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VoIP or Voice over Internet Protocol technology allows users to make voice calls via a broadband internet connection instead of a regular phone line. Some of the key advantages of VoIP services are low call rates, global reach, easy integration with other communication tools and better call quality. With rising usage of smartphones and improved telecom infrastructure, more individuals and enterprises are adopting VoIP solutions for their communication needs. VoIP services offer flexible solutions to businesses for managing call centers, hosting conference calls and facilitating collaboration between distributed work teams.
The global VoIP Services Market is estimated to be valued at US$ 91.15 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the major trends in the VoIP services market is the shift towards cloud-based VoIP solutions. Traditional on-premise PBX systems are increasingly being replaced by cloud-hosted VoIP phone systems which offer benefits like lower investment and maintenance costs, easy scalability, enhanced mobility and flexibility. Growing number of enterprises are adopting unified communication solutions that integrate capabilities like messaging, video conferencing and collaboration tools along with standard calling features. Leveraging advanced technologies such as artificial intelligence and machine learning, VoIP providers are introducing intelligent features into their solutions including predictive dialing, call transcription, language translation and more.
Porter’s Analysis
Threat of new entrants: Low due to high initial investment requirements and established brand loyalty of existing players.
Bargaining power of buyers: High due to availability of substitutes and price sensitivity of consumers.
Bargaining power of suppliers: Low due to availability of substitute suppliers and lack of differentiation in products.
Threat of new substitutes: High due to emergence of innovative communication technologies like IP Messaging, Web Real-Time Communications etc.
Competitive rivalry: Fierce due to presence of global players competing on basis of pricing and features.
Key Takeaways
The global VoIP Services market is expected to witness high growth. The global VoIP Services Market is estimated to be valued at US$ 91.15 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to dominate the market and witness fastest growth during the forecast period owing to high adoption of digital technologies and increasingpenetration of smartphones in countries like India and China.
Key players operating in the VoIP Services are Microsoft, Cisco Systems, RingCentral, 8×8, Vonage, Mitel Networks, Fuze, Avaya, Ooma, Dialogic. Key players like Microsoft and Cisco Systems have captured major market share owing to their robust portfolios and global presence. Other prominent players are focusing on partnerships and innovations to strengthen their positions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
