Published on : Feb 01, 2017
ALBANY, New York, Feb 01, 2017: This report offers an in-depth analysis of the global VoIP services market and forecasts that the market will grow at a CAGR of 9.87% during the period 2017–2021. The report, titled ‘global VoIP services market 2017-2021’, provides an overview of the key vendors operating in this market and covers the market landscape and its growth prospects over the coming years.
VoIP operates on broadband networks and is being extensively used while making international and roaming calls due to low call rates. The global VoIP services market has given a push to the sales of electronic gadgets such as mobile phones, laptops, and tablets.
Many organizations are adopting the bring-your-own-device (BYOD) policy. It enables the employee to use the desired electronic device at any given point of time to access official and confidential data. Besides this, employees prefer these policies as they enable them to use one device for both personal and professional use. Smartphones alone held the majority of the revenue share in the global BYOD market in 2015. However, network security issues pose a threat to the global VoIP services market. A very strong network needs development to safeguard personal and company data and protect it from hackers and other miscreants.
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Geographically, Europe and the Middle East and Africa held the maximum market share in 2016 and these regions are expected to dominate the market in the near future as well. Constant efforts made by telecom service providers to improve the performance of network connectivity to enhance user experience has attributed to the growth of the market in these regions. In the European Union, with mass deployment of advanced LTE networks, there is said to be an increase in the demand for connectivity. Also, strategic alliances between telecom companies to offer best connectivity solutions to small and medium-sized enterprises (SMEs) is boosting market growth.
It is projected that the global market for VoIP services will witness intense competition during the forecast period. The constantly changing usage pattern of consumers, number of subscribers, quality of service, and price tariffs are a few of the factors that will push the competition. In addition, numerous start-ups are entering the market with a motive of making quick profits and existing vendors are coming up with smart marketing strategies such as pricing and collaborating with equipment manufacturers, thereby increasing the competition.
The key players in the global VoIP services market include 8x8, Apple (FaceTime), BigAnt, Avaya, Microsoft Skype, Viber Media, Vonage, Cisco (Jabber), Facebook, HipChat, magicJack, One Horizon Group, TATA Communications, Google (Hangouts), IBM (Sametime), InPhonex, Kakao Japan, Kosmaz Technologies (VoIP), and Line.
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