New York, USA, April 25, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global IP telephony market is estimated to collect a revenues of $7,680.5 million by 2028 and grow to a Stable CAGR of 13.4% over the forecast period of 2021 to 2028. The detailed report provides a concise overview of the current IP Telephony market scenario including key market aspects such as growth drivers, challenges, barriers, and several opportunities over the estimated time period of 2021-2028. The report also provides all market figures to help new participants to easily analyze the market.
Dynamics of the IP telephony market
Drivers: Growing advancements in technology and increase in cyber attacks and risks are the major factors that are expected to drive the growth of the global IP telephony market during the forecast period. In addition, the profitability of IP telephony services and increasing business expansions and acquisitions by major market players are also expected to boost the market growth by 2028.
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Opportunities: The increasing implementation of modern technologies such as artificial intelligence in the IP telephony market is expected to provide ample opportunities for growth over the analysis period. Moreover, the growing adoption of IP telephony services by small and medium enterprises is also expected to create great opportunities for market growth by 2028.
Constraints: Lack of funds for the implementation of IP telephony is the major factor hampering the growth of the market.
Impact of Covid-19 on the IP telephony market
The onset of the Covid-19 pandemic had a disastrous effect on most industries and businesses, but the global IP telephony market remained an exception and witnessed positive growth during the stress period. Many organizations around the world have been forced to adopt work-from-home schedules due to the pandemic and thus, companies have actively adopted IP telephony services to allow employees to easily communicate from anywhere in the world. the world. Therefore, the covid-19 disaster has significantly supported the growth of the market.
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Segments of the IP telephony market
The report has divided the IP telephony market into several segments based on offers, type, type of call, type of installation, company size, end user and regional analysis.
Offers: the solutions sub-segment will be very dominant
By offerings, the solutions sub-segment of the global market is estimated to hold a dominant market share and exceed $3,673.9 million during the forecast period. Rapid growth in remote work solutions, along with rising adoption of IP telephony services across several industries, are the factors expected to propel the growth of the sub-segment by 2028.
Type: Highly beneficial Integrated Access/Session Initiation Protocol (SIP) trunk subsegment
By Type, Integrated Session Initiation/Access Protocol (SIP) Trunking sub-segment is expected to hold the highest market share and generate a revenues of $3,151.0 million by 2028 due to exceptional call quality and no limitation on the number of users. Moreover, the sub-segment also provides a strong and easy to manage end-to-end encrypted communication system. These factors are expected to augment the growth of the sub-segment over the analysis period.
Call type: the international calls sub-segment will be the most lucrative
By call type, the international calls sub-segment of the global IP telephony market is expected to have the highest 12.0% CAGR growth rate over the forecast years due to the many advantages offered by IP telephony services for international calls. Compared to traditional call services, international call rates are much cheaper and the call quality is also exceptional. Additionally, customers can purchase any country’s phone number and use it to communicate while being charged based on domestic calls instead of international calls. These factors are expected to boost the growth of the sub-segment by 2028.
Installation type: most profitable wireless sub-segment
By type of installation, the wireless sub-segment of the global market is expected to have a major share 15.1% CAGR growth rate during the forecast period. This immense growth rate is attributed to the ease of use as well as the economic advantages offered by the wireless connection which allows a user to call anywhere from any location in the world.
Company size: the SME sub-segment will be very advantageous
Based on company size, the SME sub-segment of the global IP telephony market is expected to generate a revenues of $4,007.8 million by 2028. The increasing number of small and medium enterprises and their huge investments in purchasing subscriptions, paying for international calls and other services are factors that are expected to boost the growth of the sub-segment over the years of analysis.
End user: the business sub-segment will be very dominant
By end-user, the business sub-segment of the global market is expected to have a notable impact growth rate of 14.0% CAGR during the period 2021-2028 Time range. IP telephony services offer great advantages to businesses that traditional telecommunications solutions do not offer. IP telephony services are safe and efficient for businesses of all sizes and also allow companies to communicate with their customers from anywhere in the world. These factors are estimated to enhance the growth of the sub-segment by 2028.
Region: IP telephony market in Asia-Pacific region to experience better growth opportunities
By region, the IP telephony market in the Asia-Pacific region is expected to generate a revenue of $2,237.3 million during the forecast period. This immense growth is attributed to the growing number of industries and their active adoption of IP telephony services and technological advancements in the region.
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Main market players
Some important players in the IP telephony market are
- Freshworks Inc.
- Intermedia.net, Inc.
- DIALPAD, INC.
- Ziff Davis, Inc.
- Ooma, Inc.
- Mitel Networks Corp.
- RingCentral MVP
- Avaya IP Telephony, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquire [email protected] https://www.researchdive.com/purchase-enquiry/8580
For example, in April 2022, MiRO, a renowned cloud-based collaboration tool for SMBs, announced its partnership with SNOM, a leading IP phone manufacturer, to offer a complete Voice over IP (VOIP ) end-to-end through the powerful, flexible and versatile communication experience.
The report also summarizes many important facets including financial performance of major market players, SWOT analysis, product portfolio, and latest strategic developments.
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