Global Voice Over Internet Protocol (VoIP) Market Insights Forecasts to 2032
- The Global Voice Over Internet Protocol (VoIP) Market Size was valued at USD 40.2 billion in 2022.
- The market is growing at a CAGR of 10.4% from 2022 to 2032.
- The worldwide Voice Over Internet Protocol (VoIP) Market size is expected to reach USD 108.5 billion by 2032.
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Voice Over Internet Protocol (VoIP) Market Size is expected to reach USD 108.5 billion by 2032, at a CAGR of 10.4% during the forecast period 2022 to 2032.
Voice over Internet Protocol (VoIP) is a range of technologies used to transport voice communication and multimedia sessions across Internet protocol networks. Using this technology to speak with individuals all around the world is quite affordable. The technique uses the internet as a channel for the transmission of digital signals. Internet telephony, broadband telephony, and IP telephony are some of the related words used in VoIP. By replacing the vertically segmented networks with an all-IP converged network, these improvements are anticipated to positively impact the industry shortly. In addition, VoIP service providers are adding new capabilities to entice customers on both the corporate and individual levels. Since fifth-generation networking was introduced, mobile connectivity has substantially improved. Improvements in workplace communication, including jitter-free VoIP connectivity and 4K or 8K video conferencing internationally, have been made possible by the advent of extraordinarily fast network connections. Voice-over-Internet protocol industry expansion has been aided by the rising popularity of hosted VoIP solutions. For companies that need to be scaled calling capabilities, these solutions are increasingly the top option. The increased knowledge of the advantages of VoIP technology and improved audio and visual communication experiences are characteristics that are driving the worldwide telephone over internet protocol (VoIP) market.
This research report categorizes the global voice over internet protocol (VoIP) market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global voice over internet protocol (VoIP) market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global voice over internet protocol (VoIP) market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Global Voice Over Internet Protocol (VoIP) Market Report Coverage
|Market Size in 2022:||USD 40.2 billion|
|Forecast Period:||2022 - 2032|
|Forecast Period 2022 - 2032 CAGR:||10.4%|
|2032 Value Projection:||USD 108.5 billion|
|Historical Data for:||2018 - 2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||124|
|Segments covered:||By Type, By Access Type, By Medium, By Application, By End-User, By Region|
|Companies Covered:||Alcatel Lucent Enterprise (Nokia Networks), ZTE Corporation, Cisco Systems, Inc., AT&T Inc, Citrix Systems, Inc, Google Inc., Huawei Technologies Co., Ltd., Tandberg, Microsoft Corporation, Avaya Inc., Mitel Networks Corporation, Nextiva, Deutsche Telekom AG, Orange Business Services, RingCentral Inc, Ericsson, Ribbon Communications Inc, Telenor Group, Verizon Communications Inc.|
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VoIP systems develop through several research and development programs and support an effective communication channel. The market is growing as a consequence of the rapid advancement of ed-tech initiatives for distance learning and effective course delivery in educational institutions. Also, Semi-urban and satellite communities now have more people with access to high-speed internet, particularly in developing nations. As a consequence, small and medium-sized firms may easily and inexpensively reach out to the whole mass media. For instance, over 3,000 questioned SME companies in nine rising economies, including India, Vietnam, Argentina, Mexico, Malaysia, Turkey, Taiwan, Morocco, and Hungary, claim that the Internet has enabled them to increase income and decrease expenses. Therefore, rising internet usage in semi-urban areas and satellite cities is expected to drive the expansion of the worldwide VoIP services market in the coming years.
Moreover, the use of VoIP services is greatly aided by remote working. Global corporate networks are driving new market opportunities to use VoIP phone services for international calls. The capacity to handle company communication networks with cutting-edge flexibility and enhancing efficiency is what is driving the demand for digital VoIP systems in the corporate world.
Numerous voices over internet protocol (VoIP) service providers on the market provide contract offers with unfavorable conditions or restrict the options available to customers. These clauses keep the client committed to the same arrangement or agreement. Customers are reluctant to use any new service providers as a result. Therefore, it is anticipated that the market's growth would be hampered by such insufficient contract offers over the forecasted period. Moreover, security lapses, hostile behavior, fraud, and interoperability problems are the main challenges restricting the growth of the Voice over Internet Protocol (VoIP) market. Beyond that, the market expansion is further constrained by the absence of network access in isolated emerging countries.
- In 2022 the session initiation protocol (SIP) trunking segment is dominating the market with the largest market share over the forecast period.
Based on type, the global voice over internet protocol (VoIP) market is segmented into different segments such as SIP trunking, hosted IB PBX, and managed IB PBX. Among these segments, the session initiation protocol (SIP) trunking segment is dominating the market growth during the forecast period. With session initiation protocol (SIP) trunking, businesses may include VoIP software with their existing and legacy phone systems. It may use a new VoIP gateway to replace existing phone networks or mix SIP trunking with corporate phone systems. SIP trunking service providers also provide cloud-based SIP or other solutions that may be used to manage virtual communications.
- In 2022, the computer-to-phone segment is dominating the largest market growth during the forecast period.
