3 min
According to a report by Research and Markets, the size of the global SIP Trunking services market is expected to grow from 7.63 billion dollars in 2018 to 12.70 billion dollars in 2023, with a compound annual growth rate (CAGR) of 10.7% during the forecast period.
The main drivers of growth for the SIP Trunking market are: the reduction in the total cost of ownership by taking advantage of the pay-per-use model, increasing the adoption of the cloud and unified communications, and easy integration with the systems of virtual PBXs.
What Are The Growth Factors Of The SIP Trunking Market?
We will now look in more detail at the main factors that will drive the growth of the SIP Trunking market over the next five years.
1) Sales of virtual PBXs and in the cloud: hundreds of service providers are now in the hosted VoIP market. The remarkable growth rate of virtual switchboards has boosted sales of VoIP phones. SIP Trunking complements the applications in the cloud, so the growth of sales in the cloud is driving the demand for SIP.
2) Erosion of proprietary phones: employees and businesses have many devices that must be linked together. Many proprietary IP phones fail to interoperate with open standards systems. Several telephone system providers now produce the best SIP devices with open interoperability standards.
3) Unified Communications: eight unified communications applications play an important role in the creation of SIP demand. These are VoIP, unified messaging, instant messaging / chat, assistance, fixed mobile convergence, conferences, unique geographic numbering and international numbering. The demand will grow for these and other UC applications until 2020.
4) Collaboration: the collaboration in real time is increasing. 62% of IT managers say that collaboration technologies are important for their business. Collaboration, including video, thrives in SIP.
5) Full service providers: the intensity of SIP competition, margins of attrition and new services have created a demand for full service SIP providers. Customers value valuable products, services and software.
6) Ecosystem partners: these partners may not be in the SIP business per se, but may offer products that complement those of a SIP provider, as well as offer differentiation and new revenue streams to the SIP provider.
7) Managed services: these annuities are incremental revenues and profits for the SIP provider. Managed WAN, LAN, security and video are complementary to the offers of SIP providers.
Which Companies Will Maintain The Largest Market Size Of SIP Trunking?
SIP Trunking helps companies break down barriers between people who use different modes of communication, media and devices to communicate with anyone, from anywhere at any time. Companies in the vertical sectors, such as banking, financial and insurance services, are at the forefront in the adoption of SIP Trunking services, since these services meet the critical communication requirements of companies by providing reliable centralized communication systems and profitable.
BFSI companies are under great pressure to offer connectivity at any time to partners and customers in the value chain, while ensuring low operational costs. SIP Trunking services help simplify communication management and cost reduction. SIP services also offer multiple benefits, including personalized routing of incoming calls for fast and efficient call processing, full integration with existing or new external paging systems, integration of mobile phones and smartphones, multi-site interconnection and call transfers No inconvenience between different geographical locations.
Asia Pacific (APAC) Will Grow To A Higher CAGR Until 2023
According to Research and Markets, the APAC region will provide significant growth opportunities for SIP Trunking service providers over the next five years. The region shows a combination of high growth, developing economies and mass adoption of mobile devices and the Internet. Rapid advances in network infrastructure, cloud computing, telecommunications and IoT have encouraged many companies to adopt SIP Trunking services. With increasing pressure to achieve greater commercial agility, more IT organizations in the APAC region are planning to adopt SIP Trunking services in the business environment to function properly, improve operational efficiency and reduce costs. The emergence of the pay-per-use model is driving the adoption of SIP Trunking services specifically among SMBs.
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