The VoIP market is anticipated to witness stellar growth in the coming years in view of budding trend of employee mobility across organizations to improve collaborations and communication with remote users as well as steady acceptance in the residential sector. For starters, VoIP is a telecommunication technology that comes as a significant improvement over traditional phones. The technology’s demand has surged greatly as to its numerous offered benefits such as low data rates and inexpensive calling prices.

Factors like free calling among employees, very low international call rates, more reliability, inexpensive monthly/annual plans, cheaper than landlines, and no maintenance contracts, are expected to contribute mostly in bringing down the cost incurred by enterprises on upholding and handling telephony infrastructure. Besides, VoIP systems can also handle various types of media other than just voice such as image transfer, video calls, video transfer, and text while enabling low-cost enterprise communication. These features are said to attract business towards VoIP as compared to traditional PSTN systems.

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As per a report published by GMI, the voice over internet protocol (VoIP) market size is anticipated to exceed USD 95 billion by 2027. Key players functioning in the market are Deutsche Telekom, Alcatel Lucent, Cisco, Citrix, AT&T, Ribbon Communication, etc. These players are constantly focusing on developing innovative products for gaining a competitive advantage in the market. For instance, in November 2019, Microsoft launched Microsoft 365 Business Voice, a new VoIP phone system for enterprise customers. This system combines meeting, calling, calendars, chats, and email functions for an incorporated communication experience. Additionally, Microsoft also pervaded AI technologies to automate transcriptions and chat message translations.

Region-wise, Europe is estimated to generate momentous revenue prospects in the VoIP market between 2021 to 2027. Adoption of remote working facility by businesses has accelerated the use of VoIP services in the region. Apart from this, another major factor driving the regional growth is the wide exposure of the 4G LTE network in Europe. VoIP solutions provide the ability to manage enterprise communication at better speed and lower cost compared to the traditional PSTN network. As employees are working remotely at different locations, enterprises are capable of communicating and managing operations globally.

Residential VoIP market is steadily gaining presence across home settings. Many residential customers are switching to VoIP from traditional landlines as these services include unlimited calling and many other free features such as caller ID, call forwarding, and call waiting, which are usually charged by phone companies.

VoIP market providers are working on delivering better services to residential customers. In 2021, Watch Communications, a wireless communications company specializing in Fiber Internet, Hosting, TV, and VoIP Phone Services to both business and residential customers, announced offering its home-based customers speeds of up to 100 megabits per second and plans that can be integrated with residential TV and telephone services.

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Besides this, the government & public sector segment is also predictable to showcase exponential VoIP market growth over the forecast period. Government and public institutions are constantly focusing on streamlining their communications structure to expand consistency and deliver services to citizens.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.2    Methodology and forecast parameters

1.3    Region-wise COVID-19 impact

1.3.1    North America

1.3.2    Europe

1.3.3    Asia Pacific

1.3.4    LATAM

1.3.5    MEA

1.4    Data Sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Executive Summary

2.1    VoIP market 360º synopsis, 2016 – 2027

2.2    Business trends

2.3    Regional trends

2.4    Type trends

2.5    Access type trends

2.6    Call type trends

2.7    Medium trends

2.8    End-use trends

2.9    Application trends

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