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Voice over Internet Protocol (VoIP) Market: Transformative Trends and Competitive Insights Fuel Market Expansion
Voice over Internet Protocol (VoIP) Market
As per the report, the voice over internet protocol (voip) market size has grown rapidly in recent years. It will grow from $119.14 billion in 2023 to $134.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The voice over internet protocol (voip) market size is expected to see rapid growth in the next few years. It will grow to $229.83 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%.
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5G Technology's Adoption Fuels Voice Over Internet Protocol (VOIP) Market Growth
The growing adoption of 5G technology is expected to drive the growth of the voice over internet protocol (VoIP) market in the coming years. 5G provides faster transmissions, lower latency, and the ability to connect a larger number of devices by providing gigabyte rates, which will provide enough bandwidth for VoIP. As a result, a growing number of businesses are switching to VoIP to replace their outdated PSTN phone systems. Switching to VoIP improves call quality and dependability while lowering call and infrastructure costs significantly. For instance, according to vXChnge, a US-based colocation and data center service provider, by 2024 5G networks are projected to cover 40% of the world, handling 25% of all mobile traffic data. Therefore, the growing adoption of 5G technology propels the VoIP market growth.
Increasing Focus On Enhancing Customer Satisfaction To Gain A Competitive Edge
Major companies operating in the voice over internet protocol (VoIP) market are focused on enhancing customer satisfaction to gain a competitive edge in the market. Voice over Internet Protocol (VoIP) enhances customer satisfaction by providing cost-effective, clear, and convenient communication, ensuring better service accessibility and responsiveness. For instance, in May 2021, Bolt Technology OÜ., an Estonia-based transport company, introduced a Voice Over Internet Protocol (VoIP) feature to enhance communication between riders and drivers. This new functionality allows riders and drivers to make phone calls over the internet, eliminating the need for traditional phone services. The VoIP feature not only improves safety and trust when riders interact with drivers but also prioritizes the protection of user data.
The voice over internet protocol (voip) market covered in this report is segmented -
1) By Type: Integrated Access Or Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX
2) By Access Type: Phone To Phone, Computer To Computer, Computer To Phone
3) By Call Type: International VoIP Calls, Domestic VoIP Calls
4) By Medium: Fixed, Mobile
5) By End User: Consumers, Small And Medium Businesses, Large Enterprises
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Major companies operating in the voice over internet protocol (voip) market report are Verizon Communications Inc., Comcast Corporation, Orange S. A., AT&T Inc., Charter Communications Inc., Vonage Holdings Corp., Altice USA Inc., Teléfonos de México S. A. B. de C. V., Cox Enterprises Inc., Rogers Communications Inc., Sprint Corporation, TalkTalk Group plc, RingCentral Inc., Patton LLC, San Antonio Telephone Co., OneVoice Communications Inc., Avaya Inc., Cisco Systems Inc., Deutsche Telekom AG, Microsoft Corporation, Mitel Networks Corporation, Nextiva Inc., 8x8 Inc., CallHippo, Dialpad Inc., Evolve IP LLC, Frontier Communications Corporation, Google LLC, LogMeIn Inc., Intermedia. net Inc., MegaPath, Momentum Telecom Inc., NetFortris Inc., Ooma Inc., Star2Star Communications, TPx Communications, T-Mobile US Inc., Telenor ASA, Telecom Italia S. p. A., KT Corporation
Contents of the report:
1. Executive Summary
2. Voice over Internet Protocol (VoIP) Market Report Structure
3. Voice over Internet Protocol (VoIP) Market Trends And Strategies
4. Voice over Internet Protocol (VoIP) Market - Macro Economic Scenario
5. Voice over Internet Protocol (VoIP) Market Size And Growth
…..
27. Voice over Internet Protocol (VoIP) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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