WILMINGTON, DE, UNITED STATES, January 23, 2024 /EINPresswire.com/ — The global IP telephony market size was valued at $2.13 billion in 2021, and is projected to reach $7.50 billion by 2030, growing at a CAGR of 13.7% from 2021 to 2030.
The low cost of IP telephony systems is encouraging organizations to implement IP telephony among several industry verticals. Moreover, IP telephony provides a new way to business phones and improves communication by providing a cost-effective method. In addition, traditional telephone services are usually controlled by governments or companies with a monopoly or near-monopoly. As a result, IP telephony systems is less expensive than traditional services, with some companies even providing free calls. Furthermore, IP telephony solutions do not require any extra infrastructure or physical gear; all that is necessary is an existing internet connection. As a result, businesses may increase communication while saving money and be more productive and efficient.
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IP telephony provides a new way to business phones and improves communication by providing a cost-effective method, IP telephony systems are less expensive than traditional services, with some companies even providing free calls. Therefore, these are the key factors that boost the growth of the global IP Telephony market. However, the IP telephony system’s quality of service is determined by a variety of elements, including the broadband connection, hardware, network provider service, call destination, and others. Conversely, number of start-ups are using IP telephony technology across numerous sectors. Moreover, the IP telephony is helping call center business to enhance its services by offering self-help alternatives that direct clients to easy answers, allowing call center operators to focus on more difficult situations. Therefore, these factors are expected to create an immense opportunity for the IP telephony market in the coming years.
On the basis of offering, the services segment is expected to witness growth at the fastest rate during the forecast period. This is attributed to consumers increasingly preferring using VoIP phone service over traditional phone lines, as it offers many more capabilities than analog phones at lower cost. Cloud phone service providers include powerful features not found with standard phone service, which include auto attendants, call recording, custom caller ID, voicemail to email, and others.
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By region, the global IP telephony industry is being dominated by Asia-Pacific in 2021, and is expected to maintain this trend during the forecast period. This is attributed to businesses, especially those in the more advanced markets, investing in IP telephony solutions and upgrades that can be embedded or integrated with UC (unified communications) applications. In addition, IP telephony equipment vendors are adopting open standards and offering solutions that are backward compatible with legacy equipment to facilitate the migration toward next-generation networks. Therefore, these are the major growth factors in the IP telephony industry in Asia-Pacific region.
The IP telephony market has been positively impacted by the COVID-19 outbreak. This is attributed to IP telephony services having acquired commercial traction, as majority of the sectors have shifted to remote working protocols. With an increase in demand for cloud-based phone services throughout the world, the telecom sector, particularly IP telephony, has outperformed the global economy. In addition, for flawless online classrooms, the education industry has extensively utilized IP telephony.
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Key findings of the study
By call type, the international calls segment led the IP telephony market forecast in terms of revenue in 2020.
By enterprise size, the large enterprises segment accounted for the highest IP telephony market share in 2020.
By region, Asia-Pacific generated the highest revenue in 2020.
The key players profiled in the IP telephony market analysis are DIALPAD, INC., Freshworks Inc., Intermedia.net, Inc., Microsoft, Mitel Networks Corp., Ooma, Inc., RingCentral MVP, Vonage, Ziff Davis, Inc., and 8×8, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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