VoIP Services Market

VoIP Services Market Outlook (2023 to 2033)

The Market for VoIP Services was valued at US$ 115,212.2 million in 2022, and it is anticipated to have grown to US$ 472,260.4 million by the end of 2033. The market for VoIP services is estimated to evaluate to US$ 129,268.1 million in 2023 and is estimate to grow at a CAGR of 13.8% from 2023 to 2033.

The voice over internet protocol services (VoIP) are communication technologies that allow users to make voice and video calls by using internet. Instead of using old telephone lines, VoIP converts voice signals into digital one that can be transmitted through the internet, allowing for more flexible and economical communication.

The VoIP services can be used on a variety of devices, including computers, smartphones, and tablets, as well as specialized VoIP phones. Some VoIP services also offer additional features, such as instant messaging, file sharing, and video conferencing.

Additionally, VoIP services can offer more flexibility than traditional phone services, such as the ability to choose a phone number with a different area code or to easily switch between devices. The VoIP services is nearly 15% of the telecom services market.

The VoIP services market in North America held 27.6% which is the uppermost market share in the worldwide landscape in 2022 and is projected to retain its position within the forecast period. The demand for VoIP services in the Europe region it held around 18.1% of the market in 2022.

What Restraints Will Act as Barricade for the Growth of VoIP Services Market?

“Competition from other communication technologies will hamper the VoIP Services market”

The competitors for VoIP services is mobile communication technologies, with the widespread adoption of smartphones and mobile data plans, many people are opting to use mobile apps such as WhatsApp, Skype, or Facebook Messenger to make voice and video calls. These apps use data rather than traditional voice networks, and therefore offer significant cost savings compared to traditional phone services.

Another potential competitor for VoIP services is the emergence of 5G networks. With the increased speed and bandwidth of 5G, it is expected that more people will use mobile data for voice and video calls, rather than traditional phone networks or VoIP services. This could potentially reduce the demand for VoIP services, particularly among consumers. As technology continues to evolve, VoIP service providers will need to continue to innovate and adapt to remain competitive.

• In February 2023, RingCentral, Inc. has declared a Strategic Partnership with AWS (Amazon Web Services) Inc. to assist businesses in hastening their migration to the cloud and modernizing employee and customer relationships.
• In January 2021, 8x8, Inc., and Genesys has revealed that 8x8 Work and Genesys Cloud CX have a product integration. Organizations can rapidly collaborate for better customer outcomes by aligning agents and the proper subject matter experts thanks to the new integration.

Why is Demand for VoIP Services increasing across United States?

“The VoIP Services has Easy Integration with other technologies that will boost the Demand for VoIP Services market in United States”

The easy integration of VoIP services with other technologies is one of the reasons why the demand for VoIP services is increasing in the United States.

VoIP services can be integrated with a wide range of technologies, such as video conferencing, collaboration software, and customer relationship management (CRM) systems. This integration enables businesses to communicate and collaborate more effectively with their employees, customers, and partners.

Similarly, integrating VoIP services with CRM systems can provide businesses with valuable insights into customer behaviour and preferences, enabling them to personalize their communication with customers and improve their overall experience.

Overall, the easy integration of VoIP services with other technologies is a significant advantage for businesses, and is likely to contribute to the continued growth of the VoIP services market in the United States of America. The United States has highest market share of 11.3% in VoIP services market.

What Factors Allow India to Be a Major Market for VoIP Services?

“The Increasing Internet Penetration in India Will Boost the VoIP Services Market”

The increasing internet penetration in India is expected to boost the VoIP services market in the country. India has been witnessing rapid growth in internet usage in recent years, and this trend is expected to continue in the coming years.

The growth in internet penetration has made it easier for VoIP service providers to reach a larger audience in India. With more people having access to the internet, the demand for communication tools such as VoIP services is likely to increase. Additionally, the increasing availability of high-speed internet connectivity in India is making it easier for people to make use of VoIP services.

Furthermore, the mobile-first market in India is also contributing to the growth of the VoIP services market. A majority of internet users in India access the internet through their mobile phones, which has made it easier for VoIP service providers to offer their services through mobile apps. India holds market share of 7.9% in VoIP services market.

What Factors Is Allowing VoIP Services to Grow in China?

“VoIP Services Are Cost Effective in China Due to Availability of Resources That Will Boost the Market”

In China, the availability of resources such as skilled technical professionals, advanced telecommunications infrastructure, and supportive government policies contributes to the growth and competitiveness of the VoIP market.

Additionally, China has a large population and a growing economy, which may create a huge demand for affordable and accessible communication services.

Overall, while the availability of resources in China may contribute to the cost-effectiveness of VoIP services, the market dynamics may be influenced by a range of factors, including government regulations and competition among service providers. The Chinese market holds CAGR of 31.8% in VoIP services market.

Category-wise Insights

What Are Different Factors Allow Computer-to-Computer VoIP in VoIP Services to Dominate the Market?

“Rapid Accessibility Computer-to-Computer VoIP Will Drive the Demand for VoIP Services Market”

The rapid accessibility of computer-to-computer VoIP is expected to drive the demand for VoIP services in the market. With the widespread availability of high-speed internet connections, it has become easier for users to access VoIP services from anywhere in the world. This has led to an increase in demand for VoIP services, as users look for more cost-effective and flexible communication options.

The accessibility of computer-to-computer VoIP has also made it easier for businesses to adopt the technology. With cloud-based VoIP solutions, businesses can quickly and easily set up a phone system without the need for expensive hardware or IT support. This has made VoIP services a more attractive option for small and medium-sized businesses that may not have the resources to invest in traditional phone systems.

What Factors are influencing the Demand for Corporate User in VoIP Services market?

“Integration with Other Business Applications Will Boost the Market for VoIP Services”

Integration with other business applications can be an important factor in the growth and adoption of VoIP services in the market. The ability of VoIP services to integrate with other business applications such as customer relationship management (CRM) systems, video conferencing tools, and other communication platforms can increase the value proposition of VoIP services for businesses.

The integration with other business applications can provide a seamless communication experience for corporate users, allowing them to access multiple communication channels and collaborate more effectively. Integration with video conferencing tools can enable employees to join virtual meetings directly from their VoIP interface, eliminating the need for separate software and reducing complexity.

Additionally, integration with other business applications can provide significant benefits to businesses using VoIP services, which can in turn boost the market for VoIP services.

Competitive Landscape

The companies from the VoIP services market are collaborating with the various other information technology and Cloud computing companies to provide better quality and enhanced products to consumers.

• In July 2023, The Ericsson has finished its acquirement of Vonage Holdings Corp. supportive to Ericsson's strategy to use its position as a technology leader to expand its mobile network business and penetrate the enterprise. Through the acquisition, Ericsson now has access to sturdy building blocks that allow it to offer a full spectrum of communications solutions, including Communications Platform as a Service.
• In January 2023, Mega Corp Logistics has collaborated with RingCentral, Inc., to use RingCentral's best-in-class cloud communications capabilities to allow more effective employee-customer communications throughout their company.

Recent developments related to key players providing VoIP services market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

VoIP Services Market Report Scope

Key Segments of VoIP Services Market Industry Research

By Call Type:

• International VoIP Call
• Domestic VoIP Call

By Configuration:

• Computer-to-Computer VoIP
• Computer-to-Phone VoIP
• Phone-to-Phone VoIP

By Service:

• SIP Trunking
• Hosted IP PBX
• Managed IP PBX
• Others

By End User:

• Individual User
• Corporate User

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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