VoIP Services Market will surpass US$ 472.26 Billion revenues towards the end of 2033 at a CAGR of 13.8% | Persistence Market Research

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New York, March 09, 2023 (GLOBE NEWSWIRE) — In 2022, the market value VoIP services were US$ 115.21 Billion and VoIP Services Market is anticipated to have grown to US$ 472.26 Billion by the end of 2033, and it is estimate to grow at a CAGR of 13.8% from 2023 to 2033. This growth can be attributed to the increased demand for cost-effective communication services, the rise in the number of mobile workers, and the expansion of broadband services.

One of the significant trends in the VoIP services market is the growing popularity of cloud-based VoIP services. Cloud-based VoIP services offer several benefits, such as flexibility, scalability, and cost-effectiveness, and are expected to drive market growth during the forecast period. Another trend in the market is the growing adoption of Unified Communication as a Service (UCaaS), which integrates various communication channels, including voice, video, and messaging, into a single platform.

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VoIP Services Market trends

• Cloud-based VoIP services are gaining popularity due to their flexibility, scalability, and cost-effectiveness.
• Unified Communication as a Service (UCaaS) is becoming more prevalent, integrating various communication channels into a single platform.
• SIP is expected to dominate the market due to its flexibility and interoperability with various devices and networks.
• International long-distance calls are expected to hold a larger market share due to the increasing demand for international communication services.
• Corporate users are expected to hold a larger market share due to the increasing adoption of VoIP services in the business sector for cost-effective communication.

VoIP Services Market Drivers

• Increased demand for cost-effective communication services.
• The rise in the number of mobile workers who require flexible communication solutions.
• Expansion of broadband services, enabling wider access to high-speed internet.
• Growing adoption of cloud-based VoIP services, which offer several benefits such as flexibility and scalability.
• The increasing demand for international communication services.

Competitive Landscape

• Vonage Holdings Corporation
• 8×8 Inc.
• ShoreTel Nextiva Inc.
• RingCentral Inc.
• West Corporation
• Verizon Communications Inc.
• Thinking Phone Networks Inc.
• Inphonex LLC
• Phone Power LLC
• Grasshopper

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The companies from the VoIP services market are collaborating with the various other information technology and Cloud computing companies to provide better quality and enhanced products to consumers.

• In July 2023, The Ericsson has finished its acquirement of Vonage Holdings Corp. supportive to Ericsson’s strategy to use its position as a technology leader to expand its mobile network business and penetrate the enterprise. Through the acquisition, Ericsson now has access to sturdy building blocks that allow it to offer a full spectrum of communications solutions, including Communications Platform as a Service.
• In January 2023, Mega Corp Logistics has collaborated with RingCentral, Inc., to use RingCentral’s best-in-class cloud communications capabilities to allow more effective employee-customer communications throughout their company.

VoIP Services Segmentation

Based on call type, the market can be segmented into international long-distance calls and domestic calls. International long-distance calls are expected to hold a larger market share due to the increasing demand for international communication services.

Based on end-users, the market can be segmented into individual users and corporate users. Corporate users are expected to hold a larger market share due to the increasing adoption of VoIP services in the business sector for cost-effective communication.

Regional Analysis Geographically, the VoIP services market can be segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold the largest market share due to the early adoption of VoIP services and the presence of major VoIP service providers in the region.

Asia-Pacific is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of cloud-based VoIP services and the expansion of broadband services in the region.

VoIP Services Market Strategies

• Focus on offering high-quality, reliable VoIP services to attract and retain customers.
• Offer a variety of pricing plans to appeal to different types of users, such as individual users and corporate users.
• Expand the service offerings to include additional communication channels beyond voice, such as video and messaging, to meet the needs of modern users.
• Leverage emerging technologies, such as artificial intelligence and the Internet of Things (IoT), to create innovative solutions that provide additional value to customers.
• Partner with other companies to expand the reach of VoIP services and increase market share.

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VoIP Services Market Opportunities

• The increasing demand for remote work and flexible communication solutions due to the COVID-19 pandemic presents an opportunity for VoIP service providers to expand their customer base.
• The expansion of 5G networks offers the potential for even faster and more reliable VoIP services.
• The growing adoption of cloud-based services in general provides an opportunity for VoIP service providers to offer integrated solutions that meet the needs of businesses and individuals.
• The increasing demand for international communication services presents an opportunity for VoIP service providers to expand their offerings in this area.
• The growth of the Internet of Things (IoT) presents an opportunity for VoIP service providers to offer innovative communication solutions that integrate with a variety of devices and networks.

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