The VoIP services market is estimated to be valued at US$ 91.15 Billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
VoIP or Voice over Internet Protocol is a technology that allows users to make voice calls using a broadband Internet connection instead of a regular phone line. It converts the voice signal from your telephone into a digital signal that can be transmitted over the Internet or any other IP-based network. Some key use cases of VoIP services include making calls between computers, routing calls over the internet to reduce communication costs, integrating with other cloud-based business applications and providing mobility features.
Market Dynamics:
One of the major drivers fueling growth of the VoIP services market is rising demand for cost-effective communication services from enterprises and individuals. Traditional PSTN or public switched telephone network (PSTN) calls involve monthly line rental charges and per minute call charges which make communication very expensive in the long run. In contrast, VoIP calls use Internet protocol and leverage existing internet bandwidth to route calls which significantly reduces communication costs. Moreover, increasing adoption of cloud-based business applications is another factor augmenting market growth. Integrating VoIP with other cloud business tools allows enterprises to enhance productivity and workforce mobility. Rapid advancements in internet infrastructure and deployment of 4G and 5G networks is also positively impacting market expansion.
SWOT Analysis
Strength: VoIP services have much lower operational costs compared to traditional telephony services. VoIP network infrastructure is highly scalable and allows expansion without making huge capital investments. VoIP allows integration with other business applications like CRM and collaboration tools for improved productivity.
Weakness: VoIP networks depend on stable internet connectivity which can cause call quality issues during network outages or low bandwidth. Transitioning legacy PBX systems to VoIP requires upfront investment and expertise. Lack of support for emergency/911 services compared to traditional PSTN limits its adoption in some organizations and industries.
Opportunity: Growing adoption of cloud-based UCaaS solutions provide opportunities for managed VoIP service providers. Increasing mobile workforce trends drives the need for mobility and collaboration features supported by VoIP. Small businesses are shifting from traditional to VoIP phones to save on communication costs.
Threats: Free or low-cost over-the-top communication apps can cannibalize traditional paid VoIP subscriptions. Delays in VoLTE adoption impacts revenue generation for VoIP carriers. Strict regulations around cybersecurity and data privacy pose compliance challenges.
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 mobile workforce trends and cost savings achieved through VoIP adoption. North America dominates currently with around 35% market share due to high penetration of IP networks and presence of global VoIP service providers. Asia Pacific is expected to grow at fastest pace due to rapid digitization of SMBs in the region.
Regional analysis Regional analysis The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to massive investments by telecom operators to enhance connectivity infrastructure and government initiatives to promote digital transformation among SMBs in countries like China, India. North America currently dominates with the largest market share of around 35% owing to high penetration of IP networks and presence of global VoIP service providers such as Microsoft, Cisco, and Vonage in the region.
Key players operating in the VoIP services market are Microsoft, Cisco Systems, RingCentral, 8x8, Vonage, Mitel Networks, Fuze, Avaya, Ooma, and Dialogic. Major players are focusing on mergers and acquisitions to enhance their product and service portfolios. For instance, Cisco acquired Broadsoft in 2018 to strengthen its presence in contact center and unified communications space.
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