The global VoIP market is set to experience substantial growth and will expand from US$20 billion last year to US$55 billion by 2025 according to the latest report from Global Market Insights Inc. The reason by the rapid anticipated growth is due to the fast-moving development of the technology and growing adoptions of cloud-based VoIP services that are cost effective solutions for communications that are efficient.
Another reason behind the increase Global Market Insights forecasts is because a growing number of companies are migrating from traditional to cloud based communication systems as they seek to achieve increased business performance and reduced maintenance. According to the report, hosted IP PBX VoIP services will see the fastest growth rates, experiencing 15% between 2019 to 2025. Hosted VoIP does away with any need to install equipment on the premises and reduces maintenance and training costs.
Another factor driving demand for VoIP in the market is the growing trend to mobility of the workforce. The report says that VoIP solutions enable enterprises to improve their ability to communicate and collaborate amongst employees with remote users in particular able to increase their productivity. Companies are also coming to the conclusion that there are plenty of benefits to reap from converged voice and data. Unified communications made possible through convergence that enable live-chat, video conferencing and other capabilities all of which will fuel the growth of VoIP in the years to come.
Integration with legacy systems
Another driver for the VoIP market is integrated access to SIP trunking which last year held dominant market share at 52 per cent. The provision of integrated access services allows companies to combine legacy communication systems with VoIP software. Aside from that the phone-to-phone VoIP market is expected to experience the fastest rates of growth thanks to the almost ubiquitous use of IP phone that make it possible to make long distance calls at affordable costs.
The writing is on the wall
By region, North America will continue to dominate the global market for VoIP in 2025 capturing 40 per cent share. As telecoms infrastructure continues to innovate an implementation of cloud becomes more widespread combined with the growing trend of workforce mobility, the growth of this market will continue. If you haven’t switched over to a VoIP solution yet, then according to this report, the writing is on the wall and you should certainly think about doing so.