Voice over Internet Protocol (VoIP) Services Market to Reach $263.0 Billion, Globally, by 2032 at 9.6% CAGR: Allied Market Research
NEW CASTLE, Delaware, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Voice over Internet Protocol (VoIP) Services Market by Services (SIP Trunking, Hosted IP PBX and Managed IP PBX), by Configuration (Computer-to-Computer, Computer-to-Phone and Phone-to-Phone), and Vertical (BFSI, IT & Telecom, Healthcare, Media & Entertainment, Retail & ecommerce, Travel & Hospitality and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the voice over internet protocol (VoIP) services market was valued at $112.9 billion in 2023, and is estimated to reach $263.0 billion by 2032, growing at a CAGR of 9.6% from 2024 to 2032.
Prime determinants of growth
The global voice over internet protocol (VoIP) services market is experiencing growth due to cost efficiency, integration with other technologies and increasing demand for instant messaging services. However, limited network speed and privacy concerns hinder market growth to some extent.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $112.9 billion |
| Market Size in 2032 | $263.0 billion |
| CAGR | 9.60% |
| No. of Pages in Report | 200 |
| Segments Covered | Services, Configuration, Vertical, and Region. |
| Drivers | Cost Efficiency |
| Integration With Other Technologies | |
| Increasing Demand for Instant Messaging Services. | |
| Opportunities | Technological Advancements |
| Remote Work Trends | |
| Restraint | Limited Network Speed and Privacy Concerns |
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Segment Highlights
The hosted IP PBX segment is expected to dominate the market during the forecast period.
By services, the SIP trunking segment held the highest market share in 2023, due to cost efficiency, scalability, and compatibility with existing PBX systems. In addition, it allows businesses to reduce communication costs while leveraging their current infrastructure, making it particularly attractive for medium to large enterprises seeking reliable and flexible telecom solutions
However, the hosted IP PBX segment is projected to attain the fastest growing segment from 2023 to 2032, owing to its simplicity, lower upfront costs, minimal on-site hardware requirements, and seamless integration with other communication tools. This makes it highly attractive for small to medium-sized enterprises seeking flexibility and ease to use in their communication systems.
The phone-to-phone segment is expected to dominate the market during the forecast period.
By configuration, the computer-to-phone segment held the highest market share in 2023. This is due to its ease of use and it allows users to make calls from their computers to traditional phone numbers, making it convenient for businesses and individuals. In addition, it is also driven by its ability to integrate with existing communication systems, providing a seamless transition to VoIP technology.
However, the phone-to-phone segment is projected to attain the fastest growing segment from 2023 to 2032, owing to the increasing adoption of mobile VoIP applications and the rising demand for direct phone-to-phone calling services. Which offers users the convenience of making VoIP calls without the need of a computer, which is driving its rapid growth of segment.
The IT & telecom segment is expected to dominate the market during the forecast period.
By vertical, the BFSI segment held the highest market share in 2023, owing to rise in adoption of VoIP solutions by financial institutions to enhance communication efficiency, reduce operational costs, and provide secure and reliable communication channels for sensitive financial transactions and customer interactions.
However, the IT & telecom segment is projected to attain the fastest growing segment from 2023 to 2032, owing to rise in need for seamless communication and collaboration among remote teams, growing adoption of cloud-based services, and rise in demand for reliable and cost-effective communication solutions to support digital transformation initiatives in the IT and telecom industries.
Regional Outlook
North America and Europe led the market share in 2023, owing to high levels of digitalization, strong purchasing power, and a large base of professional photographers. Asia-Pacific is a rapidly growing market, driven by rise in smartphone adoption and interest in photography. Latin America and the Middle East & Africa show potential for growth, supported by rise in disposable incomes and expanding access to technology.
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Major Industry Players: -
- Nextiva
- Dialpad
- Ooma Office
- GoTo Connect
- Zoom
- OpenPhone
- Aircall
- 8x8 X Series
- CallTower
- 3CX
- MightyCall
- Cisco
The report provides a detailed analysis of these key players in the global voice over internet protocol (VoIP) services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, acquisition and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In July 2021, Dialpad launched Dialpad Meetings, aiming to broaden its business communication and customer engagement solutions by offering a unified platform. This new solution integrates AI and cloud technologies to enhance its services, providing customers with a more comprehensive and efficient communication experience.
- In April 2022, Nextiva, a leading VoIP services provider company, released its NextivaOne partner programme to support the implementation of developing technologies for its channel partners and customers, allowing them to improve their service portfolio and build their revenue stream.
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