New York, USA, April 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global IP telephony market is estimated to garner a revenue of $7,680.5 million by 2028 and grow at a stable CAGR of 13.4% over the forecast period from 2021 to 2028. The detailed report provides a concise outlook of the IP telephony market’s present scenario including chief aspects of the market such as growth elements, challenges, hindrances, and several opportunities during the estimated period of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the IP Telephony Market
Drivers: Increasing advancements in technology and rising cyberattacks and risks are the main factors expected to drive the growth of the global IP Telephony market during the forecast period. Additionally, cost-effectiveness of IP telephony services and increasing business expansions and acquisitions by key market players is also anticipated to boost the market growth by 2028.
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Opportunities: Increasing implementation of modern technologies like artificial intelligence in the IP telephony market is predicted to offer ample growth opportunities during the analysis timeframe. Moreover, rising adoption of IP telephony services by small and medium sized enterprises is also projected to create great market growth opportunities by 2028.
Restraints: Lack of funds for implementing IP telephony is the prime factor to hinder the market growth.
Covid-19 Impact on the IP Telephony Market
The onset of the Covid-19 pandemic has had a disastrous effect on most industries and businesses however, the global IP telephony market remained an exception and witnessed a positive growth during the stressful time. Many organizations across the globe were forced to adopt work from home schedules due to the pandemic and so, the companies actively adopted the IP telephony services to allow employees communicate easily from anywhere in the world. Therefore, the covid-19 catastrophe has bolstered the market growth significantly.
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Segments of the IP Telephony Market
The report has divided the IP telephony market into multiple segments based on offerings, type, call type, installation type, enterprise size, end-user, and regional analysis.
Offerings: Solutions Sub-segment to be Highly Dominant
By offerings, the solutions sub-segment of the global market is estimated to hold a dominant market share and surpass $3,673.9 million during the forecast period. The rapid growth of the remote work solutions, as well as the increasing adoption of IP telephony services in several industries, are the factors expected to propel the sub-segment’s growth by 2028.
Type: Integrated Access/Session Initiation Protocol (SIP) Trunking Sub-segment to be Highly Beneficial
By type, the integrated access/session initiation protocol (SIP) trunking sub-segment is predicted to hold the highest market share and generate a revenue of $3,151.0 million by 2028 due to the exceptional call quality and no limitation on the number of users. Moreover, the sub-segment also provides a strong end-to-end encrypted communication system which is easy to manage. These factors are projected to augment the sub-segment’s growth during the analysis timeframe.
Call Type: International Calls Sub-segment to be Most Lucrative
By call type, the international calls sub-segment of the global IP telephony market is anticipated to have the highest growth rate of 12.0% CAGR during the forecast years due to the several benefits offered by IP telephony services for international calls. As compared to traditional calling services, international call rates are much cheaper, and the call quality is also exceptional. Moreover, customers can purchase the phone number of any country and use it for communication while being charged based on domestic calls instead of international calls. These factors are estimated to uplift the sub-segment’s growth by 2028.
Installation Type: Wireless Sub-segment to be Most Profitable
By installation type, the wireless sub-segment of the global market is expected to have a significant growth rate of 15.1% CAGR during the forecast timeframe. This immense growth rate is attributed to the ease of use as well as cost saving benefits offered by wireless connection that allows a user to call anywhere from any place in the world.
Enterprise Size: SMEs Sub-segment to be Highly Advantageous
By enterprise size, the SMEs sub-segment of the global IP telephony market is predicted to generate a revenue of $4,007.8 million by 2028. The growing number of small and medium sized enterprises and their huge investments in buying subscriptions, paying for international calls, and other services are some factors projected to uplift the sub-segment’s growth during the analysis years.
End-User: Corporate Sub-segment to be Highly Dominant
By end-user, the corporate sub-segment of the global market is anticipated to have a noteworthy growth rate of 14.0% CAGR during the 2021-2028 timeframe. IP telephony services offer great benefits to companies that traditional telecommunication solutions don’t offer. IP telephony services are safe and efficient for businesses of all sizes and also enable companies to communicate with their customers from any place in the world. These factors are estimated to enhance the sub-segment’s growth by 2028.
Region: IP Telephony Market in the Asia-Pacific Region to Witness Better Growth Opportunities
By region, IP telephony market in the Asia-Pacific region is expected to generate a revenue of $2,237.3 million during the forecast period. This immense growth is attributed to the increasing number of industries and their active adoption of IP telephony services and technological advancements in the region.
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Prominent Market Players
Some prominent IP telephony market players are
- Freshworks Inc
- Intermedia.net, Inc
- DIALPAD, INC.
- Microsoft
- Ziff Davis, Inc.
- Ooma, Inc
- Mitel Networks Corp.
- RingCentral MVP
- Vonage
- Avaya IP telephony., among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire Here@ https://www.researchdive.com/purchase-enquiry/8580
For example, in April 2022, MiRO, a renowned cloud-based collaboration tool for SMEs, announced its partnership with SNOM, a leading IP phone manufacturer, to offer a complete end-to-end voice over IP (VOIP) solution through SNOM’s powerful, flexible, and versatile communication experience.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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- Acquisitions Like That of FasTTelecom VoIP by IP4B to Boost the Growth of Global IP Telephony Market
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