Based on the access type, the global voice over internet protocol (VoIP) market is segmented into different categories including phone to phone, computer to computer, computer to phone. The computer-to-phone segment held the largest market share during the forecast period. Both commercial and household calling from a computer to a phone is very common. They can utilize a telephone adapter or set up VoIP software on their computer to support computer-to-phone calling to make VoIP calls. The COVID-19 epidemic has led organizations to rely more heavily on technologically enhanced communication solutions to sustain successful communication among cross-functional teams. These changes in workplace culture and the rising usage of remote working.
- In 2022, the hospitality segment is dominating the largest market share over the forecast period.
Based on application, the global voice over internet protocol (VoIP) market is bifurcated into different segments such as healthcare, BFSI, retail, hospitality, Government, Education, Transportation, Media and Entertainment, Military and Defence, & Others. Among these, hospitality is leading the market growth during the forecast period. The hospitality industry can set up a VoIP communication network inside a hotel or resort's walls and provide guests access to use the service and communicate on the VoIP network for any questions. VoIP has features like auto attendants that speed up conversations by putting callers in direct contact with the faculty member they are trying to reach. By implementing a wireless solution and creating a more aesthetically pleasing workplace, small retail firms may get improved communications. VoIP phone lines make it possible to communicate clearly and obtain information rapidly. This is important in the healthcare sector for non-emergency calls and useful for emergency calls.
- In 2022, the consumer segment is dominating the largest market share over the forecast period.
On the basis of end user, the global voice over internet protocol (VoIP) market is classified into different segments such as consumers, small and medium enterprises, and large enterprises. Among these, the consumers are dominating the market growth during the forecast period, due to its low cost and greater feature set compared to landlines, consumer VoIP is growing in popularity. Many home customers are converting from traditional landlines to residential VoIP because of the unlimited calling and other options, such as call waiting, call forwarding, and caller ID, which are sometimes charged by traditional phone providers.
Small and medium-sized businesses might have specialized channels for communication to share information about business operations. VoIP may be installed in a large business to increase productivity and provide data protection and privacy.
Regional Segment Analysis of the global voice over internet protocol (VoIP) market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America leads the global voice over internet protocol (VoIP) market with the largest market growth during the forecast period
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The market for global voice over internet protocol (VoIP) in North America generated USD 15 billion in 2022. The growth of regional markets should be encouraged by elements like the widespread use of cloud services, the rise in the trend of remote work, and the switch to packet-based networks. Businesses are searching for efficient methods of controlling remote staff. Businesses may quickly build up cloud-based communication networks for their mobile and remote workforces using VoIP. Businesses are implementing VoIP to enhance and streamline the hybrid working paradigm.
Asia-Pacific expects the greatest CAGR for the projection period due to the rising internet penetration and this is mostly owing to the quick development of network infrastructure and the expansion of the use of 3G and 4G networks, which is expected to fuel the market for managed VoIP services.
The report offers the appropriate analysis of the key organizations/companies involved within the global voice over internet protocol (VoIP) market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Alcatel Lucent Enterprise (Nokia Networks)
- ZTE Corporation, Cisco Systems, Inc.
- AT&T Inc
- Citrix Systems, Inc
- Google Inc.
- Huawei Technologies Co., Ltd.
- Tandberg, Microsoft Corporation
- Avaya Inc.
- Mitel Networks Corporation
- Deutsche Telekom AG
- Orange Business Services
- RingCentral Inc
- Ribbon Communications Inc
- Telenor Group
- Verizon Communications Inc
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In July 2023, the acquisition of Vonage Holdings Corp. by Ericsson has been completed in support of its aim to leverage its position as a technology leader to grow its mobile network business and infiltrate the enterprise. The purchase has given Ericsson access to reliable building blocks that enable it to provide a comprehensive range of communications solutions, including Communications Platform as a Service.
- In May 2023, A new marketing enablement platform called NexConnect has been launched by Nextiva, a top supplier of VoIP cloud communications, especially for the company's partner community. In only a few clicks, Nextiva, a Scottsdale, Arizona-based company, can execute a variety of campaigns and marketing initiatives using its cutting-edge platform, which enables partners to design a wide range of content and material.
- In February 2023, RingCentral, Inc., and AWS (Amazon Web Services) Inc. announced a strategic partnership to help organizations modernize employee and customer connections and accelerate their migration to the cloud.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Voice Over Internet Protocol (VoIP) Market based on the below-mentioned segments:
Global Voice Over Internet Protocol (VoIP) Market, By Type
- SIP trunking
- Hosted IB PBX
- Managed IB PBX
Global Voice Over Internet Protocol (VoIP) Market, By Access Type
- Phone to phone
- Computer to computer
- Computer to phone
Global Voice Over Internet Protocol (VoIP) Market, By Medium
Global Voice Over Internet Protocol (VoIP) Market, By Application
- Media and Entertainment
- Military and Defence
Global Voice Over Internet Protocol (VoIP) Market, By End Use
- Small and Medium Enterprises
- Large Enterprises
Voice Over Internet Protocol (VoIP) Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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