A key trend of the VoIP Services Market is the need of social connectivity

Voice over Internet Protocol (VoIP) is a cost-effective technology to communicate around the world. VoIP uses the internet as a medium for digital signal propagation instead of analog signals. The global VoIP service market is anticipated to exhibit significant growth over 2016–2024. Increasing hybrid cloud communications in small and large enterprises, couple with VoIP’s low maintenance cost with higher flexibility and minimum staff support, are factors anticipated to drive the growth of the global VoIP services market over the forecast period. Demand for VoIP service due to growing need for cloud-based communication services is increasing steadily and can be attributed to various budgetary advantages such as probable per-user monthly fees, low capital expenses, and strategic advantages such as uniformity across a network and ease of adding future innovations.

To understand and assess opportunities in this market, the report is categorically split into three sections, namely market overview, market analysis, and market dynamics by call type, end use, configuration, service, and region. The report analyzes the global VoIP service market in terms of market value (US$ Bn) and a number of subscribers (Mn).

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In the same section, Persistence Market Research (PMR) covers the global VoIP service market performance on the basis of adoption of services in terms of value and number of subscribers, respectively. This section includes PMR’s analysis of key trends, drivers, and restraints from the macroeconomic perspective. Impact analysis of key growth drivers and restraints, based on the weighted average model, is included in this report to better equip clients with exclusive decision-making insights.

In this report, the global VoIP services market is tracked in terms of both value and number of subscribers. The global VoIP services market is projected to increase from US$ 94.1 Bn by 2016 end to US$ 194.5 Bn by 2024, increasing at a CAGR of 9.5% over 2016–2024. Increasing hybrid cloud communications in small and large enterprises is anticipated to drive growth of the global VoIP services market over the forecast period. Demand for VoIP services is rising gradually owing to low maintenance cost with higher flexibility and minimum staff support. Some benefits of VoIP include the presence of services over cloud and its uninterrupted and highly-trusted communication services to consumer. Increasing Internet penetration in semi-urban and satellite cities is further fueling growth of the VoIP services market currently.

One of the major restraints for growth of the VoIP services market is that VoIP provides low service quality due to variable latencies and dropped packets that lead to low public acceptance of VoIP services by individual/residential users, thereby limiting its demand. Also, despite the presence of numerous VoIP service providers, there are many providers whose contract proposals are unsatisfactory or limits customer choices, keeping customer occupied in the same plan or contract. These factors are anticipated to restrain growth of the VoIP services market over the forecast period.

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