Press release
Voice over Internet Protocol (VoIP) Services Market Key Driving Factors, Market Scenario and Forecast 2018-2026
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The Voice over Internet Protocol Services is a communication platform that permits user to make calls over internet connection instead of conventional analog telephone lines. Increasing trend of bring your own device is one of the major factor for growth of the market. Most of the companies have implemented this services, owing to advantages such as employees satisfaction, increasing productivity, and cost saving. Furthermore, constant changes in work location and time zone barriers have increased the demand for BYOD trend in the organizations. BYOD allows for greater flexibility in working across borders, especially for people working on the go.
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.
Corporate user is projected to hold the dominant position in 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.
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Key Companies - Global Voice over Internet Protocol Services Market
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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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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