Industry Demand to Cause Substantial VoIP Growth
As 2017 continues to fly by, it’s looking more and more like VoIP is going to remain the superstar this year, and for plenty more years to come. Countless companies have already made the switch to VoIP and are benefiting immensely from that decision. And, according to a new report from Transparency Market Research, the number of satisfied VoIP solutions customers is only going to continue to grow.
According to the firm, in 2020, the market size of global VoIP services is expected to reach 348.5 million subscribers with revenue of $136.76 billion. This forecasted rise is attributed mainly to a growing demand for VoIP from various industries. As the firm points out, “Technological advancement in network infrastructures, high price performance ratio and demand for mobile communication services (using wireless medium) has led to increasing demand for VoIP services across the corporate and individual consumer segments.”
Add to that trends like bring your own device (BYOD) in the workplace and the increasing competition among the telecommunication and Internet service providers, and the VoIP solutions market is set to skyrocket. In fact, BYOB is one of the biggest contributors to VoIP market growth. There is a rising demand for mobility in the workforce, which ultimately causes corporations and individuals to adopt smart portable devices. Consequently, the demand for affordable VoIP solutions has also increased because said devices can also be used to communicate over the Internet.
To reflect this preference for mobile devices, the firm writes, “Thus, with the increasing penetration of these smart portable devices the number of subscribers of phone-to-phone (mobile VoIP) and computer-to-phone VoIP configuration are expected to witness high growth rates over the forecast period. Additionally, the BYOD trend in the corporate consumers segment is further adding to the growth of smart devices and as a result the demand for mobile VoIP in the this segment is expected to witness tremendous growth during the forecast period. The phone-to-phone VoIP subscriber base is expected to grow at a CAGR of 16.6 percent from 2014 to 2020.”
Given that you could very well be reading this article on a mobile device using VoIP, chances are that these forecasts are likely to come true. Only time will tell, though…