Global VoIP Services Market, 2016 - 2024
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Global VoIP Services Market Is Expected to be Valued at US$ 194.5 Bn by 2024: Persistence Market Research
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Global VoIP Services Market, 2016 - 2024 According to the latest market report published by Persistence Market Research titled, “Global Market Study on VoIP Services: Increasing Hybrid Cloud Communications in Small and Large Enterprises to Drive Market Growth over the Forecast Period, 2016 - 2024,” the global VoIP services market was valued at US$ 85.9 Bn in 2015 and is anticipated to increase at a CAGR of 9.5% over 2016 - 2024, to reach US$ 194.5 Bn by 2024.
Currently, the global VoIP services market is mainly driven by factors such as low maintenance cost with higher flexibility and minimum staff support, along with wider connectivity, increasing internet penetration in semi-urban and satellite cities as the internet is a basic tool and a global platform to make a business grow fast and in a more economical way. However, factors such as fluctuations in internet quality may affect market growth and can be a prominent restraint. During peak hours, the network may be congested due to many subscribers using internet services in a locality through single-cable network line and unsatisfactory contract proposals are some of the major factors expected to restrain growth of the global VoIP services market during the forecast period.
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The global VoIP services market is anticipated to increase at a CAGR of 9.5% in terms of revenue over 2016–2024, to be valued at US$ 194.5 Bn by 2024.
In this report, the global VoIP services market has been segmented on the basis of call type, end use, configuration, services, and region. The APAC VoIP services market is expected to account for the highest market value share in the global VoIP services market by 2024 end, followed by Europe. The Latin America VoIP services market is expected to be the fastest growing market over the forecast period. Growth of the Europe VoIP services market is primarily attributed to the introduction of a large number of small and medium-sized enterprises. Also, expansion of the unified communication market in Belgium is expected to support growth of the VoIP service market in Europe over the forecast period. The VoIP services market in Europe is expected to increase at a CAGR of 8.4% in terms of value over the forecast period.
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Global VoIP Services Market, 2016 - 2024 The North America VoIP services market is expected to witness moderate growth over the forecast period; it accounted for 27.0% value share of the overall market in 2015 and is expected to register a moderate CAGR of 8.5% in terms of value over the forecast period. Increasing adoption of bring your own device (BYOD) policy is a major factor expected to drive growth of the VoIP services market in North America.
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The report provides detailed information about various market trends and offers analysis and insights about the potential of the global VoIP services market. Furthermore, the VoIP services market is segmented on the basis of call type into international long-distance VoIP calls and domestic VoIP calls. International long-distance VoIP services segment is estimated to be the highest contributor to the global VoIP services market in terms of value share by 2016 end, followed by domestic VoIP call segment.
The VoIP services market has also been segmented on the basis of end use into Individual User and Corporate User. Individual User segment is expected to be the fastest growing segment in the end-use category over the forecast period. The segment is expected to increase at a CAGR of 9.2% over the forecast period in terms of revenue.
Key players in the global VoIP services market include Vonage Holdings Corporation, 8x8 Inc., ShoreTel Nextiva Inc., RingCentral Inc., West Corporation, Verizon Communications Inc., Thinking Phone Networks, Inc., Inphonex LLC, and Phone Power LLC.
Market Bytes: In this report, the global VoIP services market is tracked in terms of both value and number of subscribers. The global VoIP services market is projected to increase from US$ 94.1 Bn by 2016 end to US$ 194.5 Bn by 2024, increasing at a CAGR of 9.5% over 2016–2024. Increasing hybrid cloud communications in small and large enterprises is anticipated to drive growth of the global VoIP services market over the forecast period. Demand for VoIP services is rising gradually owing to low maintenance cost with higher flexibility and minimum staff support. Some benefits of VoIP include the presence of services over cloud and its uninterrupted and highly-trusted communication services to consumer. Increasing Internet
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Global VoIP Services Market, 2016 - 2024 penetration in semi-urban and satellite cities is further fueling growth of the VoIP services market currently.
One of the major restraints for growth of the VoIP services market is that VoIP provides low service quality due to variable latencies and dropped packets that lead to low public acceptance of VoIP services by individual/residential users, thereby limiting its demand. Also, despite the presence of numerous VoIP service providers, there are many providers whose contract proposals are unsatisfactory or limits customer choices, keeping customer occupied in the same plan or contract. These factors are anticipated to restrain growth of the VoIP services market over the forecast period.
In 2015, among the various call types, international long-distance VoIP calls segment was valued at US$ 50.4 Bn and is estimated to reach US$ 55.8 Bn by the end of 2016. The whole VoIP services market for call types was valued at US$ 85.9 Bn in 2015, and is estimated to reach US$ 94.1 Mn by the end of 2016.
In 2015, individual user segment accounted for 32.8% volume share of the overall market and is expected to increase to 34.1% by the end of 2024. In terms of value, the segment is expected to expand at the highest CAGR of 10.1% over the forecast period, followed by corporate user segment.
In terms of number of subscribers, corporate user segment dominated the overall market in 2015, and it is expected to continue its dominance over the forecast period as compared to individual user segment. In terms of value, managed IP PBX service segment is anticipated to expand at a CAGR of 15.3% over 2016–2024, while hosted business IP PBX segment is expected to expand at a CAGR of around 7.8% over the same period.
APAC region is expected to increase at the highest CAGR in terms of number of subscribers and value. Among all APAC countries, China is anticipated to register the highest CAGR in terms of value and number of subscriber over the forecast period, followed by India. About Us: Persistence Market Research (PMR) is a full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the
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Global VoIP Services Market, 2016 - 2024 Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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