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VoIP Services Market Segmentation by Type (Integrated Access, SIP Trunks, Hosted IP PBX, Managed IP PBX, and Others); and by End-User (Retail, Education, Healthcare, BFSI, Government, IT & Telecom, Hospitality, and Others) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of VoIP Services Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • June 2021: Avaya Inc. and RingCentral, Inc. announced a wide range of capabilities for Avaya Cloud Office by RingCentral Unified Communications as a Service (UCaaS) solution. These include several Avaya device-specific improvements allowing easy migration, global expansion features, and additional video, thus extending the customers' ability for connecting across any device and work environment.

  • May 2021: AT&T announced a USD 43 billion deal to merge its content unit WarnerMedia with Discovery. The agreement allows AT&T to form a new media company with Discovery.

Global VoIP Services Market Highlights 2022-2030

The global VoIP services market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, which can be accounted to increasing adoption of cloud-based VoIP services across several enterprises, along with the developments in 5G technology globally. Along with these, VoIP services provide highly cost-effective communication solutions compared to traditional landlines and have a wide range of beneficial features for businesses, which in turn is expected to drive market growth in the coming years. The developments in 5G technology are also expected to boost the demand for VoIP services globally. The growth of the market can also be attributed to factors such as the rising need for improving business productivity, increase security and privacy, and enhance the output of organizations. Furthermore, rapid penetration of internet on a global scale is projected to escalate the use of VoIP services in various sectors. According to the data collected from the International Telecommunications Union, the total internet penetration worldwide was estimated to be 53.6% in 2019, with greater than 86% of the internet users living in developed countries.

VoIP services market Graph

The market is segmented on the basis of type into integrated access, SIP trunks, hosted IP PBX, managed IP PBX, and others, out of which the SIP trunks segment is anticipated to grab the largest share by the end of 2030 on account of the fact that SIP trunks allow VoIP users to benefit from shared lines and increase their communication flexibility. Moreover, SIP trunks can lead to considerable savings of costs as it reduces the need for hardware and physical phone lines, which is also projected to contribute to the growth of the segment during the forecast period.

Based on end-user, the IT & telecom segment in the global VoIP services market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the wide-ranging use of VoIP services in the IT & telecom industry for resolving customer queries effectively, analysing key metrics with the help of call analytics, handling high call traffic, and providing multiple phone lines to BPOs. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Research and Development Expenditure Graph

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global VoIP Services Market Regional Synopsis

Geographically, the global VoIP services market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising number of smartphones and internet users, and the consequent focus of companies on providing mobile VoIP solutions in the developing countries of the region such as China and India. Furthermore, the market in North America is evaluated to occupy the largest share during the forecast period, ascribing to increasing technology advancements and greater adoption of VoIP services by retail, education, healthcare, and other end-users in the region. Additionally, North America also leads in terms of the presence of major market players, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the market on the back of the rising internet usage in portable devices, growing governmental efforts in technology improvements and the increasing focus on enhancing employee efficiency & organizational productivity in the region. According to the European Union statistics, 92% of the young individuals in Europe had access to mobile phones to access the internet away from their home whereas the percentage of individuals who used portable computers for the same purpose was 52%.

VoIP Services Market Share Image

The global VoIP services market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global VoIP services market includes the following segments:

By Type

  • Integrated Access
  • SIP Trunks
  • Hosted IP PBX
  • Managed IP PBX
  • Others

By End-User

  • Retail
  • Education
  • Healthcare
  • BFSI
  • Government
  • IT & Telecom
  • Hospitality
  • Others

Growth Drivers

  • Growth in Adoption of Cloud-Based VoIP services Across Several Enterprises
  • Rising Developments in 5G Technology

Challenges

  • Risks Associated with the Breach of Data
  • Apprehensions Related to the Quality of Service 

Key Players Dominating the Market

  • AT&T Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Avaya Inc.
  • Cisco Systems, Inc.
  • Microsoft Corporation
  • Nextiva, Inc.
  • Deutsche Telekom AG
  • Orange Business Services
  • 8x8, Inc.
  • RingCentral, Inc.

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