Strong Growth Ahead: Voice Over Internet Protocol (VoIP) Services Market Size To Grow At Arecord 11.8% Cagr By 2029

The Voice Over Internet Protocol (VoIP) Services Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

How Big Is the Voice Over Internet Protocol (VoIP) Services Market Size Expected to Be by 2034?
The market size of Voice over Internet Protocol (VoIP) services has seen a swift expansion in recent times. The growth is projected to propel from $151.21 billion in 2024 to $169.38 billion in 2025, clocking a compound annual growth rate (CAGR) of 12.0%. Factors contributing to this growth during the historical period include the incorporation of PBX capabilities in VoIP phone systems for businesses, the rising popularity of web-based applications, a growing demand for alternative communication services, and an increased amount of onsite hardware.

The market size for services involving voice over internet protocol (VoIP) is predicted to undergo swift expansion in the coming years, reaching an estimate of $264.27 billion by 2029, with a compound annual growth rate (CAGR) of 11.8%. Factors propelling this projected growth include the cost and security advantages associated with migrating to VoIP cloud-based solutions, heightened use of mobile VoIP alternatives, increased adoption of smartphones, and the role of VoIP in improving call centers and curating better customer service. Key trends expected within the forecast period incorporate advancements in network technology, the integration of 5G networks, the emergence of mobile VoIP applications, a growing need for mobility in communication solutions, and the use of web browsers and mobile gadgets for voice and video calling.

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What Are the Emerging Segments Within the 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, HealTH*Care, 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 Long-Term Drivers Are Shaping Voice Over Internet Protocol (VoIP) Services Market Trends?
The growing prevalence of remote work is predicted to stimulate the voice-over-internet protocol (VoIP) services market's expansion. This term refers to employees who operate outside conventional office spaces, commonly from their residences or other locales. Remote employment offers increased flexibility to employees in terms of managing their work, thus promoting a superior work-life equilibrium. VoIP services, utilized by remote teams, serve to enrich real-time interactions through voice calls, boosting teamwork, promoting team unity, and facilitating smooth communication regardless of geographic distance or physical office confines. For example, as stated by AT&T Inc., a telecommunications company based in the US, the anticipated proportion of companies adopting a hybrid working model, where employees rotate between remote and office-based work is predicted to skyrocket from 42% in 2021 to 81% by 2024. Consequently, the growing trend of remote work bolsters the expansion of the voice-over-internet protocol (VoIP) services market.

Who Are the Top Competitors in Key Voice Over Internet Protocol (VoIP) Services Market Segments?
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 Voice Over Internet Protocol (VoIP) Services Market Trends Are Gaining Traction Across Different Segments?
Renowned entities in the Voice-over-Internet Protocol (VoIP) service sector are focusing their efforts on technological innovation, including the development of unified communications platforms to improve delivery and end-user experience. These platforms amalgamate various communication tools such as voice, video, messaging, and collaboration to bolster organizational interaction and productivity. To illustrate, 8x8 Inc., a U.S. based firm specializing in communication solutions, launched its XCaaS (eXperience Communications as a Service) platform in October 2023, representing a major breakthrough in the sphere of integrated communication services for businesses. The XCaaS platform, integrating voice, video meetings, team chat, and contact center capabilities all in one place, offers businesses a unified solution for all their communication requirements, leading to greater efficiency and consistency. The platform also incorporates cutting-edge AI capabilities, enabling businesses to develop conversational self-service experiences. This allows customers to communicate using natural language, thereby curbing wait periods and improving the quality of service.

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Which Regions Are Becoming Hubs for Voice Over Internet Protocol (VoIP) Services Market Innovation?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Voice Over Internet Protocol (VoIP) Services Market?
2. What is the CAGR expected in the Voice Over Internet Protocol (VoIP) Services Market?
3. What Are the Key Innovations Transforming the Voice Over Internet Protocol (VoIP) Services Industry?
4. Which Region Is Leading the Voice Over Internet Protocol (VoIP) Services Market?

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