Global Voice over Internet Protocol Services Market - Insights
The Voice over Internet Protocol Services is a communication platform that permits user to make calls over internet connection instead of conventional analog telephone lines. Increasing trend of bring your own device is one of the major factor for growth of the market. Most of the companies have implemented this services, owing to advantages such as employees satisfaction, increasing productivity, and cost saving. Furthermore, constant changes in work location and time zone barriers have increased the demand for BYOD trend in the organizations. BYOD allows for greater flexibility in working across borders, especially for people working on the go.
Increasing trend of mobile-based VoIP services such as WhatsApp, Line, Viber and Skype, in conjugation with increasing penetration of smartphones plays a major role in the growth of the mobile based VoIP market. According to Coherent Market Insights, in 2017, around 2.3 billion people were using smartphone. However, lack of established internet infrastructure, especially in emerging economies is hindering growth of the global Voice over Internet Protocol Services market.
Corporate user is projected to hold the dominant position in global Voice over Internet Protocol Services Market
On the basis of end users, the Voice over Internet Protocol Services market is segmented into corporate user and individual user. The corporate user segment held the dominant position in 2017 and it is projected to retain its dominance throughout the forecast period. In 2017, the corporate user segment generated the revenue of US$ 69.4 billion from US$ 63.4 billion in 2016. The cost reduction is major factor for growth of the segment in VoIP market, as most of the business organizations are implementing the VoIP systems to reduce their operation cost.
Figure. Global Voice over Internet Protocol Services Market, by Region, 2016 (US$ million)
Increasing adoption of smartphones will increase the growth of Voice over Internet Protocol Services market.
Rising adoption of smartphone across the globe is the major factor for growth of the Voice over Internet Protocol (VoIP) Services market. In 2016, Europe was the dominating region in the VoIP Services market. Countries such as Germany, UK, France, Italy, Spain, and Russia contributed to major growth in VoIP Services market. According to Coherent Market Insight in 2017, the VoIP Services market generated revenue of US$ 35.1 billion compared to US$ 32.7 billion in 2016. According to Statista, during 2016, the number of smartphone users in Western Europe was estimated to be 240.3 million which reached to around 258.1 million people in the year 2017. Therefore, increasing number of smartphone users has enhanced growth of mobile-based Voice over Internet Protocol Services market in Europe. Furthermore, increasing trend of digitalization has also increased growth in the VoIP Services market in this region. Asia Pacific is expected to dominate the Voice over Internet Protocol Services market during the forecast period. Rising startups related to digitalization in strong economies such as China, India, Japan, and Australia are expected to boost growth of VoIP Services market in this region. For instance, according to Government of India survey 2015 - 2016, about 19,000 technology-enabled startup was led by consumer Internet and financial services in India.
Key Companies - Global Voice over Internet Protocol Services Market
Major players operating in the global Voice over Internet Protocol Services market include 8x8, Inc., Apple Inc. (FaceTime), Avaya, AT&T Inc., Verizon Wireless, Orange, Deutsche Telekom AG, KT Corporation, Sprint Corporation, Telecom Italia, Telenor, T-Mobile, and Tata Communication
The Voice over Internet Protocol is a communication platform that permits to make calls over internet connection instead of conventional analog telephone lines. The 5G technology is one of the potential opportunity for the growth of Voice over Internet Protocol Services market as the internet speed and bandwidth will no longer be a constraint.
Currently organizations are progressively attracted to business voice over IP as a way to reduce IT cost. Enterprises voice over IP's low maintenance costs combined with higher adaptability and better features are attracting organizations of all sizes that are looking to reduce the IT maintenance cost. Furthermore, the fluctuation in internet quality is one of the major challenge for growth of the market. During peak hours, the network many be congested due to increasing internet subscribers and unsatisfactory contact proposals, which may hinder growth of the Voice over Internet Protocol Services market.
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Detail Voice over Internet Protocol Services Market Segmentation:
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