The VoIP services market in Europe is anticipated to rise at a moderate CAGR throughout the assessment tenure. The increasing demand for alternate communication services instead of traditional phone systems to earn significant profit from the telecom operator is expected to boost the adoption of VoIP services among different end users.
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The market in Asia Pacific is likely to expand at the highest CAGR during the forecast period due to increasing investments by governments to deliver robust communication services to customers in the IT & telecom sector. These technological innovations in different countries such as India, China, and Japan are encouraging the adoption of VoIP (Voice over Internet Protocol) services. This indicates that the demand for VoIP services is expected to grow in Asia Pacific during the forecast period.
Favorable Market Conditions for VoIP Services During COVID-19 Crisis Benefitting Stakeholders
Companies in the VoIP services market are capitalizing on revenue opportunities with the onset of the COVID-19 pandemic. These communication services are gaining popularity for their cost efficiency advantage. Companies in the VoIP services market are establishing stable revenue streams through key revenue-generating industries such as BFSI, healthcare, and the government sector to stay financially afloat during the ongoing pandemic.
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An increasing number of businesses are witnessing approximately 90% decline in startup costs while switching to VoIP services. This is evident since VoIP services require small amount of onsite hardware. Startups are gravitating toward VoIP services to eliminate expenses paid to phone technicians and toward international phone charges.
Companies are focusing on adopting alternate distribution channels such as online sales to strengthen their market presence globally. Key players of the VoIP services market are innovating in cloud communication platforms to provide truly unified Communications as a Service (TruCaaS) experience to businesses.
Prominent players in the VoIP services market are expanding their presence in Europe by providing seamless unified communication solutions to businesses. These market players are entering into mergers and acquisitions (M&As) to introduce conference call solutions and VoIP platforms for different end users like in the BFSI, healthcare and government sectors.
VoIP services are significantly changing in terms of services offered by the telecommunication sector over the past few years. The adoption of the 5G network services among various end users to deliver critical VoIP services over a high-speed network is expected to propel the growth of the global VoIP services market during the forecast period.
As some VoIP services do not have power backup, this factor leads to delay in the delivery of VoIP services to customers. This is considered a major restraining factor of the VoIP services market. Hence, tech giants should encourage end users involved in mission-critical projects to invest in generators as a temporary solution to avoid interruption in VoIP calling. Moreover, several advantages of VoIP services tend to compensate for disadvantages of the same.
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The 5G network technology helps to provide greater speed which holds potentials to prevent the packet loss of VoIP services and facilitate better bandwidth as compared to 3G and 4G networks. The bandwidth for the 5G network can be adjusted as per individual requirement, which further helps to deliver quality VoIP services to customers.
VoIP services help connect domestic as well as international calls over Internet connection with the help of various VoIP service providers. These next-gen communication services are emerging as an alternative to the circuit-switched telephony services used by the conventional public switched telephone network (PSTN) in order to improve efficiency and productivity.
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