VoIP Services Market to Surpass Valuation of US$ 278.53 Bn by 2031: Transparency Market Research

VoIP Services Market: Introduction

Transparency Market Research delivers key insights on the global VoIP services market. In terms of revenue, the global VoIP services market is estimated to expand at a CAGR of 11.9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global VoIP services market.

Voice over internet protocol (VoIP) is the communication technology that allows customers to interact with each other over an internet connection through various communication mediums such as voice, chat, and emails. VoIP services can be transferred through phones, computer, and by using other smart devices. Cost-effective VoIP services enable video calls, conference calls, and webinars over VoIP phones and computer and reduces the hardware and communication cost of startup companies. This factor is estimated to propel the demand for the adoption of VoIP services among various industry verticals. Increasing demand for SIP trunking services to manage multimedia communications channels in the IT & telecom sector is projected to drive the VoIP services market.

VoIP services help to connect domestic as well as international calls over an internet connection through various VoIP service providers. This helps to replace the circuit-switched telephony services used by the traditional public switched telephone network (PSTN) to improve efficiency and productivity. Furthermore, increasing adoption of VoIP technology in the BFSI sector helps to improve the quality of calls for better customer experience, which is likely to increase the demand for VoIP services during the forecast period.

VoIP Services Market: Dynamics

VoIP services are enabling rapid transformation in terms of services offered by the telecommunication sector over the last few years. Adoption of 5G network services among various end-users to deliver significant VoIP services over a high speed network is expected to propel the growth of the VoIP services market during the forecast period. As some VoIP services do not have power backup, this factor leads to delay in the delivery of VoIP services to customers. This is considered a major restraining factor of the VoIP services market.

VoIP Services Market: Prominent Regions

The VoIP services market in North America is expected to account for largest share during the forecast period due to rising adoption of VoIP services in the e-commerce sector in the U.S. and Canada which is anticipated to drive the market during the forecast period. Another factor responsible for the dominance of North America is the presence of major VoIP services market players in the region. Hence, North America is fueling the growth of the VoIP services market.

The market in Asia Pacific is likely to expand at the highest CAGR during the forecast period due to increasing investment by governments to deliver significant communication services to customers in the IT & telecom sector through technological innovations in different countries such as India, China, and Japan to increase the adoption of VoIP services. Hence, demand for VoIP services is expected to grow in the region during the forecast period. The VoIP services market in Europe is anticipated to rise at a moderate CAGR during the forecast period. Increasing demand for alternate communication services for traditional phone systems to earn significant profit from the telecom operator is expected to boost the adoption of VoIP services among different end-users.

VoIP Services Market: Key Players

Key players operating in the global VoIP services market are 8×8, Inc., 3CX, AT&T, Avaya, Dialpad, Inc., GoTo, InPhonex, LLC., Ooma, RingCentral, Inc., Microsoft Corporation, Mitel Networks Corporation, Nextiva, Inc., Vonage Holdings Corporation, Verizon Communications Inc., and Viber Media, Inc.

Global VoIP Services Market: Segmentation

VoIP Services Market, by Type

  • Session Initiation Protocol (SIP) Trunking
  • Hosted IP PBX
  • Managed IP PBX

VoIP Services Market, by Access Type

  • Phone to Phone
  • Computer to Phone
  • Computer to Computer

VoIP Services Market, by Call Type

  • International VoIP Calls
  • Domestic VoIP Calls

VoIP Services Market, by Industry Vertical

  • IT & Telecom
  • Healthcare
  • BFSI
  • Retail
  • Hospitality
  • Government & Public Sector
  • Education
  • Manufacturing
  • Others

VoIP Services Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Rest of Middle East & Africa (MEA)
  • South America
    • Brazil
    • Argentina
    • Rest of South America

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