Press release
Global SIP Trunking Services Market: Rapid Growth and Key Market Forecasts
Session Initiation Protocol (SIP) Trunking Services Market Size
What Is The Projected Market Size Of The Global Session Initiation Protocol (SIP) Trunking Services Market And Its Growth Rate?
• The SIP trunking services market will grow from $16.75 billion in 2024 to $18.67 billion in 2025 at a CAGR of 11.4%.
• The growth by 2029 is expected to reach $31.69 billion at a CAGR of 14.1%.
What Is Driving The Growth In The Session Initiation Protocol (SIP) Trunking Services Market?
The reduction in communication costs is contributing to the growth of the SIP trunking services market. Switching to SIP provides businesses with several benefits such as low cost, flexible bandwidth allocation, better video and audio quality. According to Atlantech Online, a US-based company offering telephone, internet, and data center services to businesses and government organizations, companies can save up to 20% to 60% of their communication costs by switching to SIP. Therefore, the reduction in communication costs is likely driving the market growth.
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Who Are the Key Players Driving Session Initiation Protocol (SIP) Trunking Services Market Growth?
• 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
What Are The Key Trends In The Session Initiation Protocol (SIP) Trunking Services Market?
• Rapid growth in VoIP
• Rising adoption of cloud-based SIP trunking services in developing regions
• Strategic collaboration with technology-players
• Additional developments towards existing products to increase flexibility and usability of the trunking services
• Strategic acquisition of established or innovative companies in the industry
What Are The Segments Of The Global Session Initiation Protocol (SIP) Trunking Services Market?
• By Type: Hosted, On-Premise
• By Organization Size: Small Businesses, Mid-Sized Businesses, Large Enterprises
• By End-User: BFSI, Healthcare And Life Sciences, Telecommunications And IT, Government And Public Sector, Manufacturing, Consumer Goods And Retail, Media And Entertainment, Others
Which Region Leads The Session Initiation Protocol (SIP) Trunking Services Market?
In 2024, North America was the largest region in the Session Initiation Protocol (SIP) trunking services market, followed by Europe. The market report also covers Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Session Initiation Protocol (SIP) Trunking Services Market Global Market Report?
- Market Size Analysis: Analyze the Session Initiation Protocol (SIP) Trunking Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Session Initiation Protocol (SIP) Trunking Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Session Initiation Protocol (SIP) Trunking Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Session Initiation Protocol (SIP) Trunking Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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