Voice over Internet Protocol (VoIP) Services Market Emerging Growth by Top Players 8x8, Apple Inc. (FaceTime), Avaya, AT&T Inc., Verizon Wireless, Orange, Deutsche Telekom AG, KT Corporation, Sprint Corporation, Telecom Italia, Telenor, T-Mobile, and Tata

The Voice over Internet Protocol Services market was valued at US$ 92 billion in 2016 and is projected to reach US$ 207.3 billion by 2025. The Voice over Internet Protocol is a communication platform that permits to make calls over internet connection instead of conventional analog telephone lines. The VoIP has become one of the attractive communication option for consumers. The low cost and availability of high speed internet is the major factor driving growth of the market worldwide.

Furthermore, 5G technology plays a major role for the futuristic growth of the Voice over Internet Protocol Services market, owing to features of high speed data processing wherein 5G technology improves the real time communication service, which in turn is increasing the demand for VoIP services.

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Increasing trend of mobile-based VoIP services such as WhatsApp, Line, Viber and Skype, in conjugation with increasing penetration of smartphones plays a major role in the growth of the mobile based VoIP market. According to Coherent Market Insights, in 2017, around 2.3 billion people were using smartphone. However, lack of established internet infrastructure, especially in emerging economies is hindering growth of the global Voice over Internet Protocol Services market.

On the basis of end users, the Voice over Internet Protocol Services market is segmented into corporate user and individual user. The corporate user segment held the dominant position in 2017 and it is projected to retain its dominance throughout the forecast period. In 2017, the corporate user segment generated the revenue of US$ 69.4 billion from US$ 63.4 billion in 2016. The cost reduction is major factor for growth of the segment in VoIP market, as most of the business organizations are implementing the VoIP systems to reduce their operation cost.

Rising adoption of smartphone across the globe is the major factor for growth of the Voice over Internet Protocol (VoIP) Services market. In 2016, Europe was the dominating region in the VoIP Services market. Countries such as Germany, UK, France, Italy, Spain, and Russia contributed to major growth in VoIP Services market. According to Coherent Market Insight in 2017, the VoIP Services market generated revenue of US$ 35.1 billion compared to US$ 32.7 billion in 2016.

According to Statista, during 2016, the number of smartphone users in Western Europe was estimated to be 240.3 million which reached to around 258.1 million people in the year 2017. Therefore, increasing number of smartphone users has enhanced growth of mobile-based Voice over Internet Protocol Services market in Europe.

Major players operating in the global Voice over Internet Protocol Services market include 8x8, Inc., Apple Inc. (FaceTime), Avaya, AT&T Inc., Verizon Wireless, Orange, Deutsche Telekom AG, KT Corporation, Sprint Corporation, Telecom Italia, Telenor, T-Mobile, and Tata Communication

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This release was published on openPR.