Voice Over Internet Protocol (VoIP) Services Market Trends, Growth Revenue And Scope By 2033
Global voice over internet protocol (voip) services market size is expected to reach $236.25 Bn by 2028 at a rate of 11.8%, segmented as by type, session initiation protocol (sip) trunking, hosted ip pbx, managed ip pbx
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The voice over internet protocol (voip) services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Voice Over Internet Protocol (VoIP) Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The voice over internet protocol (VoIP) services market size has grown rapidly in recent years. It will grow from $134.86 billion in 2023 to $151.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to integration of pbx capabilities into VoIP phone systems for businesses, increasing popularity of web-based apps, increasing demand for alternate communication services, increasing number of onsite hardware.
The voice over internet protocol (VoIP) services market size is expected to see rapid growth in the next few years. It will grow to $236.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to cost and security benefits of moving to the cloud with VoIP, increasing adoption of mobile VoIP solutions, rising smartphone adoption, enhancement of call centers and customer service through VoIP. Major trends in the forecast period include innovation in network technology, integration of 5G networks, rise of mobile VoIP applications, need of mobility in communication solutions, web browsers and mobile devices to conduct voice and video calls.
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Scope Of Voice Over Internet Protocol (VoIP) Services Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Voice Over Internet Protocol (VoIP) Services Market Overview
Market Drivers -
The rising adoption of a remote workforce is expected to propel the growth of the voice-over-internet protocol (VoIP) services market going forward. A remote workforce refers to employees working outside a traditional office, often from their homes or other locations. Remote work provides employees greater flexibility in managing their work schedules, allowing them to achieve a better work-life balance. Remote workforces use voice-over-internet protocol (VoIP) services to facilitate real-time communication through voice calls, enhancing collaboration, fostering team cohesion, and enabling seamless interaction regardless of geographical distance or physical office boundaries. For instance, in February 2022, according to AT&T Inc., a US-based telecommunications company, the projected percentage of companies embracing a hybrid work model, where employees alternate between remote and office work, is expected to surge from 42% in 2021 to 81% by 2024. Therefore, the rising adoption of remote workforce drives the growth of the voice-over-internet protocol (VoIP) services market.
Market Trends -
Major companies operating in the voice-over-internet protocol services (VoIP) market are focusing on technological innovation, such as cloud communications platforms, to enhance service delivery and user experience. This platform for VoIP services facilitates internet-based voice calling and features through scalable cloud infrastructure. For instance, in July 2021, Dialpad Inc., a US-based software development company, introduced TrueCaaS (communications as a service) with the launch of Dialpad Meetings. This cloud-based communication platform integrates video conferencing, real-time voice intelligence (Vi), and emoji reactions for collaboration. Dialpad Meetings, built on the trusted UberConference platform, introduces features such as HD video conferencing and real-time Voice Intelligence (Vi) for live note-taking and transcription analysis. Additionally, mobile screen sharing allows users to share their screens during phone calls, facilitating quick issue resolution, project collaboration, and virtual walkthroughs without formal meetings or conference calls.
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, Healthcare, Banking, Financial Services And Insurance (BFSI), Retail, Hospitality, Government And Public Sector, Education, Manufacturing, Other Industry Verticals
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Regional Insights -
North America was the largest region in the voice over internet protocol (VoIP) services market in 2023. 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.
Key Companies -
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.
Table of Contents
1. Executive Summary
2. Voice Over Internet Protocol (VoIP) Services Market Characteristics
3. Voice Over Internet Protocol (VoIP) Services Market Trends And Strategies
4. Voice Over Internet Protocol (VoIP) Services Market - Macro Economic Scenario
5. Global Voice Over Internet Protocol (VoIP) Services Market Size and Growth
……………
33. Global Voice Over Internet Protocol (VoIP) Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Voice Over Internet Protocol (VoIP) Services Market
35. Voice Over Internet Protocol (VoIP) Services Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Voice Over Internet Protocol (VoIP) Services Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Voice Over Internet Protocol (VoIP) Services Market, Segmentation By Call Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Voice Over Internet Protocol (VoIP) Services Market, Segmentation By Configuration, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………..
Table 75: Alphabet Inc. Financial Performance
Table 76: Microsoft Corporation Financial Performance
Table 77: Verizon Communications Inc. Financial Performance
Table 78: AT&T Inc. Financial Performance
Table 79: Cisco Systems Inc. Financial Performance
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