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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Report ID: 3298 | Published On: Feb 09, 2023
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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

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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

VoIP services market Graph
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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.

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


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

Research and Development Expenditure Graph
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Top Featured Companies 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.

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 Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the VoIP services market?

Ans: The growth in adoption of cloud-based VoIP services across several enterprises and the developments in 5G technology are the key factors driving market growth.

2) What would be the CAGR of VoIP services market over the forecast period?

Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the VoIP services market growth?

Ans: The risks associated with the breach of data and the apprehensions related to the quality of the service are estimated to hamper market growth.

4) Which region will provide more business opportunities for growth of VoIP services market in future?

Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the rising number of smartphones and internet users and the focus of companies on providing mobile VoIP solutions.

5) Who are the major players dominating the VoIP services market?

Ans: The major players dominating the VoIP services market are AT&T Inc., Avaya Inc., Cisco Systems, Inc. and Microsoft Corporation, among others.

6) How are the company profiles selected?

Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the VoIP services market?

Ans: The market is segmented by type, end-user, and by region.

8) Which segment under the end-user segment captures the largest market size in the VoIP services market?

Ans: With respect to end-user, the IT & telecom segment is anticipated to hold the largest market share owing to the wide-ranging use of VoIP services in the IT & telecom industry as a result of its multiple features.

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