The VoIP market is set for impressive growth from USD 20 billion in 2018 to around USD 55 billion by 2025, according to a report submitted by Global Market Insights, Inc. The anticipated growth is due to the technology’s rapid development and the increased adoption of cloud-based VoIP services that provide cost-effective and efficient ways to communicate.
The forecast increase in VoIP adoption is also seen as the result of businesses migrating from traditional to cloud-based phone systems in their quest to achieve high business performance through more reliable and routable calling services and reduced maintenance.
The report indicates that the hosted IP PBX segment in the VoIP market is “expected to witness the fastest growth rate of over 15% from 2019 to 2025 as IP-based phone systems are hosted by service providers.” Hosted VoIP eliminates the need to install any equipment on site, thus reducing maintenance and training costs.
One more factor leading to VoIP market demand, as stated in the report, is the growing trend towards workforce mobility: “By deploying VoIP solutions, enterprises can improve communication and collaborations among employees and remote users to increase business productivity. Also, the enterprises are realizing the benefits of converged voice and data services to enhance their performance. The convergence of unified communication services and enterprise VoIP to enable live-chat, video-conferencing, and other calling capabilities is expected to fuel the VoIP market value”.
The growth of the VoIP market will be further boosted by the integrated access and SIP trunking segment that held a dominant industry share of over 52% in 2018. These integrated access services enable businesses to combine their legacy phone systems together with VoIP software. In addition, the phone-to-phone VoIP market is predicted to witness the fastest growth rate due to the widespread use of IP phones, allowing long-distance communications at very reasonable prices.
Region-wise, the report projects that North America will dominate the global VoIP market in 2025, with a share of more than 40%. Innovative telecommunications infrastructure, widespread implementation of cloud services and the growing popularity of workforce mobility will support this market growth.