SELBYVILLE, Del., April 29, 2021 (Newswire.com) - According to latest report "Voice over Internet Protocol (VoIP) Market by Type (Integrated Access/Session Initiation Protocol Trunking, Managed IP PBX, Hosted IP PBX), Access Type (Phone to Phone, Computer to Computer, Computer to Phone), Call Type (International VoIP Calls, Domestic Calls), Medium (Fixed, Mobile), End-Use ( Consumers, SMBs, Large Enterprises), Application (IT & Telecom, BFSI, Healthcare, Government & Public Sector, Retail, Education, Hospitality), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of voice over internet protocol will cross $95 billion by 2027. The increasing trend of workforce mobility across enterprises to improve communication and collaborations among employees and remote users is expected to contribute significantly to the market growth.
The growing demand for VoIP is primarily driven by the several cost benefits offered by VoIP systems such as inexpensive calling prices and low data rates. Several factors, such as free calling between employees, very low international call rates, inexpensive monthly/annual plans, and no maintenance contracts, contribute largely in bringing down the cost incurred by enterprises on maintaining and managing telephony infrastructure. While enabling low-cost enterprise communication, VoIP systems handle various types of media other than just voice such as video transfer, image transfer, video calls, and text. These features make VoIP more attractive for businesses compared to traditional PSTN systems.
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The managed IP PBX solution segment in the voice-over internet protocol market is predicted to witness more than a 15% growth rate through 2027 due to growing demand for outsourcing management of enterprise communication. Managed IP PBX helps to reduce financial risks and allows customers to get technical expertise from specialists who are experts in deploying and maintaining the technology. The PBX management-related activities, such as configuration, updating, and troubleshooting, are done by the service provider.
The computer-to-computer access segment captured around 25% of the VoIP market share in 2020. Computer-to-computer VoIP calling is the most widely used method adopted by organizations. To facilitate computer-to-computer calls, users need an internet connection and the required hardware device to support voice communication. VoIP calls can only be made if both the users' computers are equipped with the same voice communication software such as Skype and Facebook Messenger.
The consumer segment in the voice-over internet protocol market is poised to witness an exponential growth rate during the forecast timeframe. Residential VoIP is gaining popularity as they are cost-effective and offer several services that are not available with landlines. Many residential customers are switching from traditional landlines to VoIP as these services include unlimited calling and many free features, such as call waiting, call forwarding, and caller ID, which are normally charged by the traditional phone companies.
The VoIP market government & public sector will observe substantial growth during the forecast period. The government institutions and public sector organizations are modernizing their communications infrastructure to improve reliability and deliver services to the citizens. Cloud-enabled communication platforms are widely used by government agencies seeking a cost-effective way to deploy and manage distributed phone systems and contact centers
Europe VoIP market progression owing to the increase in internet penetration and remote workforce. The wide coverage of 4G LTE network across the region is another driver supporting the market expansion. The enterprises are turning global with employees working remotely at different locations. The VoIP solutions are providing the ability to manage enterprise communication at better speed and lower cost compared to the traditional PSTN network.
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Major players operating in the market are Alcatel Lucent, AT&T, Cisco, Citrix, Deutsche Telekom, Ribbon Communication, etc. The companies are focusing on innovative product development to gain a competitive advantage in the market.
Table of Contents (ToC) of the report:
Chapter 3 Voice over Internet Protocol (VoIP) Market Insights
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.4 Industry ecosystem analysis
3.5 Evolution of Voice over Internet Protocol (VoIP) technology
3.6 Voice over Internet Protocol (VoIP) architectural framework
3.7 Investment portfolio
3.8 Technology & innovation landscape
3.9 Regulatory landscape
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.2 Industry pitfalls & challenges
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis
Browse Complete Table of Contents (ToC) at
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