According to a recent report published by Allied Market Research, the global IP telephony market size was valued at $2.13 billion in 2021 and is projected to reach $7.50 billion by 2030, growing at a CAGR of 13.7% from 2021 to 2030.
The surge in adoption by businesses, low costs of IP telephony systems, and ease in integration drive the growth of the global IP telephony market. However, the requirement for a stable & reliable internet connection and poor voice quality hinder the market growth. On the other hand, the integration of 5G technology in IP telephony systems presents new opportunities in the coming years.
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IP telephony provides a new way to business phones and improves communication by providing a cost-effective method, IP telephony systems are less expensive than traditional services, with some companies even providing free calls. Therefore, these are the key factors that boost the growth of the global IP Telephony market.
However, the IP telephony system’s quality of service is determined by a variety of elements, including broadband connection, hardware, network provider service, call destination, and others. Conversely, a number of start-ups are using IP telephony technology across numerous sectors.
Moreover, IP telephony is helping call center businesses to enhance their services by offering self-help alternatives that direct clients to easy answers, allowing call center operators to focus on more difficult situations. Therefore, these factors are expected to create an immense opportunity for the IP telephony market in the coming years.
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On the basis of offering, the services segment is expected to witness growth at the fastest rate during the forecast period. This is attributed to consumers increasingly preferring using VoIP phone service over traditional phone lines, as it offers many more capabilities than analog phones at a lower cost. Cloud phone service providers include powerful features not found with standard phone service, which include auto attendants, call recording, custom caller ID, voicemail to email, and others.
By region, the global IP telephony industry is being dominated by Asia-Pacific in 2021, and is expected to maintain this trend during the forecast period. This is attributed to businesses, especially those in the more advanced markets, investing in IP telephony solutions and upgrades that can be embedded or integrated with UC (unified communications) applications.
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In addition, IP telephony equipment vendors are adopting open standards and offering solutions that are backward compatible with legacy equipment to facilitate the migration toward next-generation networks. Therefore, these are the major growth factors in the IP telephony industry in the Asia-Pacific region.
Covid-19 Scenario
- During the Covid-19 pandemic, mobile IP telephony apps became increasingly popular in different industry verticals. For instance, doctors and healthcare professionals benefited considerably from the usage of mobile IP telephony applications in offering consultation, providing training, and conducting meetings.
- Moreover, the education sector utilized the IP telephony infrastructure considerably to facilitate video calling for online classrooms.
- The commercial sectors enabled employees with IP video telephony to work from anywhere at any time and utilize remote access technologies. This enabled flexibility and helped employees in enhancing their work quality and productivity.
The key players profiled in the IP telephony market analysis are DIALPAD, INC., Freshworks Inc., Intermedia.net, Inc., Microsoft, Mitel Networks Corp., Ooma, Inc., RingCentral MVP, Vonage, Ziff Davis, Inc., and 8×8, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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