The global Voice Over Internet Protocol (VoIP) services market has experienced significant growth in recent years, with a projected increase from $134.86 billion in 2023 to $151.21 billion in 2024. This growth is attributed to various factors such as the integration of PBX capabilities into VoIP phone systems, the popularity of web-based apps, and the demand for alternative communication services.
Looking ahead, the VoIP services market is expected to continue growing, reaching $236.25 billion by 2028 at a compound annual growth rate (CAGR) of 11.8%. This growth is fueled by the cost and security benefits of cloud-based VoIP services, the adoption of mobile VoIP solutions, and the enhancement of call centers and customer service through VoIP technology.
One key driver of growth in the VoIP services market is the increasing adoption of remote workforces. Companies are transitioning to hybrid work models, where employees alternate between remote and office work, leading to a surge in demand for VoIP services to facilitate communication.
Major players in the VoIP services market are focusing on technological advancements, particularly in cloud communications platforms, to improve service delivery and user experience. For example, Dialpad Inc. introduced TrueCaaS, a cloud-based communication platform that integrates video conferencing and real-time voice intelligence for collaborative purposes.
In addition, strategic acquisitions are shaping the VoIP services market landscape. For instance, 8×8 Inc. acquired Fuze Inc. to enhance cross-sell opportunities and improve employee and customer experiences.
North America led the VoIP services market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The market report covers various regions and countries, as well as key market segments such as SIP Trunking, Hosted IP PBX, and Managed IP PBX across different industry verticals.
Overall, the VoIP services market is poised for continued growth, driven by technological innovation, the adoption of cloud-based solutions, and the increasing demand for remote communication solutions.