SIP Trunking Services Market
SIP Trunking Services Market (End-use type - Banking, Financial services and Insurance (BFSI), Telecom & IT, Health Care, Retail, Media & Entertainment, Government, Education) - North America, Europe, and Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Press Release :
SIP Trunking Services Market: Snapshot
Session Initiation Protocol (SIP) trunking services have been gaining popularity in various industrial sectors owing to their cost benefits over traditional telephony systems. The SIP trunking services market in North America, Europe, and Asia Pacific is expected to reach US$20.70 bn in revenue by 2024, rising from US$4.47 bn in 2015. If these values hold true, the market is estimated to expand at a CAGR of 18.6% during the forecast period of 2016 to 2024.
The market has been witnessing a steady rise in competition with telecom companies, network providers, and SIP vendors emphasizing on expanding their service offerings in different regions to explore untapped opportunities in potential markets.
SIP Trunking Services Continue to be Used Extensively in IT and Telecom Sector
SIP trunking services find application in several sectors such as BFSI, telecom and IT, healthcare, retail, government, media and entertainment, education, transportation, and manufacturing. The IT and telecom sector led the SIP trunking services market in 2015 and is expected to continue its lead throughout the forecast period. The rapid growth of the IT sector and the continuous development in business process outsourcing (BPO) have significantly contributed to the widespread application of SIP trunking services across different regions.
The healthcare, retail, and education segments are anticipated to present several growth opportunities for SIP trunking service vendors in the coming years. In terms of adoption of SIP trunking services, the retail sector is likely to expand swiftly, registering a strong CAGR of 20.6% from 2016 to 2024.
Asia Pacific Identified as High-potential Market for SIP Trunking Services
SIP trunking services have been predominantly adopted by businesses in North America. The region led the SIP trunking services market in 2015, with the U.S. emerging as the key contributor to market in North America. The established network infrastructure in the country and the high concentration of IT and telecom organizations aid the adoption of SIP trunking services in the U.S. A rise in the number of contact centers across North America also favors the SIP trunking services market.
Asia Pacific is anticipated to be a high potential market for SIP trunking services during the forecast period. Technologically advanced countries such as Japan are the leading contributors to the adoption of SIP trunking services in the region. The rising investments in the commercial sector and several on-going network infrastructure developments in developing countries such as China, India, and the Philippines are anticipated to drive the SIP trunking services market in Asia Pacific through 2024.
The growth of business process outsourcing (BPO) in these countries is projected be a vital factor contributing to the adoption of SIP trunking services. Major vendors are focusing on strengthening their presence in Asia Pacific by targeting potential markets in countries such as Hong Kong, India, the Philippines, Australia, and Singapore.
The key companies in the SIP trunking services market include Flowroute, Inc., 3CX Ltd., Nextiva, Inc., XO Communications LLC, Twilio, Inc., 8X8, Inc., KPN International N.V., Allstream, Inc., ShoreTel, Inc., Level 3 Communications, LLC, NTT Communications Corporation, Digium, Inc., and Sangoma Technologies Corporation.
The SIP trunking services market report provides analysis for the period 2014–2024, wherein the period from 2016 to 2024 is the forecast and 2015 is the base year. The report covers all the major trends and technologies playing a key role in the SIP trunking services market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market’s growth during the said period in terms of revenue (in US$ Bn), across the geographies including North America, Europe, and Asia Pacific. North America comprises of the U.S. and Canada, while the Europe region covers the U.K., Germany, France, Spain, Italy, and rest of Europe. Furthermore, the Asia Pacific region is divided into China, Hong Kong, India, Indonesia, Philippines, Singapore, Australia, and rest of Asia Pacific.
The market overview section of the report outlines the drivers, restraints, and opportunities that influence the current nature and future standing of this market. An impact analysis of key trends has also been provided for every geographic region in the report in order to give a thorough analysis of the overall state of the SIP trunking services market, globally. Moreover, the report provides an overview of the various strategies of key players in the market.
The report segments the North America, Europe, and Asia Pacific SIP trunking services market on the basis of deployment into on-premise and hosted. Furthermore, on the basis of end-use the SIP trunking services market is divided banking, financial services and insurance (BFSI), telecom & IT, health care, retail, media and entertainment, government, education and others (transportation and manufacturing).The report emphasizes on covering the impact of SIP trunking services on the business process outsourcing (BPO) industry. Furthermore, the report provides price trend analysis that includes installation/set-up cost, maintenance cost, and permit cost in North America, Europe and Asia Pacific regions. The report emphasizes on covering the price trends in 2015 and also projects the estimated prices during the forecast period. The prices are analyzed on the basis of prices offered by key players in North America, Europe, and Asia Pacific region. Moreover, considering the competition in the market, supply-demand ratio, and macro and micro economic factors the prices are estimated for the forecast period. Thus, the report provides in-depth cross-segment analysis of the SIP trunking services market and classifies it at various levels, providing valuable insights at the macro and micro levels.
The report also highlights the competitive landscape of the SIP trunking services market, positioning all the major players according to their geographic presence, solutions/services offered, focus on research and development, and key recent developments. The comprehensive SIP trunking services market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the SIP trunking services market’s growth.
The major companies profiled in SIP trunking services market study include Flowroute, Inc., 3CX Ltd., Nextiva, Inc., XO Communications LLC, Twilio, Inc., 8X8, Inc., KPN International N.V., Allstream, Inc., ShoreTel, Inc., Level 3 Communications, LLC, NTT Communications Corporation, Digium, Inc., and Sangoma Technologies Corporation. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
The SIP trunking services market is segmented as below:
SIP Trunking Services Market
- Telecom and IT
- Health Care
- Media and Entertainment
- Others (Transportation and Manufacturing)
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Hong Kong
- Rest of APAC