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Voice Over Internet Protocol (VOIP) Market is expected to Continue Dominating globally between 2022 and 2032

Global demand for voice over Internet Protocol (VOIP) Market is expected to exceed US$ 127 billion. The global market is estimated to reach US$ 255 billion by 2032, growing at a CAGR of 9.7% over the forecast period of 2022-2032. Industry participants are expected to enhance sales by highlighting VoIP solutions across corporate and individual consumer sectors.

VOIP is a method or set of technologies for transferring video, data, and speech over internet protocol networks, such as internet telephony, voice over broadband, and IP telephony, in order to deliver communication services over a packet-switched network. As a result, rising internet usage for voice calls and multimedia transfers is likely to boost VOIP service sales.

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These services are required to convert voice impulses into digital signals, which are subsequently transmitted via IP networks. Computers, the internet, mobile phones, VoIP phones, and traditional telephones can all be used to make calls.

As the use of cellphones and the internet has grown, so has the demand for assistive technology like VOIP around the world. According to a survey published by the India Brand Equity Foundation, smartphone shipments are expected to reach 173 million units by 2021, representing a 14 percent increase over 2020.

Furthermore, the rising popularity of user-friendly and innovative multimedia applications such as Skype, WhatsApp, Instagram, Viber, and Line, among others, where a huge number of data and voice calls are shared, is predicted to boost demand for VoIP services.

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VoIP services have gained immense traction amidst the ongoing COVID-19 pandemic as a majority of the sectors such as education, corporate, and others have switched to remote working protocols owing to concerns regarding employee safety.

For instance, Google, an American multinational technology company recently announced to extend the work from home policy due to the uncertainty of the COVID-pandemic in various parts of the world. As the usage of VoIP increases with increasing data sharing and international team calls during remote working, this is expected to facilitate the growth in the VoIP services market.

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In addition, increasing adoption of hybrid cloud communications small and mid-sized as well as large enterprises, owing to the strategic advantages associated with it such as ease of adding forthcoming innovations and uniformity across networks is propelling the demand for VoIP services.

Market Competition

Some of the leading players in the global VOIP services market include Vonage Holdings Corp., RingCentral, Inc., 8×8, Inc., Nextiva, Inc. and InPhonex LLC. among others.

With increasing inclination towards adoption cloud-based services and growing penetration of internet, number of VOIP services start-ups are being emerged, especially across India and China, making the Asia Pacific market highly competitive.

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Key Segments Profiled in the VOIP Services Industry Survey

By Type:

  • Integrated Access/Session Initiation Protocol (SIP) Trunking
  • Managed IP PBX
  • Hosted IP PBX

By Access Type:

  • Phone to phone
  • Computer to computer
  • Computer to phone

By Call Type:

  • International VoIP calls
  • Domestic VoIP calls

By Medium:

  • Fixed
  • Mobile

By End-use:

  • Consumers
  • SMBs
  • Large Enterprises

By Application:

  • IT & telecom
  • BFSI
  • Government & public sector
  • Healthcare
  • Retail
  • Education
  • Hospitality
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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4K VR Displays Market: The 4k VR displays market is likely to register a CAGR of 36.33% during the forecast period, and is anticipated to reach a market share of US$ 15303.79 Bn in 2032, from US$ 690.06 Billion in 2022.

Manufacturing Test Systems Market: Surging demand for these systems for quality control in industrial production lines will fuel sales at approximately 3-5% CAGR over the forecast period.

Digital Kiosk Display Market: The connector adapter kits market is likely to register a CAGR of 9% during the forecast period and is anticipated to reach a market share of US$ 49.32 Bn by 2032, from US$ 20.83 Billion in 2022.

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Autonomous Mobile Robots for Logistics and Warehousing Market: The autonomous mobile robots for logistics and warehousing market is likely to register a CAGR of 22.7% during the forecast period and is anticipated to reach a market share of US$ 8.7 Billion in 2028, from US$ 2.42 Bn in 2022.

Cable Testing Market: The global cable testing market size is expected to reach US$ 12.6 Billion in 2022 and US$ 15.8 Billion in 2032. It is anticipated to exhibit growth at a remarkable CAGR of 6.4% in the forecast period from 2022 to 2032.

Self-Organising Network Market: The global self-organizing network market size is set to exhibit growth at a CAGR of 10.2% in the forecast period from 2022 to 2032.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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