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.
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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.
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.
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%.
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The global VoIP services market is further classified on the basis of region as follows:
Our in-depth analysis of the global VoIP services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
The risks associated with the breach of data and the apprehensions related to the quality of the service are estimated to hamper market growth.
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.
The major players dominating the VoIP services market are AT&T Inc., Avaya Inc., Cisco Systems, Inc. and Microsoft Corporation, among others.
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.
The market is segmented by type, end-user, and by region.
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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