According to the report, global demand for VoIP services market is expected to reach above USD 140 billion in 2021 and is anticipated to grow at a CAGR of above 9.1% till 2021.
Voice over Internet Protocol (VoIP) is a form of communication over the phone using the internet. VoIP translate the voice signal from the telephone into the digital signal that travels over the Internet. VoIP service is a wireless technology and calls can be made from the traditional phone, wireless phone without the adaptor, computer, and tablets among others. VoIP services are distinct in recommendations RFC 2443 and ITU-T H.32x. in order to achieve the purpose of wireless calling, accelerating hardware is used in this technology.
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The demand for the portable device is rising among the individuals and corporate sector resulting in the surge in demand for VoIP services which is driving the growth of VoIP services market. Rapid advancement in network infrastructure and wireless mobile communication spur the demand for VoIP services. Packaged service and cost-efficient factors contribute to the splendid growth of VoIP services market. The VoIP services market is further driven by the competition between the telecommunication participants to continuously update the VoIP services. Yet, regulations led by the government to defend the local telecom services have the major impact on the growth of VoIP services. Low acceptance from the residential sector also hampers the growth of the market. Nevertheless, increasing international calls, due to migration or moving workforce is likely to open growth opportunities for the market in the near future.
The VoIP services market based on type can be segmented into domestic VoIP calls and international long distance VoIP calls. In 2015, International long distance VoIP calls were the dominating segment accounted for almost 52% of total revenue share. This was contributed by rapid globalization with the business organizations beyond diverse industries, the commercial clients in Europe and North America have the biggest revenue for international long distance VoIP calls. Configurations for VoIP include phone-to-phone, computer-to-phone and computer-to-computer. The computer-to-computer segment led the VoIP services market with almost 35% of total shares in 2015. Phone-to-phone is expected to experience significant growth within the forecast period.
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Some of the key end users for the VoIP services market are hosted business, IP connectivity, managed IP PBX, individual consumers, and corporate consumers. Hosted Business was the major outlet accounted for the highest share in 2013 in terms of revenue. Managed IP PBX and IP connectivity are anticipated to show strong growth in the VoIP services market in the near future.
Europe dominated the VoIP market in 2015. Asia Pacific is anticipated to grow at CAGR of 14% and is expected to be largest in global market owing to increase in demand for high-speed communication like 3G and 4G and advancement in network infrastructure in the years to come. North America is likely to witness substantial growth over the next few years. Latin America, Middle East, and Africa are projected to witness decent growth within the forecast period owing to the reasonable prices of VoIP services for the individual and corporate users.
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The key players 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. Existence of various competitors, launching of innovative services are the strategies followed by the key players.