VoIP Services Market to Record Strong Growth in Corporate and Individual Consumer Segments by 2020
VoIP or voice over internet protocol is a communication mode that uses various technologies to facilitate a telephonic communication over broadband. VoIP services use voice over broadband, internet telephony, IP telephony, and other technologies to deliver communication services over a packed switched network.
Cost-effectiveness and Rich Features Propel Market
The global VoIP services market’s size is anticipated to extend at a promising CAGR of 9.7% during 2014 to 2020 and reach a value of US$136.76 billion. VoIP services are a cost-effective solution for individual and corporate consumers and save operational expenses involved in conventional telephony services used for communication.The main advantage fuelling the VoIP services market is the price to performance ratio. In addition to this, these services offer superior voice quality, phone number portability, and rich media features. Easy installation and troubleshooting, integrated applications, and other rich features enabled in VoIP services are fuelling the market for these services.
Increased Use of Portable Devices Amplify Market for Mobile VoIP Services
Individuals and corporate consumers are increasingly adopting smartphones and tablets. Hence, the demand for VoIP services that are affordable for all is increasing. The amplified demand for smart portable devices results in a high numbers of subscribers for computer-to-phone VoIP configuration and phone-to-phone (mobile VoIP) services. The mobile VoIP or phone-to-phone segment is expected to register strong growth at a healthy CAGR of 14.7% from 2014 to 2020, as a result of intensified use of smartphones by all categories of consumers. The BOYD or ‘bring your own device’ trend among corporate consumers has accelerated the use of smart devices and the outcome is augmented demand for VoIP services. The corporate segment is anticipated to witness growth in demand for VoIP services and the phone-to-phone VoIP subscriber numbers are expected to expand at a strong CAGR of 16.6% till 2020.
Long Distance VoIP Calling Dominates Market Due to Corporate Sector Demand
International long distance VoIP calling occupied a major share of the worldwide VoIP services market in 2013. Corporates are the leading consumers of international long distance VoIP calling services in North America and Europe and the market for this mode of services is anticipated to develop at a steady CAGR of 8.0% by 2020. Long distance VoIP services for international calls dominated the market in 2013 by both revenue and subscriber number and this growth trend is expected to continue during the next few years. Long distance services are expected to attain 62.3% of the global VoIP services market by 2020. In 2013, this segment of VoIP services accounted for 54.9% of the market. In 2013, the major contribution in terms of revenue was from hosted business services offered by the VoIP service providers. This segmented contributed 35.8% of the total revenue generated from the corporate consumers segment.
Europe led the market for VoIP services in 2013, however, the Asia Pacific market is anticipated to contribute considerably to both revenue and number of subscribers during the next few years. The major players in the global VoIP services market are AT&T, Viber Media S.r.l., Ring Central, Microsoft Corporation (Skype), Inc., 8×8, Inc., Sprint Corporation, Avaya, Inc., and Vonage Holdings Corporation.
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