Summary
Major players in the voice over internet protocol (VOIP) market are Verizon Communications, Comcast, Orange S.A., AT&T, Charter Communications, Vonage, Altice USA Inc., Telmex, Time Warner Cable, Numericable, Cox Communications, Rogers Communications, Sprint Corporation, TalkTalk Group, RingCentral, Patton Electronics, San Antonio Telephone Co, and OneVoice Communications Inc.,
The global voice over internet protocol (VOIP) market grew from $106.62 billion in 2022 to $120.38 billion in 2023 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The voice over internet protocol (VOIP) market is expected to grow to $207.77 billion in 2027 at a CAGR of 14.6%.
The voice over Internet Protocol (VoIP) market includes revenues earned by entities by real-time transport protocol (RTP), designed to carry streaming audio and video.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Voice over Internet Protocol (VoIP) is a communications technology that enables people to communicate via audio over the internet rather than via a traditional telephone line. VoIP enables making a call directly from a computer, or a special VoIP phone.
Asia-Pacific was the largest region in the VOIP market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the voice over internet protocol (VOIP) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of VOIP are integrated access or session initiation protocol (SIP) trunking, managed IP PBX and hosted IP PBX.The session initiation system (SIP) is used to enable the VoIP by managing the actual elements to support voice calls, instant messaging, media distribution and video conferencing.
The different call types include international VoIP calls, domestic VoIP calls and have several access types such as phone to phone, computer to computer, computer to phone and can access. The different mediums include fixed, mobile and is used by various verticals such as consumers, small and medium businesses, large enterprises.
The growing adoption of 5G technology is expected to drive the growth of the voice over internet protocol (VoIP) market in the coming years. 5G provides faster transmissions, lower latency, and the ability to connect a larger number of devices by providing gigabyte rates, which will provide enough bandwidth for VoIP. As a result, a growing number of businesses are switching to VoIP to replace their outdated PSTN phone systems. Switching to VoIP improves call quality and dependability while lowering call and infrastructure costs significantly. For instance, according to vXchnge, a US-based colocation and data center service provider, by 2024 5G networks are projected to cover 40% of the world, handling 25% of all mobile traffic data. Therefore, the growing adoption of 5G technology propels the growth of the VoIP market.
The smarter VOIP assistants is shaping the VoIP market.Smarter VoIP Assistants such as Apple’s Siri, Amazon’s Alexa, and Google’s Ok Google can help customers automate a variety of tasks including routing calls to agents and forwarding calls to voicemail.
Furthermore, with these tools at their disposal, consumers will no longer need to send simple questions to agents because the virtual assistant will be able to respond. According to DialogTech, a US-based software company, in 2020, 28% of people are using smarter VOIP assistants for business calls.
In August 2021, TelcoSwitch, a UK-based telecommunications service provider acquired SureVoIP for an undisclosed amount.Through this acquisition TelcoSwitch’s portfolio will be bolstered by the addition of more IP, notably strengthening the company’s solutions for the SOHO/micro-market and paving the way for new residential-based services.
SureVoIP is a UK-based telephony service provider that supplies business VoIP services to the businesses based in UK.
The countries covered in the voice over internet protocol (VOIP) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The voice over internet protocol (VoIP) market research report is one of a series of new reports that provides voice over internet protocol (VoIP) market statistics, including voice over internet protocol (VoIP) industry global market size, regional shares, competitors with a voice over internet protocol (VoIP) market share, detailed voice over internet protocol (VoIP) market segments, market trends and opportunities, and any further data you may need to thrive in the voice over internet protocol (VoIP) industry. This voice over internet protocol (VoIP) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
