What Has Been the Progress and Growth of the Voice Over Internet Protocol VoIP Services Market in Recent Years?
The voice over internet protocol voip services market has seen considerable growth due to a variety of factors.
• In the past few years, the voice over internet protocol (VoIP) services market has seen significant growth. It is predicted to increase from $151.21 billion in 2024 to $169.38 billion in 2025, reflecting a compound annual growth rate (CAGR) of 12.0%.
This historical growth has been driven by a number of factors including the incorporation of pbx capabilities into VoIP phone systems used by businesses, the rising popularity of web-based applications, the burgeoning demand for alternative communication services, and the growth in the number of onsite hardware units.
How Does the Forecast Look for the Voice Over Internet Protocol VoIP Services Market?
The voice over internet protocol voip services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for services over internet protocol (VoIP) services is anticipated to undergo accelerated expansion in the forthcoming years. It is projected to expand to a value of $264.27 billion by 2029, with a compound annual growth rate (CAGR) of 11.8%.
The predicted increase in the next decade can be tied to the economic and security advantages of migrating to cloud with VoIP, heightened utilization of mobile VoIP solutions, increasing penetration of smartphones, and improvements of customer service and call centers via VoIP. Prominent trends in the future timespan encompass advancements in network technology, the fusion of 5G networks, the emergence of mobile VoIP applications, the necessity for mobility in communication solutions, as well as the use of web browsers and mobile devices for voice and video calls.
What Are The Leading Drivers Of Growth In The Voice Over Internet Protocol VoIP Services Market?
The anticipated growth of the voice-over-internet protocol (VoIP) services market is significantly driven by the increasing trend of adopting remote workforces. This refers to the practice of employees carrying out their professional responsibilities outside of conventional office spaces, commonly from their homes or other convenient sites. The primary advantage of remote work is that it enables employees to enjoy greater work schedule flexibility and help them maintain a healthy work-life balance. VoIP services play a vital role in maintaining effective and instantaneous communication via voice calls among remote workforces, thereby enhancing teamwork, promoting interaction in teams, and making communication possible irrespective of the geographical distances or limitation by physical office space. For instance, AT&T Inc., a leading telecommunications firm based in the US, stated in February 2022 that the projected rate of companies adopting a hybrid work model, permitting employees to alternate between office and remote work, is expected to see a significant increase from 42% in 2021 to a staggering 81% by 2024. Hence, the growing trend of remote workforces bolsters the expansion of the voice-over-internet protocol (VoIP) services market.
How Are The Segments Defined Within The Global Voice Over Internet Protocol VoIP Services Market?
The voice over internet protocol (VoIP) services market covered in this report is segmented –
1) By Type: Session Initiation Protocol (SIP) Trunking, Hosted IP PBX, Managed IP PBX
2) By Call Type: International VoIP Calls, Domestic VoIP Calls
3) By Configuration: Computer-To-Computer, Computer-To-Phone, Phone-To-Phone
4) By Industry Vertical: Information Technology (IT) And Telecom, Healthcare, Banking, Financial Services And Insurance (BFSI), Retail, Hospitality, Government And Public Sector, Education, Manufacturing, Other Industry Verticals
Subsegments:
1) By Session Initiation Protocol (SIP) Trunking: Hosted SIP Trunking, On-Premise SIP Trunking
2) By Hosted IP PBX: Cloud-Based Hosted IP PBX, Hybrid Hosted IP PBX
3) By Managed IP PBX: Cloud-Based Managed IP PBX, On-Premise Managed IP PBX
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What Trends Are Reshaping The Future Of The Voice Over Internet Protocol VoIP Services Market?
Key corporations in the voice-over-internet protocol services (VoIP) market are prioritizing technological progress, such as integrated communication platforms, to improve their service provision and user interaction. An integrated communication platform is a synergistic system that combines various communication tools like voice, video, messaging, and cooperation into a single solution to refine corporate communication and efficiency. For example, 8x8 Inc., a communication solutions firm based in the U.S., introduced its XCaaS (eXperience Communications as a Service) in October 2023, signifying a noteworthy development in integrated communication solutions for enterprises. XCaaS combines voice, video conferencing, group chat, and contact center capabilities into one platform. This consolidated approach permits businesses to address all their communication requirements through a single vendor solution, fostering productivity and uniformity. The platform also has sophisticated AI elements that enable companies to generate conversational self-service experiences, allowing clients to converse with the system in natural language, thus minimizing wait durations and boosting service standards.
Who Are the Key Players In The Voice Over Internet Protocol VoIP Services Market?
Major companies operating in the voice over internet protocol (VoIP) services market are:
• Alphabet Inc.
• Microsoft Corporation
• Verizon Communications Inc.
• AT&T Inc.
• Cisco Systems Inc.
• Orange S.A.
• Rakuten Inc.
• Zoom Video Communications Inc.
• Twilio Inc.
• Tata Communications Ltd.
• RingCentral Inc.
• Ribbon Communications Inc.
• Ooma Inc.
• Aircall SAS
• 8x8 Inc.
• Mitel Networks Corporation
• LogMeIn Inc.
• Nextiva Inc.
• Intermedia.net Inc.
• Lifesize Inc.
• 3CX Ltd.
• InPhonex LLC
• Vonage Holdings Corp.
• Dialpad Inc.
• CallCurrent Inc.
• OpenPhone Technologies Inc.
• CallTower Inc.
What Is The Most Dominant Region In The Voice Over Internet Protocol VoIP Services Market?
North America was the largest region in the voice over internet protocol (VoIP) services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice over internet protocol (VoIP) services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
