According to a new market report published by Credence Research, Inc. “Voice Over Internet Protocol (VoIP) Market By Call Type (International Call, Domestic Call), By Service (SIP Trunking Service, Hosted Business IP PBX Service, Managed IP PBX Service, Other Services), By User (Corporate User, Individual User) – Growth, Share, Opportunities & Competitive Analysis, 2016 – 2023”, the global VoIP market is expected to grow at a CAGR of over 9.7% from 2016 to 2023.
Browse the Voice over Internet Protocol (VoIP) Market – Growth, Share, Opportunities & Competitive Analysis, 2016 – 2023 report at https://www.credenceresearch.com/report/voice-over-internet-protocol-voip-market
Increasing awareness regarding benefits of VoIP technology and how it can enhance overall communication experience both audio and video, especially in countries with large customer base such as China and India is propelling growth of the market. Also, rising deployment of real-time communication solutions in large, small and mid-sized enterprises has opened an opportunity window for major vendor to foray into. Major benefits of VoIP include the availability of services over cloud, uninterrupted and secure communication service, which, in turn, is driving the uptake of VoIP solutions and services worldwide. Further, growing internet penetration in developing regions is support growth of the market to considerable extent. However, inefficient networking infrastructure in underdeveloped and developing regions is likely to hamper the market growth over the forecast period.
Prominent players in the VoIP market are focused towards investing substantial amount on research and development activities to develop technologically advanced solutions. This help companies to outperform their competitors in such a highly competitive market. Also, acquisition and mergers is another major strategies followed by key players to enter emerging market and enhance geographical presence. Major players operating in the global VoIP market are 8×8 Inc., Vonage Holding Corp., Nextiva, Inc., Ring Central Inc., Verizon Communication Inc., Deutsche Telekom, Microsoft Corporation, Thinking Phone Networks Inc., Phone Power LLC, and Inphonex LLC.
- Strategic partnership and joint ventures among key players
- Introduction of cloud-based VoIP solutions and services
- Surge in acquisition & mergers