Pune, Nov. 15, 2024 (GLOBE NEWSWIRE) -- SIP Trunking Services Market Size Analysis:
“The S&S Insider report indicates that the SIP Trunking Services Market size was valued at USD 54.20 billion in 2023 and is expected to grow to USD 177.84 billion by 2032, expanding at a CAGR of 14.13% over the forecast period of 2024-2032.”
The SIP Trunking Services market is growing, owing to the rising need for versatile, economical, and safe communication solutions in various sectors. With the adoption of cloud technologies by businesses, SIP trunking has become an inexpensive and scalable solution compared to traditional phone systems, providing higher availability and flexibility. Cloud-Based SIP Trunking: This allows companies to scale operations, reduce costs, and deliver improved communication reliability – plus, it integrates well with other tools, and remote work environments. Key factors driving this expansion include the cost-efficiency of SIP trunking solutions, which can save businesses between 20% to 60% on communication costs
The government initiatives encouraging digital transformation among industries are a few widespread factors that has prompted SIP trunking deployment in many sectors such as finance, healthcare and retail, demanding for security and reliability. Further, as a majority of enterprises now are deploying unified communication platforms that include voice, video and messaging, it is no wonder that SIP trunking has become an integral part of their IT infrastructure.
While digital transformation and cloud adoption have always assisted large firms, they have now opened the door for more affordable communication systems for SMBs as well. The growth of SIP trunking is notable in emerging geographies and industries transitioning to digital transformation. Furthermore, SIP trunking is helping to facilitate remote work, with organizations purchasing unified communication platforms that combine voice, video and data for seamless communication across distributed teams. However, there are several concerns such as DDoS attack and eavesdropping; but, the encryption method and network monitoring will slowly resolve such risks.
With a combination of improved bandwidth and reduced latency, the growing adoption of this technology will also escalate the demand for SIP trunking services. The SIP trunking market will continue to grow due to investments in newer communication technologies, as businesses take advantage of these faster & more reliable networks.
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Major Players Analysis Listed in this Report are:
- Twilio – Twilio Elastic SIP Trunking
- Nextiva – Nextiva SIP Trunking
- RingCentral – RingCentral SIP Trunking
- Bandwidth – Bandwidth SIP Trunking
- 8x8 – 8x8 SIP Trunking
- Voxbone – Voxbone SIP Trunking
- Fuze – Fuze SIP Trunking
- Flowroute – Flowroute SIP Trunking
- Verizon – Verizon SIP Trunking Services
- Comcast – Comcast Business SIP Trunking
- Orange Business Services – Orange SIP Trunking
- BT Group – BT SIP Trunking Services
- MegaPath – MegaPath SIP Trunking
- SIP.US – SIP.US SIP Trunking
- IntelePeer – IntelePeer SIP Trunking
- Mitel – Mitel SIP Trunking Solutions
- TATA Communications – TATA SIP Trunking
- Vodafone – Vodafone SIP Trunking
- KPN – KPN SIP Trunking
SIP Trunking Services Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 54.20 Billion |
| Market Size by 2032 | USD 177.84 Billion |
| CAGR | CAGR of 14.13% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •SIP trunking reduces communication expenses by minimizing reliance on traditional PSTN lines. •Rising adoption of cloud-based and unified communication platforms drives the need for scalable SIP trunking solutions. •SIP trunking offers improved security features and more reliable call quality, making it preferable to traditional telephony. |
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Segmentation Analysis
By Deployment
The on-premises segment dominated the market in 2023 and represented revenue share of 71.23%, especially for larger enterprises that require greater control over their infrastructure and security. On-premises SIP trunking involves businesses managing both hardware and software internally, providing them with full control of their communication systems. This approach is especially appealing to organizations with strict data security needs and sufficient IT resources. The main growth drivers for this segment include the rising demand for secure, high-quality, and dependable voice communication, particularly in industries like finance and healthcare. While on-premises solutions remain popular among large enterprises, the growing adoption of cloud-based solutions may eventually reduce its market share.
The cloud-based deployment segment is witnessing the highest CAGR of 14.98% in the SIP trunking market, driven by the demand for cost-effective, scalable, and flexible communication systems. Cloud-based SIP trunking eliminates the need for substantial upfront investments in hardware and maintenance, offering greater scalability that suits small and medium-sized businesses (SMBs) and start-ups. Key factors fueling this growth include the increasing adoption of cloud technologies, the rise of remote work, and the growing demand for unified communication platforms. Cloud solutions also allow businesses to scale operations swiftly without heavy infrastructure costs, making cloud deployment the preferred choice as digital transformation accelerates, particularly in emerging markets.
SIP Trunking Services Market Segmentation:
By Deployment
- On-premises
- Cloud-based
By Organization Size
- Small and medium-sized enterprises (SMEs)
- Large enterprises
By Application
- VoIP
- Unified communications (UC)
- Contact center
- Video conferencing
By Industry
- Financial services
- Healthcare
- Retail
- Manufacturing
- Information Technology
Regional Landscape
North America holds a dominant share of the SIP trunking services market, accounting for 39.23% of revenue in 2023. This leadership is fueled by the high concentration of large enterprises, robust cloud adoption, and well-established telecommunications infrastructure. Key sectors like finance, healthcare, and retail are increasingly turning to SIP trunking for its cost efficiency, scalability, and high performance. Growth in the region is also supported by digital transformation efforts, the rise of remote work, and an escalating demand for affordable and reliable communication solutions. North America continues to lead the market, driven by the shift towards cloud-based services.
The Asia-Pacific (APAC) region is seeing the fastest growth in the market, expanding at 16.11%. This growth is propelled by rapid digital adoption, improving internet infrastructure, and a large base of small and medium-sized enterprises (SMEs) in countries such as India, China, and Japan. APAC businesses are increasingly adopting scalable, cost-effective communication solutions, enabling expansion without heavy investments in physical infrastructure. Cloud-based SIP trunking is particularly beneficial for SMEs, offering simple and efficient communication systems. The demand for unified communication platforms and the widespread adoption of remote work further accelerate market growth in the region.
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Recent Developments
January 2024: Twilio announced the launch of new SIP trunking services integrated with its cloud communications platform, allowing businesses to scale their communication solutions more efficiently.
March 2024: Bandwidth Inc. introduced enhanced security features in its SIP trunking offering, including DDoS protection and real-time monitoring to prevent service disruptions.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Sip Trunking Service Market Segmentation, by Deployment
8. Sip Trunking Service Market Segmentation, by Organization Size
9. Sip Trunking Service Market Segmentation, by Application
10. Sip Trunking Service Market Segmentation, by Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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