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Voice Over Internet Protocol (VoIP) Services Market: Demand Drivers, Market Share, and Future Outlook
Voice Over Internet Protocol (VoIP) Services Market
Voice Over Internet Protocol (VoIP) Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $236.25 Bn In 2028 At A CAGR Of 11.8% :
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.
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Voice Over Internet Protocol (VoIP) Services Market Major 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 Driver - 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.
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Prominent Trend - 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.
Voice Over Internet Protocol (VoIP) Services Market Players
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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the voice over internet protocol (VoIP) services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice over internet protocol (VoIP) services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Voice Over Internet Protocol (VoIP) Services Market Report Structure
3. Voice Over Internet Protocol (VoIP) Services Market Trends And Strategies
4. Voice Over Internet Protocol (VoIP) Services Market - Macro Economic Scenario
5. Voice Over Internet Protocol (VoIP) Services Market Size And Growth
…..
27. Voice Over Internet Protocol (VoIP) Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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