Voip Phone Systems Market is projected to reach US$56.23 billion by 2032, demand and future scope with Russia-Ukraine Crisis Impact Analysis -Nextiva, RingCentral, Jive Communications, Vonage Business, Dialpad, 8x8, Ooma, FluentStream, net2phone, Versatur

VOIP Services Market size was valued at US$ 2.1 Billion in 2021 and is projected to reach US$56.23 billion by 2032 at a CAGR of 16.2% during the forecast period 2021-2032. High penetration of smartphones and the growing demand for new-age unified communication services such as federated VoIP are set to drive the VoIP Services market. The rapid migration of business organizations from plain old telephone service (POTS) to VoIP or IP telephony systems for a connected and cost-effective infrastructure is boosting the market growth. According to Microsoft, Microsoft Team users use their collaboration solution for more than 2.7 billion minutes each day and based on global market insights, it is reported that 85% enterprises have already shifted towards cloud-based VoIP services. With the increasing penetration of remote working and BYOD trends, the demand for VoIP services is analyzed to accelerate the market during 2021-2032. Increasing penetration of instant messaging platforms such as Whatsapp, Facebook Messenger, WeChat is also estimated to propel the market growth during 2021-2032.

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VOIP Services Market Segment Analysis - By Communication Type
By Communication type, VoIP Services Market has been segmented into the computer to computer, computer to phone, and phone to phone. Computer to the phone has dominated the market in 2020 acquiring a share of 42% and is estimated to hold the major market share during 2021-2026 owing to the growing demand for cloud-based VoIP services among business customers. Phone to phone segment is analyzed to be the fastest-growing market with a CAGR of 12.43% during the forecast period 2021-2026 owing to the growing adoption of portable devices such as smartphones and tablets and increasing penetration of BYOD trends in workplaces. According to reports, in May 2020, VoIPStudio announced to expand business-grade communication with an emergency calling feature to provide full access to public safety organizations enhancing its regulatory compliance. Such developments are set to propel the market growth during 2021-2026.

VOIP Services Market Segment Analysis - By End User
By end-user, VoIP Services Market has been segmented into the industrial, commercial, and residential sectors. The industrial sector dominated the market acquiring a share of 52% in 2020 and is analyzed to hold the major market share during the forecast period 2021-2026 owing to increasing demand for next-generation unified communication in various industry verticals. The increasing demand for international distance calls among corporate consumers has accelerated market growth. In the industrial sector, IT & Telecommunication is estimated to hold the largest market share during 2021-2026. In February 2020, Vonage, a VoIP and unified communication service provider announced the partnership with Qunifi for Microsoft Teams integration to keep employees and clients connected all the time. In September 2020, Dialpad, a VoIP provider announced the completion of the acquisition of Highfive to expand business communications and enhance unified communication as a service model. Such acquisitions and partnerships are anticipated to boost the market during 2021-2026.

Major Key players profiled in the report include:
Nextiva, RingCentral, Jive Communications, Vonage Business, Dialpad, 8x8, Ooma, FluentStream, net2phone, Versature

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VOIP Services Market Drivers
Increasing migration towards VoIP services from traditional telephone systems in the corporate sector
The growing need among business organizations to use data and voice communications simultaneously over a single packet-switched network for enhancing their digital business strategies is set to drive the market. VoIP services do not require additional charges for long-distance international business calls unlike traditional plain old telephone services (POTS). Integration of IoT with company VoIP systems to streamline work processes is boosting business efficiency. The increasing demand for web conferencing in corporate sectors for facilitating collaboration of different teams for business purposes is fueling the market growth. Growing demand for cloud-based wireless communication infrastructure for optimizing productivity and achieving flexible connection is driving the market. Increasing penetration of remote working, BYOD trends is accelerating demand for VoIP services. VoIP service offers unified communications such as phone calls, instant messaging, e-mail, faxes, web conferences over a single network infrastructure with a low maintenance cost, optimized bandwidth efficiency, and scalability. Such advanced benefits are analyzed to drive the market during the forecast period 2021-2026. In November 2020, Ribbon Communication announced that Vivo will be deploying Ribbon's SBC software for increasing the operational efficiency of VoIP services. In December 2020, Nextiva launched NextOS to integrate AI, IoT with VoIP services to deliver a fully integrated communication platform for business organizations. Such developments are set to drive the market.

Increasing demand for instant messaging services
The increasing adoption of real-time messaging solutions as the primary digital communication platform to stay connected all the time has significantly triggered the growth of VoIP services market. Moreover, using instant messaging apps as customer service channels to solve customer queries or providing service information is fueling VoIP market growth. Many B2C service providers are using this feature-rich digital messaging platform as an advertising and digital marketing platform to promote their brands and drive purchases. Such interactive, two-way communication channels are propelling the market growth in a direct, cost-effective, and accessible way. On the other hand, with high penetration of social media applications globally, the demand for VoIP services has gained huge traction. In December 2020, VoIP service firm ClearlyIP announced the complete acquisition of Telrad Technology group for an undisclosed amount. In December 2020, Ring Central announced to completely acquire DeepAffects for delivering an AI-enabled enhanced meeting experience for its customers. Such acquisitions are propelling market growth.

