VoIP Services allow transmission of voice signals over the internet or through a data communication network instead of using a regular phone line. They offer several advantages over traditional telephone services like low cost of installation and operation along with additional features like video conferencing and data sharing. With businesses transitioning to remote work and consumers preferring to communicate through smart devices, the demand for reliable and flexible VoIP solutions have increased significantly.
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 key trends:
Cloud-based VoIP services have witnessed increased adoption as they require low upfront investment and offer scalability. Companies are widely deploying cloud-based VoIP platforms for enhanced collaboration as employees work remotely. Transition from traditional landline services to cloud-based VoIP allows flexibility in communication and is low cost. Growing popularity of BYOD trend and increasing penetration of smart devices are further driving businesses to rely on cloud-based VoIP services for mobility. Integration of VoIP with other UC solutions and transition of voice traffic to over-the-top services is also a key trend in the market.
Segment Analysis
The global VoIP services market is dominated by Residential VoIP sub segment. This is because residential VoIP services offer affordable international and domestic calls coupled with additional features like call forwarding, call waiting, voicemail etc. at much lower prices compared to traditional landline phones. Therefore, adoption of residential VoIP services has increased rapidly over the years. However, SMBs segment is expected to witness fastest growth during the forecast period owing to benefits like enhanced productivity, reduced costs, flexibility and scalability offered by VoIP services to SMBs.
Key Takeaways
The global VoIP services market is expected to witness high growth during the forecast period. 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.
Regional analysis indicates that North America currently dominates the market attributed to high smartphone and internet penetration coupled with presence of major VoIP service providers in the region. Asia Pacific region is poised to witness fastest growth in the coming years owing to growing middle class population, increasing disposabilities income and improving telecom infrastructure in developing economies like India and China.
Key players operating in the VoIP services are Microsoft, Cisco Systems, RingCentral, 8×8, Vonage, Mitel Networks, Fuze, Avaya and Ooma. Microsoft offers enterprise communication solutions like Microsoft Teams, Skype and Skype for business. Cisco provides unified communications and collaboration solutions for businesses of all sizes. RingCentral is one of the leading providers of cloud-based business communications and contact center solutions. 8×8 offers integrated cloud communications, contact center, video conferencing and CPaaS solutions. Vonage provides business communication services like SIP trunking, contact center applications among others. Mitel delivers business communications software, services and cloud solutions for SMBs and enterprises. Fuze provides cloud-based UCaaS and CCaaS solutions for businesses. Avaya offers cloud and hybrid communication solutions. Ooma helps SMBs and residential customers with VoIP phone services and additional features
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it