Voice Over Internet Protocol (VoIP) Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, India, Japan, Australia, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2989
VoIP Market size is expected to grow substantially over the forecast timeframe propelled by growing trend of Bring Your Own Device (BYOD) among the enterprises. The organizations are swiftly moving toward BYOD policies due to cost-effectiveness over enterprise-owned device network. The BYOD policy allows the employees to use their personal devices and helps companies reduce their hardware costs and IT infrastructure burden. The policy also simplifies the maintenance and management of the enterprise IT infrastructure and provides a relief to the overworked system managers. This is encouraging the adoption of the BYOD policies among organizations.
The growing demand for mobility among the enterprises to enhance employee productivity, increase customer engagement, and improve team collaboration also drives the VoIP market. Organizations are moving toward technology-enabled solutions, such as cloud computing, Big Data, BYOD, and enterprise mobility, to gain an edge over the competitors. Traditional processes are being replaced by advanced technology solutions and the growing application of mobility is also reducing the physical IT infrastructure. Moreover, the growing demand for scalability and flexibility among organizations also promotes the deployment of mobility solutions.
The cost-effectiveness of the VoIP solutions over traditional communication technologies, such as TDM and PBX, also augments the market growth. The VoIP solutions enable organizations to save approximately 45% by transitioning away from TDM services. Furthermore, the ability of the VoIP to deliver real-time telepresence and garner unified communication also drives their demand.
Companies are leveraging the technology to improve the effectiveness of communication with their customers by offering immediate assistance when they need it. This also helps in satisfying and better retaining the customers due to the improved service delivery and support processes enabled by the technology. Collaborative applications, such as unified messaging and voicemail, can be efficiently integrated with business processes to increase their productivity and streamline the operational functions to achieve enhanced results while reducing the cost on communication infrastructure.
North America is dominating the VoIP market due to the high adoption of cloud computing services and enterprise mobility solutions in the region. The highly sophisticated IT and telecommunication infrastructure in the region along with the local presence of key global players, such as Microsoft and Cisco, support the growth of the market in the region. Moreover, the high readiness of the of U.S. enterprises to adopt advanced VoIP solutions to streamline their business communication systems also drives the VoIP market.
Asia Pacific VoIP Market is anticipated to grow substantially during the projected timespan. The growth of the market is driven by the rising adoption of the VoIP solution among SMBs. The growing efforts by the developing countries including China and India to improve their communication infrastructure provide SMBs access to the VoIP solution for a large pool of consumers. Furthermore, supportive government policies, such as tax benefits and subsidies for advanced unified communication and collaboration service providers also drives the market.
The VoIP market comprises different types of vendors focusing on distinct VoIP capabilities, targeting different levels of enterprise communication customers. The market is nearing consolidation as various key players, such as Microsoft, Cisco, Mitel, IBM, are aggressively extending their market presence by acquiring other market players and diversifying their line of VoIP solutions. The demand for VoIP solutions and managed services is rapidly growing, thereby prompting the market players to differentiate their product offerings from the existing products and services. For instance, in 2015, the key players, such as Avaya and Cisco, directed their investment toward video conferencing, cloud API, and collaboration solutions. The key players in the VoIP market are Verizon, AT&T, Orange, Deutsche Telecom, Korea Telecom, Sprint Nextel, Telecom Italia, Telenor, Vonage Citrix, and T-Mobile.
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