VoIP Phone market size, share & industry analysis, By Component (Hardware, Software, Services), By Type (SIP trunking, Hosted IB PBX, Managed IB PBX), By Enterprise Size (Large Enterprises, Small Enterprises), By Industry (BFSI, IT & telecommunication, Healthcare, Government, Retail, Education) and regional Forecast, 2024-2032

The telecommunication industry is transforming rapidly. Various innovations and technological developments have cultivated the way of communication. Businesses, corporate offices, and different organizations are expecting efficient, multichannel, interruptless, high-quality voice communication services. However, traditional telecommunication service is not able to support the features and requirements. Thus, Voice over internet protocol (VoIP) services have emerged and evolving day by day by introducing innovative features. Strong internet penetration and technological advancements in the communication industry driving the digital VoIP service market. Also, along with the use of data networks, reduced operational and maintenance costs promoting the adoption of VoIP phones. Capability to enable the new set of standard-based services such as real-time language translation, video calling, instant messaging, and video voice mail have escalated the demand for digital VoIP services.

Many businesses are accepting remote working or bring your own device (BYOD) approaches which demands an efficient communication infratsructure. Thus, remote working is majorly suppoting the adoption of VoIP services. Globally expanding business network encouraging new market avenues to adopt the VoIP phone services for international calling. Capability to manage business communication network with cutting-edge flexibility augmenting productivity which flourishing the digital VoIP system demand across the corporate world.

Rising government investments in the telecommunication sector and rapidly developing global IT infrastructure are expected to grow the VoIP market in the coming years.

 Key Players Covered:

The growing competition led prominent players to enhance their product and service offerings. Introducing new features or technology to existing VoIP solutions with optimized cost is the key strategy adopted by the market players. Further, launching featured products and services helps solution providers to enhance their market position. For instance, in June 2020, 8X8 Inc. launched an open communication platform to promote the work-from-anywhere enterprise communication. The solution brings all corporate communication elements together including meetings, team chat, voice, and contact center solutions. The solution has featured with artificial intelligence (AI) and predictive analytics technologies to offer intelligent communication services to the customer. Strategic partnerships andcollaborations support major  solution providers to enhance their product offerings andexpand their business. Further, prominent players are focussing to expand their presence to the global market. For instance, in May 2020, 8X8 Inc has expanded its product offering by introducing its cloud corporate phone system into the United Kindom market.     

Major players int the market are Verizon, AT&T Inc., Orange, Telecom Italia S.p.A., RingCentral, Inc., ALE International, ALE USA Inc., Ribbon Communications Inc., Microsoft Corporation, ZTE Corporation., Nextiva, Inc., Alcatel Lucent, Avaya Inc., Vonage Holdings Corp., Mitel Networks Corp., VoIP Supply,among others.

Regional Analysis:

North America is seen to be a major contributor in the global VoIP market, owing to strong internet penetration. The popularity of the instant communication platforms such as WhatsUp or skype are likely to propel the market demand across the region. Additionally, rapidly developing mobile internet market across the region is anticipating to drive the VoIP phone market. Similarly, the VoIP market is anticipated to mature across Europe with technologically developing corporate and education sectors.

Asia-Pacific (APAC) is anticipated to demonstrate the high growth rate in the coming years, owing to eveloving telecommunication infrastructure across the countries including China, Japan, South Korea, and India. Developing IT infrastructure demanding strong, scalable and flexible communication network, which makes opportunities for the VoIP phone market to grow across Asia-Pacific. Rising  adoption of online learning platforms will support market growth across the developing Asian countries. Growing demand for cloud-based cost-effective telephony solutions will escalate the demand for VoIP phone market across APAC. Further, increasing smartphone adoption across country such as India, Australia, and Japan will propel the market growth in near future.

Segmentation

Key Industry Developments

• March 2020: RingCentral, Inc. offers three month free VoIP services to organizations to support them during COVID-19 pendamic. The offering will provide three month free access to support video conferencing and team messeging services.


• June 2020: 8X8 Inc launched enterprise-level cloud voice telephony solution for Microsoft Teams. The solution will support Microsoft Team by offering work-from-anywhere communication facility.