The global VoIP Services Market is estimated to be valued at US$ 91.15 Billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
VoIP or voice over IP is a technology that allows making voice calls using a broadband internet connection instead of a regular phone line. It uses internet protocol (IP) to transmit data packets of digitized voice between caller and receiver. Key advantages include affordable long distance calling, multiple calling features like call forwarding, voicemail etc and ability to make calls from any internet connected device like smartphone, laptop etc.
Market key trends:
The increasing adoption of unified communication solutions by enterprises is one of the major trend in VoIP services market Unified communication brings together enterprise communication and collaboration tools and platforms. It integrates various Business communication methods such as email, video conferencing, telephony, social networking, and others into a user-friendly business tool. Advantages of unified communication like accessibility from any device and location is driving its adoption by enterprises enabling employees to collaborate effectively from anywhere. This is expected to significantly drive the growth of VoIP services market over the forecast period.
SWOT Analysis
Strength: VoIP services offer cost savings compared to traditional phone services. It allows video conferencing and collaboration tools integrated with communication at lower subscription and installation costs.
Weakness: VoIP services require an internet connection for calling. Call quality may degrade or calls may be dropped during network outages or issues with bandwidth. Security vulnerabilities can exist without implemented security protocols.
Opportunity: Growing demand for unified communication solutions from small and medium enterprises offers major growth opportunity. High adoption of smart devices and work from anywhere trends will further propel the VoIP market growth.
Threats: Security threats from hacking and cyber-attacks poses challenges. Delays in upgrading infrastructure in developing regions limits the market growth. Traditional telecom players offering competitive pricing can hamper the demand.
Key Takeaways
The global VoIP Services market is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to increasing demand from SMBs forcost-effective communication solutions. The market size for 2023 is estimated to be US$ 91.15 billion.
Regional analysis
North America is expected to dominate the global VoIP services market, owing to high internet penetration and rapid technology adoption. Asia Pacific is predicted to grow at the fastest pace during the forecast period. This can be attributed to rising investments by telcos and increasing demand from enterprises in China and India.
Key players analysis
Key players operating in the VoIP Services market are Microsoft, Cisco Systems, RingCentral, 8×8, Vonage, Mitel Networks, Fuze, Avaya, Ooma, and Dialogic. Major players are focused on mergers and acquisitions to expand their service offerings and geographical reach. They are also investing in improving their communications platform, infrastructure and security to provide best in class experience.
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