
- Integrated Access/Session Initiation Protocol (SIP) Trunking
- Managed IP PBX, Hosted IP PBX
By Access:
- Phone to Phone
- Computer to Computer
- Computer to Phone
By Call:
- International VoIP Calls
- Domestic Calls
By Medium:
- Fixed
- Mobile
By End-Use:
- Consumers,
- SMBs
- Large Enterprises
By Application:
- IT & Telecom
- BFSI
- Healthcare
- Government & Public Sector
- Retail
- Education
- Hospitality
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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