Press release
Global VoIP Services Market Set for Rapid Growth, to Reach Around US$ 194.5 Bn by 2024
Currently, the global VoIP services market is mainly driven by factors such as low maintenance cost with higher flexibility and minimum staff support, along with wider connectivity, increasing internet penetration in semi-urban and satellite cities as the internet is a basic tool and a global platform to make a business grow fast and in a more economical way. However, factors such as fluctuations in internet quality may affect market growth and can be a prominent restraint. During peak hours, the network may be congested due to many subscribers using internet services in a locality through single-cable network line and unsatisfactory contract proposals are some of the major factors expected to restrain growth of the global VoIP services market during the forecast period.
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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.
In 2015, among the various call types, international long-distance VoIP calls segment was valued at US$ 50.4 Bn and is estimated to reach US$ 55.8 Bn by the end of 2016. The whole VoIP services market for call types was valued at US$ 85.9 Bn in 2015, and is estimated to reach US$ 94.1 Mn by the end of 2016.
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In 2015, individual user segment accounted for 32.8% volume share of the overall market and is expected to increase to 34.1% by the end of 2024. In terms of value, the segment is expected to expand at the highest CAGR of 10.1% over the forecast period, followed by corporate user segment.
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