New York, USA, May 04, 2023 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global IP telephony market is anticipated to grow at a stunning CAGR of 13.4%, thereby garnering a revenue of $7,680.5 million in the 2021-2028 timeframe. This comprehensive report provides a brief outlook of the current framework of the IP telephony market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Cost effectivity of IP telephony services is predicted to be the primary growth driver of the IP telephony market in the forecast period. Additionally, over the years, there has been an increase in the number of cyber-attacks across the world which is expected to push the market forward.
Opportunities: Increasing use of AI in IP telephony is anticipated to offer numerous growth opportunities to the market in the forecast period. Along with this, rising number of cybercrimes is expected to help the market grow in the forecast period.
Restraints: Lack of funds to implement IP telephony, however, might prove to be a hindrance in the growth trajectory of the IP telephony market.
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Impact of Covid-19 on the Market
The IP telephony market, unlike many other industries and sectors, experienced a positive impact of the Covid-19 pandemic. The government-ordered lockdowns and travel restrictions led to many companies adopting remote work culture. This increased the demand of IP telephony services from various companies for establishing communication channels between their employees. This helped the market post positive growth numbers despite the raging pandemic.
Segments of the Market
The report has divided the IP telephony market into certain segments based on offerings, type, call type, installation type, enterprise size, end-user, and region.
Offerings: Solutions Sub-segment to Grow Immensely
By offerings, solutions sub-segment is expected to witness massive growth and surpass $3,673.9 million by 2028. Growth in demand for remote work solutions is predicted to propel the growth of this sub-segment in this forecast period.
Type: Integrated Access/Session Initiation Protocol (SIP) Trunking Sub-segment to be Highly Dominant
By type, integrated access/session initiation protocol (SIP) trunking sub-segment is expected to be highly dominant and garner $3,151.0 million during the forecast period. SIP trunking offers a strong end to end encrypted communication system which is expected to help in the growth of this sub-segment.
Call Type: International Calls Sub-segment to Witness Significant Growth
By call type, international calls sub-segment of the IP telephony market is expected to flourish immensely and surpass $3,621.6 million by 2028. The advantages provided by IP telephony for international calls such as cheaper call rates and good call quality is predicted to propel the growth of this sub-segment in this forecast period.
Installation Type: Wireless Sub-segment to be the Fastest Growing
By installation type, wireless sub-segment is expected to be the fastest growing and grow at a CAGR of 15.1% during the forecast period. The ease of use associated with wireless installation devices is expected to help in the growth of this sub-segment.
Enterprise Size: SMEs Sub-segment to be the Most Profitable
By enterprise size, the SMEs sub-segment is expected to have the highest CAGR and surpass $4,007.8 million by 2028. Massive increase in the number of small & medium enterprises across the globe is predicted to drive the growth of this sub-segment.
End-User: Corporate Sub-segment to be the Most Dominant
By end-user, corporate sub-segment is expected to be highly dominant and garner $3,793.1 million during the forecast period. The main advantage of IP telephony is that it is secure and efficient which makes it perfect all businesses. This utility of IP telephony services is expected to help in the growth of this sub-segment.
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Asia-Pacific Region to be Most Lucrative
By regional analysis, the IP telephony market in the Asia-Pacific region is anticipated to be the most profitable and grow at a CAGR of 16.1% by 2028. Growing number of industries, especially in the developing countries of this region is anticipated to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some of the key players in the IP telephony market are
- IBM Corporation
- McAfee Corporation
- Sysdig Inc.
- VMware Inc.
- Fidelis Cybersecurity
- Tenable Inc.
- enSilo
- Sonatype
- Aqua Security
- NeuVector
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
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For instance, in February 2023, IP4B, a leading IP telephony service provider, announced the acquisition of Netvox, an IP telephony service provider based in Montreal. This acquisition will help IP4B to expand its business and consolidate its position as the leader of the market in the near future.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
More about IP Telephony Market:
- IP Telephony: A Key Solution for Enhancing Business Communications
- Acquisitions Like That of FasTTelecom VoIP by IP4B to Boost the Growth of Global IP Telephony Market
