VoIP Services Market Value to Swing Up US$ 194.5 Billion by 2024

Voice over Internet Protocol (VoIP) is being driven by the growth in advanced technology and development of wireless mobile communication system. Moreover, increasing number of portable devices has led to the development is also resulting in the growing demand for VoIP services. Companies providing VoIP services are also constantly updating their services to compete in the global VoIP services market. Availability of high-speed internet infrastructure for speeding up the process of operation for both individual and enterprise is also contributing to the growth of the global market for VoIP services. Enterprises are also expanding, this expansion is expected to drive the demand for an efficient communication system. One of the major factors driving the growth of the global VoIP services market is the increasing adoption of Bring Your Own Device Policy (BYOD) in the companies. BYOD include laptop, tablets, and smartphones. Meanwhile, companies are also developing mobile applications that can work with Microsoft Excel, Word, and PowerPoint.

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Significant growth in the VoIP services can also be attributed to the increasing usage of advanced portable devices such as phablets. With smartphones replacing computers, companies are focusing on developing VoIP software that can integrate with mobile-specific software and application.

According to the Persistence Market Research, the global market for VoIP services is anticipated to see a strong growth during 2017-2024. By the end of the forecast period, the global VoIP services market is projected to surpass US$190 Billion revenue.

International Long Distance VoIP Calls to Witness Highest Growth in the Global VoIP Services Market

Based on the call type, compared to the domestic VoIP call, international long distance VoIP calls are likely to witness significant growth during 2017-2024. By the end of 2024, international long distance VoIP calls are projected to surpass US$ 120 Billion revenue.

On the basis of service type, Managed IP PBX service is expected to account for the highest share in the global market for VoIP services. Managed IP PBX service is estimated to bring in more than US$ 80 Billion in revenue towards the end of 2024.

Based on the configuration, computer-to-phone is likely to witness the highest growth between 2017 and 2024. Computer-to-phone is also projected to bring in more than US$ 100 Billion revenue by 2024 end.

In terms of end users, a corporate user is likely to emerge as the largest user of VoIP services during 2017-2024. By the end of 2024, corporate users are estimated to exceed US$ 120 Billion revenue.

Asia Pacific to Lead the Global Market for VoIP Services

Geographically, Asia Pacific (APAC) is expected to dominate the global VoIP services market during the forecast period from 2017 to 2024. By 2024 end, APAC is projected to reach close to US$ 100 Billion revenue. The rapid development of network infrastructure and rise in the adoption of 3G and 4G network is driving the demand for VoIP services market.

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Leading Companies in the Global VoIP Services Market

Some of the leading companies in the Global VoIP Services Market are 8x8 Inc., RingCentral Inc., Vonage Holdings Corporation, West Corporation, Microsoft Corporation, Nextiva Inc., Verizon Communications Inc., Inphonex LLC, Thinking Phone Networks, Inc., ShoreTel, and Phone Power LLC.

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