Voice Over Internet Protocol Market Expected to Hit $140 Billion by 2021
Experts believe the Voice Over Internet Protocol (VoIP) market is expected to reach $140 billion by 2021 according to Zion Research’s report titled “VoIP Services (Domestic VoIP Calls and International Long Distance VoIP Calls) Market by Configuration (Phone-to-Phone, Computer-to-Phone and Computer-to-Computer) for Hosted Business, IP Connectivity, Managed IP PBX, Individual Consumers and Corporate Consumers: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021.” Which is almost double what the market was in 2015 at $83 billion.
VoIP services allows customers to communicate with others by using an internet connection instead of a traditional phone system. Experts think the industry is experiencing exponential growth since customers are starting to realize how cost-effective VoIP services are compared to typical phones. It can also improve the company’s ability to communicate with other people and organizations.
The industry’s constantly evolving technology is another possible reasons why the VoIP services market is growing. Besides innovative technology, many leaders in VoIP also focus on improving their network infrastructure. Growing demand for technological advancement and wireless mobile communication are some of the key drivers of the VoIP services market. Many of the largest companies that offer VoIP services continually work on updating their products and services.
The Zion Research report also discussed the major players in the VoIP services industry fighting to take control of the market. Some examples include AT&T, Sprint, Vonage Holdings Corporation, and Viber Media. The Microsoft Corporation, RingCentral, and Avaya also want the top spot. Last year AT&T, Inc. was leading the market at 7%, however that amount could change at any time since it is a tight race in the VoIP services market.
The demand for VoIP phone systems has also increased due to the constantly evolving phone industry. In fact, the industry would probably grow at a faster rate if it wasn’t for the government’s restrictive policies and regulations. Experts anticipate that the cost associated with making international calls will rise in the future. This would make VoIP a great solution to many people and organizations.
VoIP services include the following configurations: computer-to-phone, phone-to-phone, and computer-to-computer. Zion Research estimates that the phone-to-phone pairing will grow in the future. Computer-to-computer is currently the most popular option, with more than 35% of the total VoIP services.
The customers who are the most likely to use VoIP services typically use a hosted PBX option or a managed IP PBX that allows them to continue operating without having to worry about managing the VoIP services. The most popular or highly requested VoIP service was the hosted VoIP service, although managed IP PBX is expected to grow exponentially by 2015.
According to Zion Research, the market has different segments. One segment focuses on long distance phone calls consumers make using VoIP. The majority (52%) of callers in North America and Europe use VoIP to make international or long distance calls, which is expected to increase up to 62% due to globalization.
Europe had the most VoIP providers in 2015. Although Europe may have the lead now, Asia is projected to rapidly go up and take the main share of the VoIP services market due to its growing population, which will increase its demand for high-speed communications. People who study the VoIP industry also project that the demand for VoIP will increase in Africa, Latin America, and the Middle East since it is more affordable.
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