With remote working becoming mainstream due to the impact of the pandemic worldwide, the global VoIP (Voice Over Internet Protocol) market is expected to grow manyfold in the coming years.
Although the impact of VoIP services in the business world is evident through advanced communications, its global market size also helps show its effect.
In 2020 alone, the VoIP market was $82.5 billion and is expecting to reach $102.4 billion by the end of 2026.
With the use of VoIP, making international and local calls has become feasible for many businesses. Even for those that are smaller or are simply start-ups, they are opting for a VoIP system due to its flexible features and cost-effectiveness.
A few of the major companies operating in the VoIP market include Alcatel Lucent, AT&T, Cisco, Citrix, Deutsche Telekom, Ribbon Communication, Google, Verizon, Microsoft, Avaya, RingCentral, Zultys, Intermedia, and many others.
What Do These VoIP Facts Mean for Your Business?
If you haven’t already, now is the perfect time to upgrade your traditional phone system to VoIP phone system. Voice over IP technology is going to play an essential role for small and medium-sized companies in the future as they have already begun to make a place for themselves in the communication world.
But despite popular belief, these VoIP systems aren’t strictly used for large organizations; instead, small businesses and start-up companies are also benefiting from them. Business voice services are driving the VoIP market up, impacting the cloud, trunking, and other managed services most positively.
Key Global VoIP Market Predictions:
- The hosted IP PBX segment is expected to experience the fastest growth of over 15% through 2025.
- The Worldwide VoIP market size is expected to reach $102 billion by the end of 2026.
- The mobile VoIP market is expected to witness the fastest growth rate of over 13% between 2019 and 2025, reaching $145 billion by 2024.
- The projected global VoIP market share is expected to be $93.2 billion by 2024.
- The global VoIP market size is expected to grow with a CAGR of 3.1% during 2021-2026.
- The growth rate of computer-to-phone services from 2019 to 2025 is expected to be 17%.
- The CAGR of the hosted business IP PBX service segment for the years 2016 to 2024 is 7.8%.
- 90% of IT leaders will cease purchasing on-premise communication tools by the end of 2021.
- There will be a 90% reduction in start-up costs for small businesses that use VoIP.
- 74% of employees use a mobile app for VoIP business calls.
- Android OS is predicted to dominate mobile VoIP by 2024, with a projected market share of $90 billion.
- The top VoIP features that improve productivity for small businesses are Find Me/Follow Me (77%), conference calling (65%), and mobile IP PBX (58%).
- Roughly 46% of illegally made calls across the world involve VoIP technology.
- VoIP can help save 32 call minutes per day.
- By 2025, AI Chatbots will likely do 95% of customer interactions over the phone.
(The above graphic was sponsored by IdeaComnc)