Increased Internet Penetration Pushing Global VoIP Services Market

SMEs and large enterprises are actively embracing VoIP services for its numerous advantages over landline telephones. It gives them to the option to have voice services along with high-speed broadband for their enterprise. The need for an active internet connection is the norm in the industry and hence managing the budget for the services becomes easier with VoIP services. The global VoIP services market is projected to rise from US$94.1 bn in 2016 to US$194.5 bn at the end of the forecast period of 2016 up to 2024. The market is expected to rise at a staggering 9.5% CAGR for the forecast period.

Low Maintenance Cost of VoIP Services Driving Global Market

Managing a VoIP service is simple and doesn’t require extensive manpower or resources. The cost of maintenance is low and offers higher flexibility to the users in terms of usage. Cloud-based communications is on the rise and provides the users with a seamless connection and uninterrupted flow of data. These factors are driving the global VoIP services market as consumers are increasingly adopting VoIP services as the default voice communication service. Internet connectivity in developing markets is on the rise and the penetration of internet in remote areas has allowed the VoIP services market to expand into these regions with cost-effective plans.

VoIP services let consumers connect with users across the globe. This is an added advantage for many businesses who cater to clients abroad. With traditional voice telephones, the charges for international calls would exceed the overall running budget of the company. With VoIP services, companies are able to operate on a single plan and yet remain connected to all their clients in any part of the globe. VoIP services provide users the ability to not only stay connected through computers, but also gives them the advantage to contact others on cell phones and other landlines through VoIP services. These factors play a major role in driving the global VoIP services market.

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Peak-hour Traffic Restraining Global VoIP Services Market

VoIP services use packet data and internet connection for communication and are susceptible to all the limitations that exist with an internet connection. Peak-hour traffic in case of VoIP services could result in latencies, dropped packets, and disconnections due to server overload resulting in loss for the consumers and businesses opting for VoIP services. These factors are expected to restrain the global VoIP services market even with cloud-based VoIP services on offer. With numerous service providers foraying into the market, the unavailability of satisfactory contracts for VoIP services is expected to hamper the growth of the market.

Asia Pacific Projected to Lead Global VoIP Services Market

North America VoIP services market made up 27% of the market in terms of value in 2015. The market in the region is expected to grow at a steady CAGR of 8.4% for the forecast period. The market is expected to continue dominating the global VoIP services market but is expected to lose out to Asia Pacific, which is projected to lead the global VoIP services market by the end of the forecast period. The APAC market is expected to grow at the fastest CAGR through the forecast period owing to high adoption of VoIP services in countries such as China and India.

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Key players in the global VoIP services market include West Corporation, Verizon Communications Inc., 8×8 Inc., Phone Power LLC., Thinking Phone Networks Inc., Inphonex LLC, ShoreTel Nextiva Inc., RingCentral Inc., and Vonage Holdings Corporation.

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