Voice Over Internet Protocol Market : Global Market Size and Forecast 2019-2025
Posted by pranshu@95 on September 26th, 2019
The Global Voice Over Internet Protocol (Voip) Market is growing at a significant CAGR during the forecast period. VoIP is a technology which is used to make calls using a broadband internet connection instead of the traditional phone line. Some VoIP services allow the same service connection that is a person can call only on the same network. However, some services provide calling on other telephone numbers such as local, long-distance, mobile and international numbers. There are various ways to connect over VoIP services such as using VoIP based phones, traditional phones with VoIP adapters and computers using dedicated software’s.
The major factors driving the growth of voice over internet protocol (VoIP) market are an increase in awareness about the benefits of VoIP technology and increased video & audio communication experience. Moreover, organizations are adopting new ways to reduce initial setup cost and regular hardware maintenance cost by installing in-house VoIP systems on account of which demand for managed VoIP is increasing. Increase in popularity of applications such as Line, WhatsApp, Skype, WeChat, Telegram and so on has a tremendous contribution to the growth of the market.
Rising smartphone penetration has a significant role in the growth of the market. Further, VoIP service providers have introduced affordable calling plans for domestic and international calling, which is further fueling the market growth and it ultimately resulted in rising in demand for IP phone systems as well. IP phone system offers advanced functionalities such as call waiting and routing options, which are not available on traditional phones.
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Private agencies across the globe are investing the heavy amount in the expansion of new cellular networks such as 4G/LTE and upcoming 5G networks, hence assisting in the growth of the VoIP market. Moreover, the rise in investment in the R&D projects and surge in technological advancements are anticipated to significantly drive the VoIP industry. Government regulations regarding the expansion of VoIP and the adoption of cloud-based VoIP solutions are further expected to assist in market growth. Adoption of cloud-based solutions will increase during the forecast period, as a cloud-enabled phone system enables organizations to manage communication cost very effectively and further eliminates the need for investing in hardware equipment.
The key players dominating the global voice over internet protocol (VoIP) market include Telecom Italia, Deutsche Telekom AG, AT&T, T-Mobile US, Inc., Vonage Citrix, Orange S.A., Verizon KT (Korea Telecom) Corporation, Microsoft Corporation, and Telenor. The companies are focusing on various strategies including mergers and collaborations and geographic expansion, to cap the increasing customers. For instance, in January 2019, Jabra and Audiocodes joined hands with each other to provide solutions for unified communication and contact center voice. The partnership has enabled both companies in accelerating deployments and user adoption of IP based solutions.
Global Voice over Internet Protocol Market - Segmentation
By Access Type
The Voice over Internet Protocol Market –Regional
Rest of the World
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Joined: June 17th, 2019
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