Voice over Internet Protocol (VoIP) Services Market is Set for Rapid Growth And Trend by 2022
The Voice over Internet Protocol Services is a communication platform that permits user to make calls over internet connection instead of conventional analog telephone lines. Increasing trend of bring your own device is one of the major factor for growth of the market. Most of the companies have implemented this services, owing to advantages such as employees satisfaction, increasing productivity, and cost saving. Furthermore, constant changes in work location and time zone barriers have increased the demand for BYOD trend in the organizations. BYOD allows for greater flexibility in working across borders, especially for people working on the go.
Increasing trend of mobile-based VoIP services such as WhatsApp, Line, Viber and Skype, in conjugation with increasing penetration of smartphones plays a major role in the growth of the mobile based VoIP market. According to Coherent Market Insights, in 2017, around 2.3 billion people were using smartphone. However, lack of established internet infrastructure, especially in emerging economies is hindering growth of the global Voice over Internet Protocol Services market.
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Corporate user is projected to hold the dominant position in global Voice over Internet Protocol Services Market
On the basis of end users, the Voice over Internet Protocol Services market is segmented into corporate user and individual user. The corporate user segment held the dominant position in 2017 and it is projected to retain its dominance throughout the forecast period. In 2017, the corporate user segment generated the revenue of US$ 69.4 billion from US$ 63.4 billion in 2016. The cost reduction is major factor for growth of the segment in VoIP market, as most of the business organizations are implementing the VoIP systems to reduce their operation cost.
Europe Voice over Internet Protocol Services market.
Europe held a dominant position in the market in 2016. Germany, UK, France, Italy, Spain, Russia are the major growth engines in the region. In 2017, the Voice over Internet Protocol Services market generated the revenue of US$ 35.1 billion from US$ 32.7 billion in 2016. Increasing adoption of smartphone is one of the major driver for growth of the Voice over Internet Protocol Services market. In 2017, around 258.1 million people were using smartphone from 240.3 million in 2016. Hence, increasing number of smartphone users have accelerated growth of the mobile-based Voice over Internet Protocol Services market in Europe. Furthermore, increasing trend of digitalization have also driven the market in this region. According to Coherent Market Insight, in 2016, about 88% of the total population in Germany uses internet. Moreover, Asia Pacific Voice over Internet Protocol Services market is expected to grow with the highest CAGR over the forecast period. China, India, Japan, and Australia are some of the major economies driving growth of the market in this region. Increasing number of startups and small & medium enterprises are driving growth of the market in Asia Pacific. For instance, according to Government of India economic survey 2015 – 2016, more than 19,000 technology enabled startup led by consumer internet and financial services.
Key Companies – Global Voice over Internet Protocol Services Market
Major players operating in the global Voice over Internet Protocol Services market include 8×8, Inc., Apple Inc. (FaceTime), Avaya, AT&T Inc., Verizon Wireless, Orange, Deutsche Telekom AG, KT Corporation, Sprint Corporation, Telecom Italia, Telenor, T-Mobile, and Tata Communication.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies and potential absolute dollar opportunity.
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