VoIP Services Market size was valued at USD 144.38 billion in 2023 and is likely to reach USD 504.36 billion by 2036, registering around 10.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of VoIP services is estimated at USD 156.05 billion. which can be accounted to increasing adoption of cloud-based VoIP services across several enterprises, along with the developments in 5G technology globally. Along with these, VoIP services provide highly cost-effective communication solutions compared to traditional landlines and have a wide range of beneficial features for businesses, which in turn is expected to drive market growth in the coming years. The developments in 5G technology are also expected to boost the demand for VoIP services globally. The growth of the VoIP services market can also be attributed to factors such as the rising need for improving business productivity, increase security and privacy, and enhance the output of organizations. Furthermore, rapid penetration of internet on a global scale is projected to escalate the use of VoIP services in various sectors. According to the data collected from the International Telecommunications Union, the total internet penetration worldwide was estimated to be 53.6% in 2019, with greater than 86% of the internet users living in developed countries.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
10.1% |
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Base Year Market Size (2023) |
USD 144.38 billion |
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Forecast Year Market Size (2036) |
USD 504.36 billion |
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Regional Scope |
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The VoIP services market is segmented on the basis of type into integrated access, SIP trunks, hosted IP PBX, managed IP PBX, and others, out of which the SIP trunks segment is anticipated to grab the largest share by the end of 2030 on account of the fact that SIP trunks allow VoIP users to benefit from shared lines and increase their communication flexibility. Moreover, SIP trunks can lead to considerable savings of costs as it reduces the need for hardware and physical phone lines, which is also projected to contribute to the growth of the segment during the forecast period.
Based on end-user, the IT & telecom segment in the global VoIP services market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the wide-ranging use of VoIP services in the IT & telecom industry for resolving customer queries effectively, analysing key metrics with the help of call analytics, handling high call traffic, and providing multiple phone lines to BPOs.
Our in-depth analysis of the global VoIP services market includes the following segments:
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Type |
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End-User |
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Geographically, the global VoIP services market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is poised to dominate majority revenue share by 2036, owing to rising number of smartphones and internet users, and the consequent focus of companies on providing mobile VoIP solutions in the developing countries of the region such as China and India. Furthermore, the market in North America is evaluated to occupy the largest share during the forecast period, ascribing to increasing technology advancements and greater adoption of VoIP services by retail, education, healthcare, and other end-users in the region. Additionally, North America also leads in terms of the presence of major market players, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the VoIP services market on the back of the rising internet usage in portable devices, growing governmental efforts in technology improvements and the increasing focus on enhancing employee efficiency & organizational productivity in the region. According to the European Union statistics, 92% of the young individuals in Europe had access to mobile phones to access the internet away from their home whereas the percentage of individuals who used portable computers for the same purpose was 52%.
June 2021: Avaya Inc. and RingCentral, Inc. announced a wide range of capabilities for Avaya Cloud Office by RingCentral Unified Communications as a Service (UCaaS) solution. These include several Avaya device-specific improvements allowing easy migration, global expansion features, and additional video, thus extending the customers' ability for connecting across any device and work environment.
May 2021: AT&T announced a USD 43 billion deal to merge its content unit WarnerMedia with Discovery. The agreement allows AT&T to form a new media company with Discovery.
Author Credits: Abhishek Verma
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