Voice over Internet Protocol (VoIP) Global Market Report 2024

Voice over Internet Protocol (VoIP) is a communication technology that facilitates audio communication over the internet, replacing traditional telephone lines. VoIP allows users to make calls directly from a computer or a dedicated VoIP phone.

The primary types of VoIP include integrated access or Session Initiation Protocol (SIP) trunking, managed IP Private Branch Exchange (PBX), and hosted IP PBX. Session Initiation Protocol (SIP) is a system that enables VoIP by managing elements supporting voice calls, instant messaging, media distribution, and video conferencing. VoIP calls can be categorized as international or domestic, and they can be accessed through various means such as phone-to-phone, computer-to-computer, and computer-to-phone. VoIP services are available through fixed and mobile mediums, catering to consumers, small and medium businesses, as well as large enterprises.

The voice over internet protocol (VoIP) market research report is one of a series of new reports that provides voice over internet protocol (VoIP) market statistics, including voice over internet protocol (VoIP) industry global market size, regional shares, competitors with a voice over internet protocol (VoIP) market share, detailed voice over internet protocol (VoIP) market segments, market trends and opportunities, and any further data you may need to thrive in the voice over internet protocol (VoIP) industry. This voice over internet protocol (VoIP) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The voice over internet protocol (voip) market size has grown rapidly in recent years. It will grow from $119.14 billion in 2023 to $134.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth observed in the historic period can be attributed to various factors, including cost savings associated with VoIP technology, the enhanced mobility and flexibility it provides, evolving consumer preferences towards digital communication, scalability, and ease of expansion of VoIP services, and the increasing trend of remote work, which has highlighted the value of internet-based communication solutions.

The voice over internet protocol (voip) market size is expected to see rapid growth in the next few years. It will grow to $229.83 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The anticipated growth in the forecast period can be attributed to various factors, including an increased focus on the quality of service in VoIP, compliance with regulatory standards governing voice communication, the integration of voice analytics and business intelligence tools, measures to enhance energy efficiency in VoIP systems, and an emphasis on user education and training for optimal utilization. Major trends expected in the forecast period include the adoption of mobile VoIP, the integration of web real-time communication, a heightened focus on security measures in VoIP solutions, the prevalence of cloud-based VoIP solutions, the use of voice biometrics for authentication purposes, and increased integration of VoIP with collaboration tools.

The anticipated rise in 5G technology adoption is poised to propel the voice over internet protocol (VoIP) market's growth in the foreseeable future. 5G technology offers faster transmission speeds, reduced latency, and increased device connectivity with gigabyte rates, providing ample bandwidth for VoIP. Consequently, an increasing number of businesses are transitioning to VoIP, replacing outdated Public Switched Telephone Network (PSTN) phone systems. This switch enhances call quality and reliability while significantly reducing call and infrastructure costs. For instance, vXChnge, a US-based colocation and data center service provider, projects that by 2024, 5G networks will cover 40% of the world, handling 25% of all mobile traffic data. Thus, the growing adoption of 5G technology drives the growth of the VoIP market.

The surging adoption of broadband is anticipated to be a driving force behind the growth of the voice over internet protocol (VoIP) market in the coming years. Broadband, characterized by high-speed internet connections, facilitates faster data transmission compared to traditional dial-up connections. This enables quick and simultaneous access to various online services and content, playing a pivotal role in VoIP by ensuring clear and uninterrupted voice communication over the internet. For example, as of July 2023, fiber, a high-speed fixed broadband connection, represents 38% of all fixed subscriptions globally, according to the Organization for Economic Co-operation and Development (OECD). Hence, the growing adoption of broadband fuels the growth of the voice over internet protocol (VoIP) market.

Major players in the voice over internet protocol (VoIP) market are actively focusing on enhancing customer satisfaction to gain a competitive advantage. VoIP contributes to customer satisfaction by delivering cost-effective, clear, and convenient communication, ensuring improved service accessibility and responsiveness. For instance, in May 2021, Bolt Technology OÜ, an Estonia-based transport company, introduced a Voice Over Internet Protocol (VoIP) feature to improve communication between riders and drivers. This innovative functionality enables phone calls over the internet, eliminating the need for traditional phone services. The VoIP feature not only enhances safety and trust during rider-driver interactions but also prioritizes the security of user data.

Major players in the voice over internet protocol (VoIP) market are strategically forming partnerships to drive revenue and market growth. Collaborations in the VoIP industry can enhance service offerings, broaden market reach, and drive innovation through partnerships with hardware manufacturers, telecom providers, and software developers. For instance, in May 2023, Saudi Telecommunication Company partnered with Mena Communication Holding Company Limited to launch the Voice over Internet Protocol (VoIP) app called Beem in Saudi Arabia. Beem serves as a feature-rich instant messaging platform, offering high-quality one-on-one and group voice and video calling capabilities, catering to both personal and business communication needs.

In August 2021, TelcoSwitch, a UK-based telecommunications service provider, acquired SureVoIP for an undisclosed amount. This strategic move bolsters TelcoSwitch's portfolio with additional IP capabilities, particularly strengthening solutions for the Small Office/Home Office (SOHO) micro-market and opening doors for new residential-based services. SureVoIP, a UK-based telephony service provider, specializes in delivering business VoIP services to UK-based enterprises.

Major companies operating in the in the voice over internet protocol (voip) market report are Verizon Communications Inc., Comcast Corporation, Orange S. A., AT&T Inc., Charter Communications Inc., Vonage Holdings Corp., Altice USA Inc., Teléfonos de México S. A. B. de C. V., Cox Enterprises Inc., Rogers Communications Inc., Sprint Corporation, TalkTalk Group plc, RingCentral Inc., Patton LLC, San Antonio Telephone Co., OneVoice Communications Inc., Avaya Inc., Cisco Systems Inc., Deutsche Telekom AG, Microsoft Corporation, Mitel Networks Corporation, Nextiva Inc., 8x8 Inc., CallHippo, Dialpad Inc., Evolve IP LLC, Frontier Communications Corporation, Google LLC, LogMeIn Inc., Intermedia. net Inc., MegaPath, Momentum Telecom Inc., NetFortris Inc., Ooma Inc., Star2Star Communications, TPx Communications, T-Mobile US Inc., Telenor ASA, Telecom Italia S. p. A., KT Corporation

Asia-Pacific was the largest region in the VoIP market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice over internet protocol (voip) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the voice over internet protocol (voip) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The voice over Internet Protocol (VoIP) market includes revenues earned by entities by real-time transport protocol (RTP), designed to carry streaming audio and video. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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