SELBIEVILLE, Delaware, Jan. 18, 2023 (GLOBE NEWSWIRE) — According to a report published by Global Market Insights Inc. , Global Voice over Internet Protocol market Estimated at US$40 Billion in 2022 and expected to pass a US$100 Billion valuation by 2032, advancing at a CAGR of 10% from 2023 to 2032. The report provides detailed analysis of top strategies, drivers, opportunities, competitive scenario, fluctuating market trends, Market Size, Statistics and Estimates, Key Investment Pockets.
Mobile VoIP solutions are gaining popularity at a time when corporate mobility is becoming critical to many large and small businesses around the world. Many organizations are evolving to meet the needs of employees who travel frequently or work from home regularly. Corporate mobility allows the use of personal laptops and mobile phones to work remotely. Users usually need to download specific software to make and receive VoIP calls to take advantage of this feature. Its advantages attract more users to adopt the system for both business and professional purposes.
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Major reasons for the growth of the VoIP Market:
- Cost benefits over circuit switched networks.
- Growing adoption by small and medium businesses.
- The advent of 5G technology.
- The growing popularity of hosted VoIP solutions.
- Increased mobility trend in business.
The increasing use of computer-to-computer VoIP business
The VoIP market of the computer-to-computer access type segment is expected to witness 15% CAGR from 2022 to 2032. VoIP is one of the most popular access methods used by businesses. Computers running the same voice calling software, such as Skype or Facebook Messenger, are only allowed to use VoIP calling services. Once smartphones are installed on computers, companies can make free calls over the Internet. These smartphones facilitate unified communications by enabling free instant peer-to-peer communication within the app.
Rising number of smartphone users affecting mobile VoIP demand
The Mobile VoIP market will be worth $15 Billion in 2022. Mobile VoIP is a piece of technology that deals with mobile-routed voice services. It can be easily accessed by those who live abroad and does not require an address to be associated with it. With many people traveling abroad for work or study, the demand for Voice over Internet Protocol (VoIP) is expected to increase. Services like Skype and Google Voice will become more popular due to increased smartphone usage and continued investments in LTE and broadband to upgrade wireless communications infrastructure.
The need for simplified VoIP services in the BFSI sector
BFSI is expected to hold about 15% of the VoIP market share by 2032. To facilitate seamless mobile interactions, banks and other financial institutions require efficient communication platforms that cut costs by integrating voice and data services over a single channel. They are rapidly moving from on-premises solutions to cloud technology to meet the growing demands of mobility and collaboration. The use of VoIP enables them to communicate with multiple stakeholders and customers, streamline operations, and provide enhanced financial services.
The demand for affordable communication solutions is growing in the Asia Pacific region
The VoIP market in Asia Pacific is expected to grow by 11% over the period 2023 to 2032 driven by the growing number of smartphone users. More attention is being paid to improving the calling experience for smartphone users in the region. Apart from this, the sudden rise in the number of internet users and startups will call for the deployment of VoIP services. To manage their remote workforce, companies in China and India are using affordable telecom solutions that will contribute to the demand for mobile VoIP services.
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New business collaborations and acquisitions between leading VoIP companies
Among the leading VoIP service providers worldwide, Google Inc. ZTE Corporation, AT&T Inc. and Ericsson and Verizon Communications Inc. and Cisco Systems Inc. , among others. Many of these companies focus on strategic partnerships and collaborations to create a better geographic footprint.
Partial chapters from the TOC:
Chapter 3 Voice over Internet Protocol (VoIP) Market Insights
3.1 Introduction
3.2 Impact of the COVID-19 Outbreak
3.3 The impact of the war between Russia and Ukraine on the industry
3.4 Industry Ecosystem Analysis
3.5 Technology and innovation landscape
3.6 Patent Analysis
3.7 Investment Portfolio
3.8 News
3.9 Regulatory landscape
3.10 Industry Impact Forces
3.11 Analysis of growth potential
3.12 Price trend analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company’s Market Share, 2022
4.3 Competitive Analysis of Major Market Players, 2022
4.4 Innovative Games Market Competitive Analysis, 2022
4.5 Vendor Accreditation Matrix, 2022
4.6 Strategic Outlook Matrix, 2022
Chapter 5 Voice over Internet Protocol Market, by Type
5.1 Key trends by genre
5.2 Integrated Access/SIP trunking
5.3 Managed IB PBX System
5.4 IB hosted PBX
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About Global Market Insights
Global Market Insights Inc. Headquartered in Delaware, United States, is a global market research and advisory services company, providing aggregated and customized research reports along with growth advisory services. Business intelligence reports and industry research provide our clients with insights and actionable market data tailored and presented to help make strategic decisions. These comprehensive reports are designed using a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
