According to a MarketsandMarkets™ report, the global VoIP market will reach 93.2 billion dollars by the end of 2023, growing at a compound annual rate of 3.1% over the next five years.
VoIP (Voice over Internet Protocol) is a methodology that uses various data and voice transfer technologies, such as IP telephony, broadband voice and Internet telephony to provide communication services through a packet-switched network. VoIP services require the conversion of voice signals into digital signals, which are then transported through the IP-based network. Calls can be made from regular phones, VoIP phones, computers and mobile phones.
VoIP allows companies to offer voice, video and data exchange services as the main offer. Voice over IP solutions help increase efficiency and reduce operating and maintenance costs, since only one network is used. VoIP solutions also allow operators to offer companies a new set of standards-based services that include video calls, real-time language translation, video voice mail and instant messaging.
As technology has evolved to be more implementable through commercial and personal communications, it is now key to understand the full potential of this technology and how it can significantly improve the experiences related to the daily communication of companies. The adoption of new communication technologies, especially IP, has created an opportunity to take the power of voice communications to the next level and contribute to the growth of the worldwide VoIP market. Therefore, by far, the emphasis has been placed on high quality VoIP applications and services.
The Global VoIP Market Will Grow In The Next Five Years
Industry participants who are intensely focused on driving VoIP solutions in the corporate consumer sectors drive the global VOIP services market. This has led to multiple developments, especially in network infrastructure and cloud-based models.
Proprietary and open source platforms are constant witnesses of the incorporation of newer technologies, which is why organizations demand innovative solutions to reduce the costs of communication services.
According to the consultancy Future Market Insights, the growth of the global VOIP services market is driven by the technological advances that lead to the deployment of advanced networks and the increased use of these services in various networks. Business customers adopt VoIP services based on the cloud due to profitability and packaged service offerings and are another factor that drives growth. Telecom operators that are constantly diversifying to offer customers VoIP services also drive the market.