VoIP Services Market Size

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.