SIP Trunking Services Market is likely to expand swiftly, registering a strong CAGR of 20.6% from 2016 to 2024.
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The use of SIP Trunking services in BFSI, Telecom and IT, Healthcare, Retail, Government, transportation, media and entertainment and many other sectors will propel the global SIP Trunking Services market. These sectors are set to create numerous growth opportunities.
The prominent players in the global SIP trunking services market include Flowroute, Inc., 3CX Ltd., Nextiva, Inc., XO Communications LLC, Twilio, Inc., 8X8, Inc., and KPN International N.V.
sip-trunking-services-marketThe Asia Pacific (APAC) Region to Be a Lucrative Market in the Forecast Period
North America will dominate the market owing to high level of adoption by businesses and the presence of an established network infrastructure. Besides the high concentration of IT and Telecom organizations in the region will also contribute positively. But, on the other hand, it is Asia Pacific that will generate a reservoir of untapped opportunities in the global SIP Trunking Services market.
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The reason for the lucrativeness of this region is attributable to countries like Japan that are technologically advanced and are leading to greater adoption of SIP trunking. Also, countries like China, India and the Philippines are anticipated to drive the market forward with the increase in investment in the commercial sector and infrastructural development projects. Besides, the increase in BPO units is in this region will propel market growth. It will be the fastest growing regional segment in the global SIP trunking services. Therefore, it comes as no surprise that vendors are now focusing on areas like Hong Kong, India, the Philippines, Australia, and Singapore. The TMR analyst observes that for the market as a whole, "Hosted SIP trunking services, however, are anticipated to overtake on-premise services by 2024 to account for a share of over 51%."
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Initiatives to Resolve Security and Interoperability Issue to Drive Market Forward
One of the primary factors behind growth of SIP trunking services in Europe, North America and Asia Pacific is the migration of telecom companies to IP (Internet Protocol) en masse. "Several established players are taking initiatives to shift their customers to IP networks owing to the benefits of SIP trunking over traditional telephony services," the author of the TNR study notes. For example, in 2014, Slovak Telekom, which is a part of Deutsche Telekom Group, migrated the whole customer base to IP. And, it is not the safety aspect of it that it covers. It also allows for scalability so that companies can include more channels in extant trunks. All this favors market growth. "Data breach and interoperability issues are some of the key challenges that the SIP trunking services market is faced with in North America, Europe, and Asia Pacific," the TMR analyst observes.
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