The IT & telecom VoIP market will hold the largest market share of over 25% by 2025 as huge investments are being made to improve the telecommunications infrastructure to support VoIP services. The telecom companies are making huge investments in 4G technology and expanding their 4G coverage to enable the deployment of VoIP services. For instance, in November 2016, Orange Spain launched a nationwide 4G LTE service. The service helped in offering better voice quality and faster call setup for Spanish customers. Numerous startups in the IT sector are adopting cost-effective voice communication solutions to reduce the expenditure on IT infrastructure deployment.
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The rapid influx of advanced technologies has brought another vertical to the forefront of the VoIP market landscape. Incepted somewhere in the 1990s, the VoIP technology is now garnering universal attention on account of the fact that it is one of the most effective methods of voice calling across the globe. As the landscape of mobile industry evolves by the day, it is being touted that VoIP might soon overtake the presence of PSTN as far as voice calling is concerned, thereby augmenting the global VoIP market.
Growth Drivers: –
- Cost-benefits over circuit switched networks
- Growing adoption by SMEs
- Emergence of 5G technology
- Growing popularity of hosted VoIP solutions
- Increasing trend of mobility in businesses
The phone to phone VoIP market will witness the fastest growth rate due to extensive use of IP phones enabling long-distance communication at an affordable price. IP phones offer call waiting and advanced call routing compared to traditional analog phones. These systems enable enterprises to scale their communication infrastructure depending on their changing infrastructure requirements without paying for procuring costly infrastructure components.
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SMBs are projected to exhibit an accelerated growth of over 15% in the VoIP market from 2019 to 2025. The growing trend of workforce mobility and budgetary constraints compel the SMBs to look for effective ways to reduce telecommunication expenses. They are widely using softphones and IP phone systems that can be easily configured to support several phone lines as per each user’s requirements. To reduce equipment implementation, maintenance costs, and expenditure on IT staff training, the SMBs are rapidly switching to cloud PBX systems managed by the VoIP service providers.
North America is projected to dominate the VoIP market in 2025 with a share of over 40%. Huge adoption of cloud services, advanced telecommunications infrastructure, and rising popularity of workforce mobility will support the market growth. Enterprises in the region are migrating from traditional PSTN network to cloud-based telephony to reduce hardware dependency, increase scalability, and improve collaboration. For instance, in October 2017, Dialpad introduced its cloud communications platform and expanded its footprint to serve companies in Canada.
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Companies nowadays have begun to depict practical demonstrations such as instant website calling and live video assistance for customers. As the demand for these solutions increases across numerous end-use verticals, the global voice over internet protocol is expected to emerge as one of the most pathbreaking technology verticals in recent times. As per a report by Global Market Insights, Inc., the overall VoIP market is anticipated to surpass USD 55 billion by 2025.