New York, United States , May 30, 2023 (GLOBE NEWSWIRE) -- The Global Voice Over Internet Protocol (VoIP) Market Size is to grow from USD 40.2 billion in 2022 to USD 108.5 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
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VoIP refers to a group of technologies that are used to transmit voice communications and multimedia sessions via Internet protocol networks. It is quite cheap to use this technology to communicate with people all over the world. Digital signals are sent using this method across the internet. Some of the terms used in VoIP that are related include IP telephony, Internet telephony, and broadband telephony. These advancements are expected to have a favorable influence on the industry soon by dispensing with vertically fragmented networks in favor of an all-IP converged network. To further tempt clients, both on a business and individual level, VoIP service providers are introducing additional possibilities. The mobile connection has significantly increased since fifth-generation networking was launched. High-speed network connections have made it feasible to improve professional communication, including jitter-free VoIP connectivity and 4K or 8K video conferencing abroad. The growth of hosted VoIP solutions has contributed to developing the voice-over-Internet protocol market.
VoIP systems enable a productive communication channel as a result of several research and development initiatives. The market is expanding as a result of ed-tech initiatives for better course delivery in educational institutions and rapid innovation in online learning. Additionally, more individuals now have access to high-speed internet, particularly in poor countries and semi-urban and satellite settlements. As a result, small and medium-sized businesses may quickly and affordably engage with the whole mass media. Furthermore, Many Voices over Internet Protocol (VoIP) service providers on the market give clients contracts with unpleasant terms or limit their alternatives. The customer remains obligated to the same arrangement or agreement due to these terms. As a result, customers are hesitant to use any new service providers. As a result, it is projected that throughout the anticipated time, the market's expansion will be constrained by the lack of contract offers.
Browse key industry insights spread across 200 pages with 124 market data tables and figures & charts from the report on “Global Voice Over Internet Protocol (VoIP) Market Size, Share, and COVID-19 Impact Analysis By Type (SIP trunking, Hosted IB PBX, Managed IB PBX), By Access Type (Phone to phone, Computer to computer, Computer to phone), By Medium (Fixed and Mobile), By Application (Healthcare, BFSI, Retail, Hospitality, Government, Education, Transportation, Media and Entertainment, Military And Defence, & Others), By End-User (Consumers, Small and Medium Enterprises, Large Enterprises) By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032" Get Detailed Report Description Here:
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The session initiation protocol (SIP) trunking segment is dominating the market with the largest market share over the forecast period.
The global voice-over-internet protocol (VoIP) market is divided into a variety of sectors based on type, including managed IB PBX, hosted IB PBX, and SIP trunking. The segment for session initiation protocol (SIP) trunking is leading the market expansion over the anticipated term. Businesses can integrate VoIP software with their current and historical phone systems via SIP trunking (session initiation protocol). It might substitute current phone networks with a new VoIP gateway or combine SIP trunking with business phone systems.
The computer-to-phone segment is dominating the largest market growth during the forecast period.
The worldwide internet protocol (VoIP) market is segmented into many groups based on the access type, including computer-to-computer, computer-to-phone, and phone-to-phone. The sector that connects computers to phones had the biggest market share during the forecasted time. It's fairly usual for people to make both business and domestic phone calls from a computer. To facilitate computer-to-phone calling, they can use a telephone adapter or install VoIP software on their computer.
The hospitality segment is dominating the largest market share during the forecast period.
The worldwide voice-over-internet protocol (VoIP) market is bifurcated into many sectors based on applications, including healthcare, BFSI, retail, hotel, government, education, transportation, media and entertainment, military and defense, and others. Among them, the hospitality sector is expected to develop at the fastest rate. The hospitality sector can build up a VoIP communication network inside the walls of a hotel or resort and provide visitors access to the service and allow them to connect on the VoIP network for any inquiries.
The consumer segment is influencing the largest market share over the forecast period.
The global voice-over-internet protocol (VoIP) market is divided into many groups depending on the end user, including consumers, small and medium-sized businesses, and major corporations. Consumer VoIP is becoming more and more popular among people because of its low cost and larger feature set compared to landlines, which is why it is expected to expand at a faster rate than the other options. Due to the limitless calling and other features—like call waiting, call forwarding, and caller ID that residential VoIP offers but traditional landlines don't always offer, many home customers are switching from traditional landlines to VoIP.
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North America dominates the global voice over internet protocol (VoIP) market with the largest market growth during the forecast period.
In North America, the market for international voice-over-internet protocol (VoIP) will earn USD 15 billion in 2022. Elements like the widespread usage of cloud services, the development in the trend of remote work, and the migration to packet-based networks should stimulate the expansion of regional markets. Businesses are looking for effective strategies for managing remote employees. Utilizing VoIP, companies may swiftly set up cloud-based communication networks for their mobile and remote workforces.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Voice Over Internet Protocol (VoIP) Market include Alcatel Lucent Enterprise (Nokia Networks), ZTE Corporation, Cisco Systems, Inc., AT&T Inc, Citrix Systems, Inc, Google Inc., Huawei Technologies Co., Ltd., Tandberg, Microsoft Corporation, Avaya Inc., Mitel Networks Corporation, Nextiva, Deutsche Telekom AG, Orange Business Services, RingCentral Inc, Ericsson, Ribbon Communications Inc, Telenor Group, Verizon Communications Inc, and Others.
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Recent Development
In July 2023, Ericsson finalized the acquisition of Vonage Holdings Corp. in support of its goal to use its position as a technology leader to build its mobile network business and infiltrate the enterprise. With the help of the acquisition, Ericsson now has access to dependable building blocks that allow it to offer a wide array of communications solutions, including Communications Platform as a Service.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Voice Over Internet Protocol (VoIP) Market based on the below-mentioned segments:
Global Voice Over Internet Protocol (VoIP) Market, By Type
- SIP trunking
- Hosted IB PBX
- Managed IB PBX
Global Voice Over Internet Protocol (VoIP) Market, By Access Type
- Phone to phone
- Computer to computer
- Computer to phone
Global Voice Over Internet Protocol (VoIP) Market, By Medium
- Fixed
- Mobile
Global Voice Over Internet Protocol (VoIP) Market, By Application
- Healthcare
- BFSI
- Retail
- Hospitality
- Government
- Education
- Transportation
- Media and Entertainment
- Military and Defence
- Others
Global Voice Over Internet Protocol (VoIP) Market, By End Use
- Consumers
- Small and Medium Enterprises
- Large Enterprises
Voice Over Internet Protocol (VoIP) Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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