VoIP Services Market Research, Recent Trends and Growth Forecast

 

  • The global VoIP services market was valued at US$ 82.71 Bn in 2020
  • It is estimated to expand at a CAGR of 11.9% from 2021 to 2031
  • The global VoIP services market is expected to surpass the value of US$ 278.53 Bn by the end of 2031

Asia Pacific and Europe to Offer Growth Opportunities in Near Future

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.

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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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.

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.

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Promoting Use of TruCaaS in BFSI, Healthcare, and Government Sectors

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.

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