The global VoIP Services Market is estimated to be valued at US$ 91.15 Bn or in 2023 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.
VoIP Services refer to technologies that allow users to make voice calls using a broadband internet connection instead of a regular telephone line. These services offer many advantages such as low cost international calls, subscription based flexible pricing, video calling feature, call forwarding facility, integration with various applications and devices including smartphones and computers. Being cost effective and feature-rich, VoIP services are increasingly being adopted by both small businesses as well as residential users for their communication needs.
Market key trends:
One of the major trends witnessed in the VoIP services market is the surge in cloud-based VoIP adoption. Cloud-based VoIP uses cloud infrastructure to host and deliver VoIP services, eliminating the need for installation and maintenance of additional on-premises equipment. With cloud, VoIP services can be accessed anytime, anywhere through any internet enabled device, driving their adoption. Integration of services such as unified communication and collaboration is also a notable trend in the market. VoIP providers are integrating features like video conferencing, screen sharing, file sharing etc. to offer complete UC solutions through a single platform. This is helping businesses improve productivity and efficiency of communication.
Threat of new entrants: The VoIP Services market has high barriers for new entrants due to established infrastructure of existing players in the market with strong brands and relationships with enterprises.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are a few established vendors providing standardized VoIP solutions. However, buyers can negotiate on pricing and seek various service offerings.
Bargaining power of suppliers: The bargaining power of suppliers is low as major suppliers of VoIP technology such as infrastructure and software providers have limited influence over pricing and profits of VoIP vendors.
Threat of new substitutes: The threat of substitute products is low as there are limited substitutes to VoIP solutions for voice communication over the internet or private networks.
Competitive rivalry: The competitive rivalry in the VoIP Services market is high due to presence of numerous vendors providing standardized VoIP calling plans targeting small and medium businesses.
The global VoIP Services market is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing need for cost-effective communication solutions among enterprises. The market size for 2023 is US$ 91.15 Bn.
Regional analysis: North America dominated the global VoIP Services market in 2022 owing to high adoption of advanced communication technologies among enterprises in the US and Canada. Asia Pacific is expected to witness the fastest growth during the forecast period, with China, India & Japan emerging as major markets.
Key players: Key players operating in the VoIP Services market are Microsoft,,Cisco Systems,,RingCentral,,8×8,,Vonage,,Mitel Networks,,Fuze,,Avaya,,Ooma,,Dialogic. Microsoft offers cloud-based VoIP solutions through Skype for Business to enterprises. Cisco provides unified communication and collaboration solutions including Jabber and Webex to its customers globally.