Voice Over Internet Protocol (VoIP) Services Market 2024 - By Size, Share, Growth, Regional Insights, Analysis Report And Forecast To 2033

The voice over internet protocol (VoIP) services market size has grown rapidly in recent years. It will grow from $134.86 billion in 2023 to $151.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to integration of pbx capabilities into VoIP phone systems for businesses, increasing popularity of web-based apps, increasing demand for alternate communication services, increasing number of onsite hardware.

The voice over internet protocol (VoIP) services market size is expected to see rapid growth in the next few years. It will grow to $236.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to cost and security benefits of moving to the cloud with VoIP, increasing adoption of mobile VoIP solutions, rising smartphone adoption, enhancement of call centers and customer service through VoIP. Major trends in the forecast period include innovation in network technology, integration of 5G networks, rise of mobile VoIP applications, need of mobility in communication solutions, web browsers and mobile devices to conduct voice and video calls.

Market Overview -
Voice over internet protocol (VoIP) services refer to technologies and protocols that enable voice communication and multimedia sessions over the internet. This allows users to make calls using their internet connection rather than relying on traditional phone lines. VoIP services can offer various features such as call forwarding, voicemail, conference calling, and integration with other applications.

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Role Of Remote Workforces In Expanding The Voice Over Internet Protocol Market
The rising adoption of a remote workforce is expected to propel the growth of the voice-over-internet protocol (VoIP) services market going forward. A remote workforce refers to employees working outside a traditional office, often from their homes or other locations. Remote work provides employees greater flexibility in managing their work schedules, allowing them to achieve a better work-life balance. Remote workforces use voice-over-internet protocol (VoIP) services to facilitate real-time communication through voice calls, enhancing collaboration, fostering team cohesion, and enabling seamless interaction regardless of geographical distance or physical office boundaries. For instance, in February 2022, according to AT&T Inc., a US-based telecommunications company, the projected percentage of companies embracing a hybrid work model, where employees alternate between remote and office work, is expected to surge from 42% in 2021 to 81% by 2024. Therefore, the rising adoption of remote workforce drives the growth of the voice-over-internet protocol (VoIP) services market.

Competitive Landscape -
Major companies operating in the voice over internet protocol (VoIP) services market are Alphabet Inc., Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Cisco Systems Inc., Orange S.A., Rakuten Inc., Zoom Video Communications Inc., Twilio Inc., Tata Communications Ltd., RingCentral Inc., Ribbon Communications Inc., Ooma Inc., Aircall SAS, 8x8 Inc., Mitel Networks Corporation, LogMeIn Inc., Nextiva Inc., Intermedia.net Inc., Lifesize Inc., 3CX Ltd., InPhonex LLC, Vonage Holdings Corp., Dialpad Inc., CallCurrent Inc., OpenPhone Technologies Inc., CallTower Inc.

Technological Innovation Driving Growth In VoIP Services Market
Major companies operating in the voice-over-internet protocol services (VoIP) market are focusing on technological innovation, such as cloud communications platforms, to enhance service delivery and user experience. This platform for VoIP services facilitates internet-based voice calling and features through scalable cloud infrastructure. For instance, in July 2021, Dialpad Inc., a US-based software development company, introduced TrueCaaS (communications as a service) with the launch of Dialpad Meetings. This cloud-based communication platform integrates video conferencing, real-time voice intelligence (Vi), and emoji reactions for collaboration. Dialpad Meetings, built on the trusted UberConference platform, introduces features such as HD video conferencing and real-time Voice Intelligence (Vi) for live note-taking and transcription analysis. Additionally, mobile screen sharing allows users to share their screens during phone calls, facilitating quick issue resolution, project collaboration, and virtual walkthroughs without formal meetings or conference calls.

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Key Segments -
The voice over internet protocol (VoIP) services market covered in this report is segmented -
1) By Type: Session Initiation Protocol (SIP) Trunking, Hosted IP PBX, Managed IP PBX
2) By Call Type: International VoIP Calls, Domestic VoIP Calls
3) By Configuration: Computer-To-Computer, Computer-To-Phone, Phone-To-Phone
4) By Industry Vertical: Information Technology (IT) And Telecom, Healthcare, Banking, Financial Services And Insurance (BFSI), Retail, Hospitality, Government And Public Sector, Education, Manufacturing, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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