Majority of the companies are adopting the system of Bring Your Own Device (BYOD), hence, the demand for VoIP services is also growing. Moreover, along with updating their services, VoIP service providers are also introducing new features in VoIP services to attract users at both individual and corporate level. New market avenues are likely to open with an increase in international calling. However, governments of different countries are focusing on introducing new regulations in order to save local telecom service providers. This is likely to impact the growth of the global VoIP services market.
Telecommunication industry is changing rapidly, hence, growth and innovation are taking place in the VoIP industry. Service providers are trying to provide advanced features offering convenience to the end user. Meanwhile, poor internet connectivity and power outage are some of the factors that may hamper the growth of the global market for VoIP services. Moreover, conventional telecommunication regulations cannot regulate the VoIP services market due to the difference in the technological process. This may also restrict the growth of the global VoIP services market.
As per the report by Persistence Market Research, the global VoIP services market is likely to witness a substantial growth during 2017-2024. The global market for VoIP services is also estimated to reach US$ 194.5 Billion revenue towards the end of 2024.
Managed IP PBX Service to Witness Robust Growth in the Global Market for VoIP Services
Managed IP PBX service condenses networks, it also manages and controls business’s IP box. It helps in integrating IP box with LAN and WAN. It also includes a number of features and services, allowing better management of networks. The managed solution includes consolidation, application, and design software and equipment. Moreover, companies are offering maintenance and additional services with managed IP PBX services. Maintenance services provided by companies include providing trained IT personnel, fault monitoring remotely, legal agreement, and network surveillance. Companies offering managed IP PBX services are also providing service at a competitive price to offer cost-efficiency to the customers.
Under the managed IP PBX service, companies are focusing on providing advanced features such as providing voice services including conferencing, unified messaging, and interaction through application program interface.
VoIP Services Gaining Popularity in the Corporate World
Various businesses are using VoIP services to improve communication and also to take advantages of services that cannot be offered by traditional phones. Companies providing VoIP services are also planning to increase mobility, flexibility and productivity. Also, service providers are offering VoIP technology that stores data in one single network, this helps in increasing productivity, helps in managing the business and offers cost-effectiveness. Companies are also moving towards adopting wireless VoIP services in order to make calls from any location that offers Wifi service. Hence, better wireless VoIP technologies with advanced features are being developed by companies to compete in the global VoIP services market. Services providers are also offering discounts and offers on VoIP services to attract more corporate customers.
Moreover, owing to the rapid development of IT infrastructure and increasing investment by governments of various countries to offer better communication services is resulting in the growth of VoIP services market in the Asia Pacific region.
Voice over Internet Protocol (VoIP) is considered as the most efficient way to communicate across the globe. With the internet as a signal, it uses digital signal propagation. The report on the global VoIP services market by Persistence Market Research provides forecast and key insights on the market for forecast period 2017-2024. The report also focuses on why the demand for VoIP services is increasing and all the important factors that are contributing to the growth of the global market for VoIP services.
For better understanding and to help in identifying all the opportunities in the market, the report includes various sections such as executive summary which includes an overview of the market, analysis of all the important factors and segments, and market dynamics including latest trends, market drivers, opportunities, and challenges. The report also provides data on the global VoIP services market in form of revenue in (US$ Bn), CAGR, and year-on-year growth.
The report by Persistence Market Research also covers all the factors in the global market for VoIP services based on the adoption of services in terms of revenue and subscribers using the service. One of the section in the report also includes key trends, driving factors, and challenges, and growth opportunities in terms of both micro and macroeconomic. All the driving factors and challenges in the global VoIP services market are provided on the basis of the weighted average model. This helps the service providers to identify opportunities and also plan strategies to attract clients towards using the service.
The next section in the report offers analyses on the market by dividing the market into various segments including call type, service type, end user, configuration, and region. The market is further divided into sub-segments to provide better understanding and all the opportunities for growth in the market. The numbers are provided in the form of revenue expected to be generated and CAGR and also in the terms of basis point share.
The last section of the report includes a detailed profile of all the major players in the global VoIP services market that are expected to remain active during the forecast period 2017-2024. The report has also evaluated all the key players in the market based on latest developments, company and financial overview, and advancement in technology.
The report offers SWOT analysis, Porter’s five force analysis, and market attractiveness analysis, to help in identifying all the major opportunities for growth. Also, market attractiveness analysis includes market attractiveness index. The report on the global market for VoIP services also includes the market size along with the revenue and year-on-year growth. In order to provide a clear picture of the current scenario in the market, the report provides both historical and estimated numbers in form of value and CAGR.
Both primary and secondary research has been done to provide details on the market. Interviews were conducted with market experts, financial and annual reports_bk_01_01_2020, and investor’s presentation were all the part of the primary and secondary research. All the opinions provided by the respondents were cross-checked with the valid data sources.
Key players in the global VoIP services market include