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The Market for VoIP Services is Anticipated to Expand at a CAGR of 9.5% by 2024

02-03-2023 03:39 AM CET | IT, New Media & Software

Press release from: Persistence Market Research

VoIP Services Market

VoIP Services Market

According to Persistence Market Research, the market for VoIP services would increase from its 2015 value of US$ 85.9 billion to US$ 194.5 billion by 2026, growing at a CAGR of 9.5%. "Global Market Study on VoIP Services: Increasing Hybrid Cloud Communications in Small and Large Enterprises to Drive Market Growth throughout the Forecast Period, 2016-2024," reads the report's subtitle.

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Currently, the global VoIP services market is mainly driven by factors such as low maintenance cost with higher flexibility and minimum staff support, along with wider connectivity, increasing internet penetration in semi-urban and satellite cities as the internet is a basic tool and a global platform to make a business grow fast and in a more economical way.

However, factors such as fluctuations in internet quality may affect market growth and can be a prominent restraint. During peak hours, the network may be congested due to many subscribers using internet services in a locality through single-cable network line and unsatisfactory contract proposals are some of the major factors expected to restrain growth of the global VoIP services market during the forecast period.

The global VoIP services market is anticipated to increase at a CAGR of 9.5% in terms of revenue over 2016-2024, to be valued at US$ 194.5 Bn by 2024.

Key Players:

The report has profiled some of the Important players prevalent in the global like - Vonage Holdings Corporation, 8×8 Inc., ShoreTel Nextiva Inc., RingCentral Inc., West Corporation, Verizon Communications Inc., Thinking Phone Networks, Inc., Inphonex LLC, and Phone Power LLC and more.

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In this report, the global VoIP services market has been segmented on the basis of call type, end use, configuration, services, and region. The APAC VoIP services market is expected to account for the highest market value share in the global VoIP services market by 2024 end, followed by Europe. The Latin America VoIP services market is expected to be the fastest growing market over the forecast period.

Growth of the Europe VoIP services market is primarily attributed to the introduction of a large number of small and medium-sized enterprises. Also, expansion of the unified communication market in Belgium is expected to support growth of the VoIP service market in Europe over the forecast period. The VoIP services market in Europe is expected to increase at a CAGR of 8.4% in terms of value over the forecast period.

The North America VoIP services market is expected to witness moderate growth over the forecast period; it accounted for 27.0% value share of the overall market in 2015 and is expected to register a moderate CAGR of 8.5% in terms of value over the forecast period. Increasing adoption of bring your own device (BYOD) policy is a major factor expected to drive growth of the VoIP services market in North America.

The report provides detailed information about various market trends and offers analysis and insights about the potential of the global VoIP services market. Furthermore, the VoIP services market is segmented on the basis of call type into international long-distance VoIP calls and domestic VoIP calls. International long-distance VoIP services segment is estimated to be the highest contributor to the global VoIP services market in terms of value share by 2016 end, followed by domestic VoIP call segment.

The VoIP services market has also been segmented on the basis of end use into Individual User and Corporate User. Individual User segment is expected to be the fastest growing segment in the end-use category over the forecast period. The segment is expected to increase at a CAGR of 9.2% over the forecast period in terms of revenue.

Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)

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Key Stakeholders
VOIP Services Market Manufacturers
VOIP Services Market Distributors/Traders/Wholesalers
VOIP Services Market Subcomponent Manufacturers
Industry Association
Downstream Vendors

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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