Session Initiation Protocol (SIP) Trunking Services Global Market Report 2024 - By Trends, Share, Size, Growth And Report, Forecast To 2033

The session initiation protocol (sip) trunking services market size has grown rapidly in recent years. It will grow from $13.91 billion in 2023 to $15.31 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to growing adoption of the cloud-based applications in sme's, const-effectiveness in sip trunking, technology development, and strong economic development in emerging markets.

The session initiation protocol (sip) trunking services market size is expected to see rapid growth in the next few years. It will grow to $22.99 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to instant return on investment realization, increasing smart cities, the exponential growth in voip, rising adoption of cloud-based sip trunking services in developing regions, and iot. Major trends in the forecast period include strategic collaboration with technology-players, additional developments towards existing products to increase flexibility and usability of the trunking services, and strategic acquisition of established or innovative companies in the industry.

Market Overview -
Session initiation protocol (SIP) trunking refers to a service offered by a communications service provider that uses the protocol to provision voice over IP (VoIP) connectivity between an on-premises phone system and the public switched telephone network (PSTN). SIP trunking service is used for call establishment, administration, management, and teardown.

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Role Of Cost Reduction In Driving Sip Trunking Service Market Growth
The reduction in communication costs is contributing to the growth of the SIP trunking service market. Switching over to SIP (session initiation protocol) provides benefits to businesses such as lower cost, flexible bandwidth allocation, better video and audio quality, and so on. According to Atlantech Online, a US-based company offering telephone, internet, and data center services to business and government organizations, on average a company can save up to 20% to 60% of the communication cost by switching to SIP. The SIP call charges are lower ranging from $1.67 to $15 per month per channel. Therefore, the reduction in communication costs is expected to drive the growth of the SIP trunking service market over the coming years.

Competitive Landscape -
Major companies operating in the session initiation protocol (sip) trunking services market report are AT&T Inc., Verizon Communications Inc., Lumen Technologies, Inc., Twilio Inc., GTT Communications, Inc., BT Group plc, Vonage, Mitel Networks Corporation, Bandwidth Inc., Sangoma Technologies Corporation, Calncall, SingTel, MyRepublic, Netpluz, AlienVoIP, Invite Communications, VoIP Unlimited, OBM Automation Private Limited, GoVOIP, OnSIP, RingCentral MVP, Sonetel, VND Solutions Limited, Insider Telemax, T-Max, Optimal Technology Ltd, China Mobile Limited, A-Z Telecom, Telnyx, Atos SE, Deutsche Telekom, Babble Cloud, Gamma, Spitfire, TalkTalk Business, Xinix, Zen, Mango Office, AstraQom, Beeline, MCN Telecom, Amazon Web Services, Inc., Microsoft, Apprenda Inc., Red Hat, Inc., Google LLC, Oracle Corporation, DISH Network, Salesforce.com, Inc., Direct Call, Datora, Nvoip, VIVO, Vono, Central IP, Convergia, AVOXI, Net2Phone, Switch2Voip, Cheap SIP Trunking Qatar, Blue lynx, Ooredoo Qatar, Hivoox, 3CX, DIDWW, Telkom Kenya Limited, PBX Kenya, CM.com, ipNX Nigeria Limited, MTN Business, Wanatel South Africa

Emergence Of Cloud-Based Sip Trunking Services In The Sip Trunking Market
Cloud-based SIP trunking service is a key trend gaining popularity in the SIP trunking service market. SIP trunking service providers offer cloud-based SIP or VoIP (Void over IP) that can be bought and maintained virtually without any hassle. It has reduced service costs, the provider takes all the responsibility for SIP trunks, and bandwidth and the best part of a cloud-based SIP trunk is that the system can be accessed from anywhere at any time. For instance, according to Onsip, a unified communication service provider, small businesses that migrate to VoIP might save costs up to 40% on local calls and 90% on international calls.

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Key Segments -
The session initiation protocol (sip) trunking services market covered in this report is segmented -
1) By Type: Hosted, On-Premise
2) By Organization Size: Small Businesses, Mid-Sized Businesses, Large Enterprises
3) By End-User: BFSI, Healthcare And Life Sciences, Telecommunications And IT, Government And Public Sector, Manufacturing, Consumer Goods And Retail, Media And Entertainment, Others

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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