VoIP Services Market Is Expected to Witness CAGR of 9.3% During the Forecast period (2019-2027)

 

VoIP Services Market

Voice Over Internet Protocol (VoIP) is a set of technologies that allows voice communication and multimedia sessions to be transferred over internet protocol networks. It is a low-cost technology for communicating with people all over the world. The internet is used as a medium for digital signal propagation in this technology. VoIP terms include internet telephony, broadband telephony, and IP telephony. These modifications are expected to benefit the market in the near future by replacing vertically separated networks with all IP converged networks. Furthermore, VoIP providers are introducing new features to attract both corporate and individual end users.

Small, medium, and large businesses alike are increasingly incorporating hybrid cloud communications into their infrastructure. For example, in July 2015, Seagate Technology plc, a storage solutions company, introduced an updated hybrid cloud data protection solutions that allow customers to manage their data growth and progressively compound security needs in an easy and cost effective manner. Furthermore, the growing demand for cloud-based communication services is expected to drive market growth. This is due to the budgetary benefits provided by these services, such as probable per-user monthly fees, low capital expenses, and fewer IT personnel, as well as strategic benefits such as network uniformity and the ease of adding future innovations.

The global VoIP Services Market is estimated to reach US$ 251.9 Billion by 2027.

Access to high-speed internet has grown in semi-urban and satellite cities, particularly in emerging economies. As a result, small and medium-sized businesses can reach out to the entire mass media at a low cost. According to nearly 3,000 surveyed SME in nine emerging economies, including India, Vietnam, Argentina, Mexico, Malaysia, Turkey, Taiwan, Morocco, and Hungary, the Internet has enabled them to increase revenue and reduce costs. As a result, increasing internet penetration in semi-urban and satellite cities is expected to boost the global VoIP services market growth in the near future.

Although there are numerous benefits to using cloud computing, moving files to the cloud exposes personal data to third-party access. Furthermore, large organisations' data, such as financial data, is kept on the cloud. Because cloud services are maintained and managed by a third party, there is a risk that data will be exposed to unauthorised users. As a result, such privacy concerns about data on the cloud are expected to limit the global VoIP services market's growth in the near future.

Many VoIP service providers in the market offer contract proposals with unfavourable terms or limit the customer's options. These terms keep the customer engaged in the same plan or contract. As a result, customers are hesitant to accept services from new service providers. As a result, such insufficient contract proposals are expected to stymie market growth over the forecast period.

Top Companies involved are Verizon Communications Inc., Vonage Holdings Corporation, ShoreTel, 8x8 Inc., Inphonex LLC, Nextiva Inc., Phone Power LLC, RingCentral Inc., Thinking Phone Networks, Inc., West Corporation, and Microsoft Corporation.

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