Press release
VoIP Services Market is expected to surpass the value of US$ 278.53 Bn by the end of 2031
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In recent years, organizations in the healthcare sector are increasing the adoption of cloud-based voice over internet protocol (VoIP) services. This step is helping healthcare providers in advancing the quality of communication services between customers and service provider. As a result, the VoIP services market is foreseen to gain sizable demand opportunities from the healthcare sector during the forecast period, notes a TMR study.
VoIP services are increasingly being adopted amid the ongoing COVID-19 pandemic. Moreover, companies operating in the global VoIP services market are focusing on addressing different issues in their products, including echoes during VoIP calls, choppy audio, and interruptions in interoffice calls.
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VoIP Services Market: Key Findings
Major enterprises in the global VoIP services market are growing efforts to spread awareness on different advantages of using VoIP devices such as convenience as well as cost benefits of connecting to a considerably large group of population. In addition, many players are utilizing the strategy of providing softphones, which refer to software-based phones that can be downloaded by users on their laptops, computers, or any other mobile devices. Such initiatives are prognosticated to help in sales of VoIP services during the forecast period.
VoIP services are gaining traction, as they are playing a key role in the swift transformation in services offered by companies operating in the telecommunication industry. In recent years, there has been surge in the adoption of 5G network services by numerous end-users in order to provide substantial VoIP services instead of a high speed network. This factor is generating profitable avenues in the global VoIP services market. Hence, the market is expected to be valued at over US$ 278.53 Bn by 2031.
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VoIP Services Market: Growth Boosters
Rise in use of truly unified Communications as a Service (TruCaaS) in varied industry verticals such as healthcare, BFSI, and government sectors is leading to revenue-generation opportunities in the global VoIP services market
Increase in demand for VoIP devices, owing to expansion of 5G network around the world, is generating business prospects in the VoIP services market
VoIP Services Market: Regional Analysis
The Asia Pacific VoIP services market is projected to observe sizable growth opportunities in the forthcoming years due to factors such as rise in focus on regional governments on providing sturdy communication services to customers in the IT & telecom industry. Owing to such technological advancements in numerous regional nations, including China, Japan, and India, there has been a rise in the adoption of VoIP services, which, in turn, is propelling the Asia Pacific market.
The VoIP services market in Europe is expected to gain lucrative prospects during the forecast period due to surge in use of alternative communication services in place of conventional phone systems in order to gain sizable profit from the telecom operator
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VoIP Services Market: Key Players
Some of the key players profiled in the report are:
3CX
8×8, Inc.
Avaya
AT&T
GoTo
Dialpad, Inc.
Ooma
InPhonex, LLC.
Microsoft Corporation
RingCentral, Inc.
Nextiva, Inc.
Mitel Networks Corporation
Verizon Communications Inc.
Vonage Holdings Corporation
Viber Media, Inc.
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VoIP Services Market Segmentation
Type
Session Initiation Protocol (SIP) Trunking
Hosted IP PBX
Managed IP PBX
Access Type
Phone to Phone
Computer to Phone
Computer to Computer
Call Type
International VoIP Calls
Domestic VoIP Calls
Industry Vertical
IT & Telecom
Healthcare
BFSI
Retail
Hospitality
Government & Public Sector
Education
Manufacturing
Others
Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
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Scope and Regional Forecast of the VOIP Services Market:
According to the IndustryARC research analysis studies on the VOIP Services Market, Computer to Phone communication had the largest share of revenue in 2015. Phone to Phone is expected to witness the highest growth in CAGR during 2016-2021.
Europe is the dominating region for the VOIP Services Market closely followed by Asia Pacific, owing to high use of IP telephony and VOIP…
