BYOD Policies Cause VoIP Market Growth
VoIP popularity has been growing steadily over the past few years. The days of expensive business phones that don’t even have innovative new features on them are gone. VoIP phones are the way of the future and, according to Persistence Market Research, that future looks bright.
According to the research firm, the global VoIP services market is anticipated to increase at a CAGR of 9.5 percent in terms of revenue over 2016–2024, to be valued at $194.5 billion by 2024. This is largely due to the VoIP market’s driving factors, such as low maintenance cost with higher flexibility and minimum staff support. VoIP also allows for wider connectivity, which therefore increases Internet penetration in semi-urban and satellite cities because the Internet helps businesses grow faster and in a more economical way.
The firm takes a closer look at the North America VoIP services market specifically. This particular market is expected to witness moderate growth over the forecast period. According to the firm, it accounted for 27.0 percent value share of the overall market in 2015 and is expected to register a moderate CAGR of 8.5 percent in terms of value over the forecast period.
This jump in CAGR can be largely attributed to the increasing adoption of bring your own device (BYOD) policies in the workplace. BYOD is a major factor expected to drive growth of the VoIP services market, especially in North America, because more and more people are investing in smart devices that are powered by VoIP. Not only that, but VoIP empowers the mobile workforce through its flexibility. Therefore, companies will want to put VoIP solutions in place to enable their employees to work from anywhere, at any time, on their own devices. The only surefire way to make sure that plan goes off without a hitch is to implement VoIP solutions in the office.
All in all, it looks like the future is bright for VoIP. Individuals and companies alike crave flexibility, and BYOD has been the answer to that need. Now, as BYOD policies grow, so too must the number of companies using VoIP solutions.