The VoIP services market revenue by the end of 2021 was US$ 123.3 Bn. The VoIP services market is expected to reach US$ 354.7 Bn by 2032, as it is estimated to grow at a CAGR of 10.2% for 2022-2032.
| Attributes | Details |
|---|---|
| Estimated Year (2022) Market Value | US$ 133.9 Billion |
| Projected Year (2032) Market Value | US$ 354.7 Billion |
| CAGR% (2022 to 2032) | 10.2% |
| Top 5 Vendor Market Share | Around 35% |
Voice over internet protocol (VoIP) is a set of technologies that allows voice multimedia and communication which can be transferred across internet networks. its low-cost technique charged across the world for communication. The internet is used as digitized transmission. VoIP technology consists of IP telephony, broadband telephony and internet telephony.
Voice over internet protocol (VoIP) services market consists of 7% of the global telecommunications services market.
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The VoIP services market is estimated to grow at a CAGR of 10.2% for the forecast period of 2022–2032.
Small, huge and medium corporations are adopting these cloud-based infrastructures. Furthermore, rising demand for virtual communication services is like fuel for market development. This is due to the budget provided by services, like as probable per-user minimal capital expenses, monthly fees, and fewer strategic benefits, as well as such as IT workers network is ease of introducing future innovations and homogeneity.
There are numerous instances when the communication between any two entities could be restricted because of poor telephone connectivity. This issue can further arise when the two entities or individuals intend to communicate with each other while they are in different countries.
These factors can act as an obstruction for communication between the two parties, however if there is presence of a decent internet connectivity, VoIP solutions can be implemented to allow the communication to take place, if the parties are operating on the same online platform and do not have the contact details of each other, VoIP solutions can be again used for communication.
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North America had the largest market share for the VoIP services market in 2021, with a market share of 31.2% and South Asia and Pacific had a market share of 12.9%.
North America has several industries which are doing well and several major companies in this region operate outside of North America, which creates the need of VoIP services for allowing interaction.
South Asia and Pacific has a large travel and tourism industry allowing the use of VoIP services to grow among the companies of this sector, apart from that, this region also has a large IT & Telecom as well as media and entertainment industry and a fast growing retail & e-commerce industry allowing the rapid growth of VoIP services market in this region.
In the United States, the domestic VoIP services market is estimated to be dominating with a high market share in North America.
Businesses are looking to make free domestic calls to any phone number using popular VoIP services such as Viber, Google Voice, Skype, and Web-based apps, which are becoming increasingly popular as they leverage Over-The-Top (OTT) voice and messaging technologies for smartphones and tablets. Since the spread of smartphones and Wi-Fi, domestic calls using these apps have been attracting attention. Some providers offer unlimited local calling plans for a fixed monthly fee.
In order to save expenses, Mexican enterprises are implementing VoIP services allowing the market for to grow in this country, Mexico has made economical improvements over the past few year and is one of the leading Latin American countries and the enterprises are collaborating with other telecom companies to leverage the VoIP services.
Lately, several Edu-tech platforms have started experiencing strong growth in their market capitals in India, and the companies in this industry have leveraged VoIP services to the maximum.
VoIP platforms like WhatsApp are widely used across this country and also experience rapid growth in the use of these platforms. For these reasons, the VoIP services market in India is estimated to grow at a CAGR of 10.3%.
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Hosted PBX is a cloud based telephone switching network. The benefit of the hosted PBX being that the companies do not have to worry about the maintenance of the hardware requirements of the phone systems. This allows more enterprises to adopt this type of IP PBX service and the hosted IP PBX market is estimated to grow at a CAGR of 12.1%.
Enterprises, especially those enterprises which have their offices and employees spread across numerous cities in a country or are multi-national need to implement VoIP services and solutions to allow the interaction between the employees for work and projects.
Several client interactions take place via VoIP services and the default device used for this interaction is the personal computer or laptop provided by the company to the employees. Owing to this factor, computer-to-computer mode of configuration is the most dominant and held a market share of 43.3% for the year 2021.
VoIP services for personal, residential or community and semi-professional purposes is estimated to witness the highest CAGR of 12.8% for the forecast period.
Messaging applications, social media and use of conferencing platforms has increased among personal users. International travelling post pandemic is slowly returning to the pre-pandemic levels allowing the market to grow and post pandemic several video-conferencing platforms have been accepted by the people and still continue to be used, allowing the VoIP services market to grow in the residential segment.
IT & Telecom industry, especially the IT industry implements various software development lifecycles which involves the clients input in the development of the solutions. Creation of the requirement sheet and understanding the changes which the clients wants. VoIP services are help meet this requirement and for this reason, the IT & Telecom industry is estimated to have the largest market share of 23.4%.
The VoIP market, for example, Dialpad, Verizon Correspondences Inc., Viber Media, and TruCaaS Inc., is adopting online sales and deals by substitute conveyance channels, for example, Furthermore, players’ dynamic in the market are zeroing in on inorganic development procedures like key joint effort and consolidation and obtaining exercises with innovation to work on their contributions and market reach.
| Attribute | Details |
|---|---|
| Market value in 2021 | US$ 18.8 Billion |
| Market CAGR 2022 to 2032 | 10.2% |
| Share of top 5 players | Around 35% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa |
| Key Segments Covered | Services, Configuration, End User and Vertical |
| Key Companies Profiled | Nextiva; Dialpad; Ooma Office; GoTo Connect; Zoom; OpenPhone; Aircall; 8x8 X Series; CallTower; 3CX; MightyCall; Cisco |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is likely to register a CAGR of 5% through 2032.
The market is currently valued at US$ 11.3 Bn in 2022.
The market is likely to grow to a valuation of US$ 18.41 Bn by 2032.
North America is likely to be a leading market during the forecast period.
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VOIP Services Market
