2 min
The global VoIP market, valued at 77,400 million dollars in 2018, is expected to reach 93.2 billion dollars by the end of 2024, with a compound annual growth rate of 3.1% between 2019 and 2024, according to Global Market Insights, Inc.
Voice over Internet Protocol (VoIP) is a technology that allows you to make voice calls using a broadband Internet connection instead of a normal (or analog) telephone line.
Some VoIP services may only allow other people to use the same service, but others may allow anyone with a phone number to call, including local, long distance, mobile and international numbers.
Also, while some VoIP services only work with a computer or a special VoIP phone, other services allow you to use a traditional telephone connected to a VoIP adapter.
What Factors Drive The Global VoIP Market?
1) The growing demand for mobility among companies to improve employee productivity, increase user commitment and improve team collaboration. Organizations are moving towards technology-based solutions, such as Cloud Computing, Big Data, BYOD and business mobility, to gain an advantage over competitors.
Traditional processes are being replaced by advanced technology solutions and the increasing application of mobility is also reducing the physical infrastructure of IT. In addition, the growing demand for scalability and flexibility among organizations also promotes the deployment of mobility solutions.
2) Companies are taking advantage of technology to improve the effectiveness of communication with users by offering immediate assistance when they need it. This also helps to better satisfy and retain users due to the improvement in service delivery and support processes enabled by the technology.
Collaboration applications, such as unified messaging and voice mail, can be efficiently integrated with business processes to increase productivity and streamline operational functions to achieve better results while reducing the cost of communication infrastructure.
3) The profitability of VoIP solutions over traditional communication technologies also increases market growth. VoIP solutions allow organizations to save approximately 45%. In addition, the ability of VoIP to offer telepresence in real time and obtain unified communication.
In Which Regions Will The VoIP Market Grow The Most?
The Asia-Pacific VoIP market will grow substantially between 2019 and 2024. Market growth is driven by the growing adoption of the VoIP solution among SMBs. The growing efforts of developing countries, including China and India to improve their communication infrastructure, offer small and medium enterprises access to VoIP solutions. In addition, government support policies, such as tax benefits and subsidies for providers of advanced unified communication and collaboration services also drive the market in this region.
Currently, North America is dominating the VoIP market due to the high adoption of cloud computing services and business mobility solutions in the region. The highly sophisticated IT and telecommunications infrastructure in the region, together with the local presence of key global players, supports this market growth. In addition, the high willingness of American companies adopt advanced VoIP solutions to optimize their business communication systems.
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