The Future Looks Bright for VoIP Solutions
We spend a lot of time in this space discussing the various benefits of VoIP and the different companies that offer VoIP solutions. There are a number of ways companies can choose to shift away from their classic telephony while using VoIP solutions—VoIP phones, IP PBXs, VoIP gateways, etc.—and they all seem to result in the same benefits. But what does this mean about the overall VoIP market? Is the space as a whole going to benefit from these successes? A new report suggests that that is going to be the case.
Zion Market Research has just released a new report titled “VoIP Services (Domestic VoIP Calls and International Long Distance VoIP Calls) Market by Configuration (Phone-to-Phone, Computer-to-Phone, and Computer-to-Computer) for Hosted Business, IP Connectivity, Managed IP PBX, Individual Consumers and Corporate Consumers: Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021.” Luckily for the VoIP industry, the future looks bright.
The report stated that the global demand for the VoIP services market was valued at over $83 billion in 2015. It goes on to predict that the market will reach over $140 billion in 2021, and is anticipated to grow at a compound annual growth rate (CAGR) of above 9.1 percent between 2016 and 2021.
The forecasted success of the VoIP market is broken down even further in the report. If segmented into domestic VoIP calls and international long distance VoIP calls, then international long distance VoIP calls are the leading segment because it had 52 percent of total revenue share in 2015. International VoIP calls are expected to rise to 62 percent within the forecast period thanks to expanding globalization between business organizations across different industries.
In terms of location, the report predicts that the Asia-Pacific region will grow exponentially, with a forecasted CAGR of 14 percent. Likewise, Latin America, the Middle East, and Africa are also likely to see substantial growth within the forecast period because of the low price of VoIP services for individual and corporate users.
All in all, the future of VoIP looks bright. The future of classic telephony…not so much. Are you prepared for a future dominated by VoIP solutions?