VoIP Market size is expected to reach over USD 100 billion by 2032, according to the recent research report by Global Market Insights Inc.
Mobile VoIP solutions are gaining considerable popularity at a time when enterprise mobility is becoming crucial for many large and small businesses worldwide. Many organizations are evolving to meet the needs of employees that travel often or work from home regularly. Enterprise mobility allows the use of personal laptops and mobile phones for remote working. Users typically need to download specific software to make and receive VoIP calls to utilize this feature. Its advantages are attracting more users to adopt the system for business and professional purposes.
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Growing use of computer-to-computer VoIP by businesses
The VoIP market from the computer-to-computer access type segment is anticipated to observe 15% CAGR from 2022 to 2032. Computer-to-computer VoIP is one of the most popular access methods utilized by businesses. Computers that are running the same voice communication program, such as Skype or Facebook Messenger, are only permitted to use in VoIP calling services. By simply installing softphones on computers, businesses can make free internet calls. These softphones facilitate unified communications by enabling immediate, cost-free, peer-to-peer communication within the application.
Rise in the number of smartphone users to influence mobile VoIP demand
The mobile VoIP market revenue was valued at USD 15 billion in 2022. Mobile VoIP is a part of technology that deals with voice-oriented services through a mobile phone. It can be easily accessed by those living abroad and does not require an address to be associated with it. With many people traveling abroad for work or studies, the demand for mobile VoIP is expected to increase. The services like Skype and Google Voice will become more popular due to rising smartphone usage and continuous investments in LTE and broadband to upgrade wireless telecommunications infrastructure.
Browse key industry insights spread across 300 pages with 569 market data tables and 37 figures & charts from the report “Voice over Internet Protocol (VoIP) Market Size By Type (Integrated Access/Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX), By Access (Phone to Phone, Computer to Computer, Computer to Phone), By Call (International VoIP Calls, Domestic Calls), By Medium (Fixed, Mobile), By End-Use ( Consumers, SMBs, Large Enterprises), By Application (IT & Telecom, BFSI, Healthcare, Government & Public Sector, Retail, Education, Hospitality), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Need for streamlined VoIP services in the BFSI sector
The BFSI application is expected to hold about 15% of the VoIP market share by 2032. To facilitate smooth mobile interactions, banks and other financial institutions require efficient communication platforms that lower costs by merging voice and data services over a single channel. They are quickly transitioning from on-premise solutions to cloud technology to meet the rising demands for mobility and collaboration. Utilizing VoIP enables them to communicate with numerous stakeholders and clients, streamline processes, and deliver improved financial services.
Rising demand for affordable communication solutions in the APAC
Asia Pacific VoIP market is projected to witness 11% growth during 2023 to 2032 driven by a rising number of smartphone users. More attention is being placed on improving the calling experience of smartphone users in the region. Apart from this, a spike in the number of internet users and startup businesses will advocate the deployment of VoIP services. To manage remote workforces, businesses in China and India are employing affordable communication solutions which will contribute to the demand for mobile VoIP services.
New business collaborations and acquisitions between leading VoIP companies
Some of the leading VoIP service providers worldwide include Google Inc., ZTE Corporation, AT&T Inc., Ericsson, Verizon Communications Inc., and Cisco Systems Inc., among others. Many of these companies are focusing on strategic partnerships and collaborations to create a better geographical footprint.