VOIP Services Market Challenges
Limited network speed and privacy concerns
The adoption of VoIP services requires a high-speed internet connection to deliver efficient and smooth services. Poor network connection results in interrupted communication and poor quality calls which is a major challenge for this technology adoption. According to Intermedia, high internet speed, and consistent, reserved amount of bandwidth only deliver optimal results for VoIP services. Moreover, the privacy concerns such as security breaches, cyber-attacks among enterprises and individuals while using VoIP services are hampering the adoption. However recent investments towards IT infrastructure and cyber-security are set to offset this challenge and promote healthy growth during 2021-2026.

VOIP Services Market Landscape
Product innovations, acquisitions, Partnerships, and R&D activities are key strategies adopted by players in the VoIP Services market. In 2020, the market of VoIP Services industry outlook has been fragmented by several companies. VoIP Services top 10 companies include Ribbon Communication, Orange S.A., Verizon Communications, 8X8 Inc., Deutsche Telecom, Nextiva, Citrix System Inc., RingCentral Inc., Grasshopper, Microsoft Corporation, AT&T Inc. among others.

Acquisitions/Product Innovations
In December 2020, Thompson Street Capital Partners completed the acquisition of SkySwitch, a VoIP solution provider.
In October 2020, Viasat launched VoIP services for SMBs for efficient cost reduction.
In September 2020, Microsoft launched Azure Communication Services to expand VoIP platform.

Market split by Type, can be divided into:
Cloud-based, On-premises.

Market split by Application, can be divided into:
Small and Medium Enterprises (SMEs), Large Enterprises

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Promoting Use of TruCaaS in BFSI, Healthcare, and Government Sectors
Companies are focusing on adopting alternate distribution channels such as online sales to strengthen their market presence globally. Key players of the VoIP services market are innovating in cloud communication platforms to provide truly unified Communications as a Service (TruCaaS) experience to businesses.

Prominent players in the VoIP services market are expanding their presence in Europe by providing seamless unified communication solutions to businesses. These market players are entering into mergers and acquisitions (M&As) to introduce conference call solutions and VoIP platforms for different end users like in the BFSI, healthcare and government sectors.

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VoIP Services Market: Overview
The latest research report published by Transparency Market Research pertains to the global VoIP services market for the historical period 2016-2020, and the forecast period 2021-2031
Increasing adoption of residential and business lines among various end users is expected to boost the VoIP services market during the forecast period
Rising adoption of cloud-based voice over internet protocol (VoIP) services in the healthcare sector to improve the efficiency of communication services between a company and customers is estimated to boost the VoIP services market during the forecast period.
Growing penetration of VoIP services in different industry verticals reduces the communication related cost of small and medium size businesses up to 90%. This factor is expected to drive the growth of the VoIP services market during the forecast period.
Increasing Penetration of Smartphones: Key Driver of VoIP Services Market
Rising focus on development in the telecommunication sector has prompted communication service providers to offer services including voice, data, video, and multimedia to users
In recent years, smartphones and internet have become an integral part of businesses & industries due to various applications and features available in smartphones which can be used by the consumer for business purposes. This helps to pair mobile applications with the VoIP system of an organization to stay connected with all the employees.
Increase in use of smartphones at workplaces delivers comprehensive communication services to clients via Internet. It enables mobility and flexibility for employees to work from anywhere and at any time, which helps companies reduce the cost and further helps to save money on local and international calls by integrating video conferencing and instant messaging systems.
Rising penetration of smartphones and increasing availability of advance network infrastructure for domestic and international calls across various industry verticals in the past few years is anticipated to propel the demand for VoIP services all over the globe during the forecast period
Availability of high-speed Internet connections has a huge impact on the adoption of VoIP services among various industry verticals
According to FCC, VoIP calls require minimum internet speed of less than 0.5 Mbps to provide quality VoIP services to clients and is directly affected by the number of customer requests made
Rising penetration of telecom operators in South Africa in the past few years is expected to increase the adoption of VoIP services in the region. This is a key factor likely to boost the penetration of smartphones and Internet services in South Africa.
According to State of the ICT Sector Report 2020, penetration of smartphones in South Africa reached 91.2% in 2019 as compared to 81.7% in 2018
Incorporation of 5G Network
Increasing penetration of 5G networks for advancement of IT infrastructure helps to improve the download and upload speed of Internet in smart devices such as smartphones, computers, and other mobile devices
The 5G network technology provides greater speed which is expected to prevent the packet loss of VoIP services and supply better bandwidth as compared to 3G and 4G networks. The bandwidth for 5G network can be adjusted as per requirement, which further helps to deliver quality VoIP services to customers.
Integration of 5G networks with VoIP services with better Internet coverage helps to provide virtual reality (VR) and augmented reality (AR) solutions to small and large enterprises. This factor is likely to help increase the adoption of VoIP services among small and large enterprises during the forecast period.
Various VoIP service providers are entering into partnership with 5G network providers by offering significant services to customers to improve the video conferencing experience
The 5G network providers are thus expected to generate significant opportunities for the adoption of VoIP services during the forecast period

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