Dublin, April 26, 2024 – 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, representing a compound annual growth rate (CAGR) of 12.1%. This growth can be attributed to various factors such as the integration of PBX capabilities into VoIP phone systems for businesses, the rising popularity of web-based apps, increased demand for alternate communication services, and a rise in onsite hardware installations.
Looking ahead, the VoIP services market is expected to continue its rapid expansion, reaching $236.25 billion by 2028 at a CAGR of 11.8%. This growth is anticipated due to the cost and security benefits of transitioning to cloud-based VoIP services, the increasing adoption of mobile VoIP solutions, the prevalence of smartphones, and enhancements in call center and customer service through VoIP technology. Key trends in the forecast period include advancements in network technology, integration of 5G networks, proliferation of mobile VoIP applications, demand for mobility in communication solutions, and utilization of web browsers and mobile devices for voice and video calls.
The rising adoption of remote workforces is projected to further drive the growth of the VoIP services market in the coming years. Companies are increasingly adopting hybrid work models, where employees alternate between remote and office work, with estimates suggesting a significant increase in this trend from 42% in 2021 to 81% by 2024.
Major players in the VoIP services market are focusing on technological advancements, particularly in cloud communications platforms, to enhance service delivery and user experience. For example, Dialpad Inc. introduced TrueCaaS with the launch of Dialpad Meetings, offering features such as HD video conferencing and real-time Voice Intelligence (Vi) for live note-taking and transcription analysis. In a similar move, 8×8 Inc. acquired Fuze Inc. to improve cross-sell opportunities and enhance 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 regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, with countries like Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, and Spain.
The report also provides insights on market segmentation, key companies, and data attributes such as market size, growth forecasts, and compound annual growth rates. Companies mentioned in the report include Alphabet Inc., Microsoft Corporation, Verizon Communications Inc., AT&T Inc., and Cisco Systems Inc.
In conclusion, the VoIP services market is poised for continued growth driven by technological advancements, increasing adoption of remote workforces, and the shift towards cloud-based solutions. Stay informed about the latest trends and developments in this dynamic industry.