Session Initiation Protocol (SIP) Trunking Services Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3108
Session Initiation Protocol Trunking Services Market size will showcase substantial growth between 2021 and 2027 owing to the higher demand from small and medium-sized businesses. The rising focus on cost reduction and enhanced flexibility has stirred the need for replacing traditional ISDNs. The shifting inclination towards low capital expenditure has made way for the higher incursion of cloud and unified communications.
SIP trunking services are offered by network operators to provide VoIP communication to enterprises through a broadband connection to an on-premise-based PBX IP interface, all-IP PBX or IAD.
The increase in issues related to Quality of Service (QoS) coupled with the challenges of interoperability and implementing SIP trunks may restrict the market growth to some extent. However, the surge in the number of initiatives undertaken by large telecom companies for migrating customers over the IP networks will create a positive impetus on the market dynamics.
The cloud-based session initiation protocol trunking services market will expand with rising preference by numerous vendors and telecom service providers. These solutions not only cut down higher management costs but also weed out the necessity for equipment infrastructure installation in organizations. In addition, these services give employees complete access to the features on their phone systems, irrespective of working remotely or in offices. Soaring adoption across small organizations given their tight budgets along with the rising obligation to manage all the calls over a single data connection will reinforce the segment growth.
The enterprises segment in the SIP trunking services market will grow with the mount in significant capital investments in core network infrastructure to cater to the rising business communication requirements. The higher need for reliable and centralized phone services and the growing concerns over maintenance costs and onsite setup will influence the market progression.
The healthcare sector will proliferate on account of the higher emphasis on effective collaboration and communication between the staff members. Rising presence in hospitals will also infuse a positive scenario for the market expansion.
The penetration of SIP trunking services in the BFSI sector will witness growth through 2027 with the increasing requirement for cost reduction as well as all-time connectivity to value chain partners and customers.
North America SIP trunking services market revenue will grow with increasing R&D investments. The influx of novel technologies mainly in the U.S., Canada, and Mexico has led to higher advances in technology adoption and infrastructure. The flourishing retail, BFSI, and IT & telecom sectors in the U.S. have resulted in the rising penetration of session initiation protocol trunking services. The strong obligation to replace legacy communication systems and the presence of leading UC solution providers will further boost the regional growth.
Technological advancements for novel product launches, strategic partnerships, including acquisitions & mergers, and investments are the key marketing initiatives adopted by leading SIP trunking service providers to sustain the escalating market competition.
CenturyLink, Voyant Communications, Telstra, Rogers Communications, West Corporation, Nextiva, GTT Communications, BT Group, Bandwidth, AT&T, Windstream (Windstream Holdings II, LLC), Mitel, Tata Communications (Tata Group, Government of India), IntelePeer, Sprint (T-Mobile US, SoftBank Group), Net2Phone (IDT Corporation), Verizon, Orange, Fusion, and 8x8 are some other prominent industry participants.
Impact of COVID-19 on SIP trunking services market trends
The COVID-19 pandemic, which was responsible for major changes in the global economy, brought appreciable gains for the session initiation protocol trunking services industry. This is attributed to their increasing preference by numerous companies to offer improved video conferencing and VoIP-enabled calling in remote working for optimum call quality. These services are also helping firms in offering their customers inbound and outbound mobile or landline call options in the present crisis.
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