• June 14, 2024
VoIP Services

Global VoIP Services Market Expected To Spur Due To Advent Of 5G Network

Voice over internet protocol (VoIP) is an integrated technology used in voice communication along with other multimedia sessions with the help of internet protocol networks. It is an affordable way to communicate with people all around the world. The technology utilizes the internet as a medium for all signal propagation. The different terms associated with VoIP telephone are IP telephony, broadband telephony, and internet telephony.

The surging trend of bring your own devices (BYOD) is significantly fuelling the growth of the global VoIP services market. In addition, the VoIP service providers are launching unique features in the services to entice users at the corporate or individual levels. However, such emerging avenues are likely to open several lucrative growth opportunities by fuelling the convenience of international calling.

The telecommunication sector is transforming at a rapid pace. The service providers are constantly making relentless efforts to offer advanced features to end-users and meanwhile also improving the network infrastructure in several regions. The advent of the 5G network along with the penetration of IP networks is likely to scale the growth of the global VoIP services market manifolds. Emerging businesses with bad communication infrastructure are struggling with various issues including long delays, low audio quality, and several others, which in turn are compelling them to move from traditional systems to cloud-based phone systems that can be effectively tailored according to their requirements. However, the outbreak of the Covid-19 pandemic is likely to positively impact the growth of the market as several organizations are adopting remote working protocols.

The global VoIP services market can be segmented into application, end-user, medium, call type, access type, type, and region.

By application, the market can be segmented into hospitality, education, retail, healthcare, government, banking, and telecom sector.

By end-user, the market can be segmented into large enterprises, consumers, and small & medium businesses.

By medium, the market can be segmented into mobile and fixed.

By call type, the market can be segmented into domestic and international VoIP calls.

By access type, the market can be segmented into the computer to phone, computer to computer, and phone to phone.

By type, the market can be segmented into hosted IP PBX, managed IP PBX, and integrated access.

North America accounts for the largest share in the global VoIP services market due to the growing adoption of VoIP services among businesses in the region. However, the surge in popularity of web-based apps is further likely to augment the growth of the regional market.

Asia Pacific is expected to witness a significant growth rate in forthcoming years due to the growing disposable income of the people in the region. Also, the growing initiatives by the government to improve the network infrastructure in the region will also accentuate the growth of the regional market.

Some of the significant players in the global VoIP services market are Phone Power LLC., Inphonex LLC, Thinking Phone Networks Inc., Verizon Communications Inc., West Corporation, RingCentral Inc., ShoreTel Nextiva Inc., 8×8 Inc., and Vonage Holdings Corporation. To cite, Seagate Technology plc in July 2015 launched an updated hybrid cloud data protection system that permits users to manage their data growth and progressively compound security requirements in a cost-effective and convenient manner.

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