Businesses Pursuing VoIP Solutions
Frost and Sullivan has released a report entitled “Growth Opportunities in the VoIP Access and SIP Trunking Services Market,” which examined the outlook for VoIP solutions moving forward in the business climate. The report forecasted large amounts of growth in the industry in the next five years, with market revenue expected to grow at a compound annual growth rate of 21.5 percent from 2015 to 2020, while user base growth rate will be 18.5 percent.
The main draw of VoIP solutions for businesses is that they make it easy to create networks that can be quickly altered and scaled without requiring the purchasing of all new hardware. Wholesale changes can be made to VoIP systems without an overhaul of IT services. This saves enormous amounts of time when transitioning between systems, and also brings with it a much lower cost. These facts have made VoIP solutions incredibly attractive to businesses, which is why so many of them are beginning to adopt these systems and likely will continue to.
“There are significant opportunities for providers of IP-based voice access to build on current successes and branch out into the emerging CPaaS arena,” said Frost & Sullivan Digital Transformation Industry Analyst Michael Brandenburg. “CPaaS offerings are emerging as an on-demand alternative to traditional communications services, prompting companies to build, buy or partner, to enable an application program interface (API)-level integration with voice services.”
The fact that this market is expanding so rapidly makes it a perfect time for software solutions providers to push forward with VoIP solutions, Brandenburg went on to add. “This is the right time for service providers to penetrate the emerging CPaaS arena through mergers and acquisitions that add breadth and depth to the existing portfolio and customer base. Targeting competitors such as start-up CPaaS providers and API developers will provide complementary network footprint and service capabilities, helping the market grow significantly.”
Because of the low costs and ease of installation, VoIP solutions will continue to be very attractive offerings for businesses. This is a burgeoning market that should only continue to grow.
Edited by Alicia Young