VoIP Services Market to Show $140 billion by 2020

VoIP Services Market to Show $140 billion by 2020

According to the report, global demand for VoIP services market was valued at over USD 83 billion in 2015, is expected to reach above USD 140 billion in 2021 and is anticipated to grow at a CAGR of above 9.1% between 2016 and 2021. Zion Market Research has published a new report titled “VoIP Services (Domestic VoIP Calls and International Long Distance VoIP Calls) Market by Configuration (Phone-to-Phone, Computer-to-Phone, and Computer-to-Computer) for Hosted Business, IP Connectivity, Managed IP PBX, Individual Consumers and Corporate Consumers: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021.”

VoIP (Voice over Internet Protocol) is a communication method of voice transfer by utilizing the internet. VoIP services is emerging as attractive communications alternative for customers. Broadband phone service, Internet telephony, IP telephony, broadband telephony is the terms associated with the VoIP services. Infrastructure cost can be reduced as voice and data communications can be run over a single network.

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Growing technological advancement for development of network infrastructure and wireless mobile communication majorly drives the VoIP services market. The rise in the number of portable device customers has led the demand for VoIP services. Attributes such as packaged services and the rising demand for the portable device is increasing across the individuals and corporate sector resulting into the spurt in demand for VoIP services. Constantly updating services by telecommunication players generates healthy competition among players contributing to escalating demand for VoIP services. However, the lack of acceptance from the local sectors poses the impact on the growth of the VoIP services market. Strict rules and regulation from the government to save the local telecom services hinder the growth of the market. VoIP services market likely to open new market avenues in the near future owing to moving workforce or migration and increasing the international calling.

Based on the type, the VoIP services market can be segmented into domestic VoIP calls and international long distance VoIP calls. International long distance VoIP calls emerged as the leading segment with 52% of total revenue share in 2015 and are further expected to rise to 62% in forecast period due to expanding globalization between the business organizations across different industries. Commercial clients in Europe and North America have the largest revenue for international long distance VoIP calls. Phone-to-phone, computer-to-phone, and computer-to-computer are the configurations for VoIP services. Among all, the computer-to-computer segment was the leading configuration in 2015 with more than 35% of share. Phone-to-phone is also estimated to show high growth in VoIP services in the coming up years.

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Hosted business, IP connectivity, managed IP PBX, individual consumers and corporate consumers are the key users in VoIP services market. Hosted business held the majority of shares in 2015, in terms of revenue. Managed IP PBX and IP connectivity are likely to experience significant growth within the forecast period.

In 2015, Europe dominated the VoIP services market. With 14% of CAGR Asia Pacific is expected to grow significantly due to escalating use of high-speed communication such as 3G and 4G also modernization in network infrastructure. Latin America, Middle East, and Africa are likely to observe substantial growth over forecast period because of the low price of VoIP services for the individual and corporate users. North America is projected to witness decent growth over the next few years.

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The key participants in the VOIP services market include Viber Media S.r.I., InPhonex LLC, Vonage Holdings Corp, AT&T, Microsoft Corporation (Skype), Avaya, Nextiva, Inc., Sprint Corporation, 8×8 Inc., RingCentral, Inc. and Vonage Holdings Corporation among others. AT&T, Inc. was leading the market with 7% share in total revenue in 2015.

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