The global VoIP Services Market is estimated to be valued at US$ 91.15 Bn 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 services allow users to make voice calls via the internet instead of through traditional phone lines. Some key advantages of VoIP include lower call rates for domestic as well as international calls, additional call features like call forwarding and voicemail at low prices, and ease of use through mobile and desktop applications. With rising internet penetration worldwide, the demand for affordable calling solutions is driving growth of the VoIP services market.
Market key trends:
One of the dominant trends fueling market growth is the rising adoption of cloud-based VoIP services. Cloud-based VoIP uses cloud infrastructure to host features and applications and provide call connectivity. This allows for flexible setup and scalability with low upfront costs. As businesses increasingly look to optimize costs without compromising on functionality, cloud-based VoIP with features like unified communications, collaboration tools and mobility is gaining popularity compared to on-premise solutions. The ease of setup and pay-per-use model make cloud VoIP attractive for small businesses as well as enterprises looking for communication tools without large capital expenditure.
Segment Analysis
The global Voice over Internet Protocol (VoIP) services market is segmented into product, call type, end user, and region. Based on product, the market is divided into integrated access/SIP trunking, managed IP PBX, hosted IP PBX, and others. The integrated access/SIP trunking segment dominated the market in 2022 owing to growing need among enterprises to leverage cost-effective VoIP solutions.
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 need to reduce operational costs among enterprises. The global VoIP services market size was valued at US$ 91.15 Bn in 2023.
Regional analysis: North America dominated the global market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to strong presence of VoIP providers and early adoption of innovative technologies in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period supported by rapid digitalization and growing BYOD trend.
Key players: Key players operating in the VoIP services market are Microsoft, Cisco Systems, RingCentral, 8×8, Vonage, Mitel Networks, Fuze, Avaya, Ooma, and Dialogic. Cisco Systems dominated the market in 2022 owing to its strong portfolio of integrated VoIP solutions and global presence. RingCentral is another prominent player in the market with focus on offering cloud-based VoIP solutions for diverse end use applications
