The global VoIP services market is expected to register growth at a CAGR of 11.9% during the forecast period of 2021 to 2031, as per a research report by Transparency Market Research (TMR).
In recent years, organizations in the healthcare sector are increasing the adoption of cloud-based voice over internet protocol (VoIP) services. This step is helping healthcare providers in advancing the quality of communication services between customers and service provider. As a result, the VoIP services market is foreseen to gain sizable demand opportunities from the healthcare sector during the forecast period, notes a TMR study.
VoIP services are increasingly being adopted amid the ongoing COVID-19 pandemic. Moreover, companies operating in the global VoIP services market are focusing on addressing different issues in their products, including echoes during VoIP calls, choppy audio, and interruptions in interoffice calls.
VoIP Services Market: Key Findings
- Major enterprises in the global VolP services market are growing efforts to spread awareness on different advantages of using VoIP devices such as convenience as well as cost benefits of connecting to a considerably large group of population. In addition, many players are utilizing the strategy of providing softphones, which refer to software-based phones that can be downloaded by users on their laptops, computers, or any other mobile devices. Such initiatives are prognosticated to help in sales of VoIP services during the forecast period.
- VolP services are gaining traction, as they are playing a key role in the swift transformation in services offered by companies operating in the telecommunication industry. In recent years, there has been surge in the adoption of 5G network services by numerous end-users in order to provide substantial VolP services instead of a high speed network. This factor is generating profitable avenues in the global VolP services market. Hence, the market is expected to be valued at over US$ 278.53 Bn by 2031.
VoIP Services Market: Growth Boosters
- Rise in use of truly unified Communications as a Service (TruCaaS) in varied industry verticals such as healthcare, BFSI, and government sectors is leading to revenue-generation opportunities in the global VolP services market
- Increase in demand for VoIP devices, owing to expansion of 5G network around the world, is generating business prospects in the VolP services market
VolP Services Market: Regional Analysis
- The Asia Pacific VolP services market is projected to observe sizable growth opportunities in the forthcoming years due to factors such as rise in focus on regional governments on providing sturdy communication services to customers in the IT & telecom industry. Owing to such technological advancements in numerous regional nations, including China, Japan, and India, there has been a rise in the adoption of VoIP services, which, in turn, is propelling the Asia Pacific market.
- The VolP services market in Europe is expected to gain lucrative prospects during the forecast period due to surge in use of alternative communication services in place of conventional phone systems in order to gain sizable profit from the telecom operator
VolP Services Market: Key Players