Firm: Global VoIP Worth $93B+ By 2024
The global VoIP market was worth more than $43 billion last year. And it’s set to generate $93.9 billion in revenue by 2024.
This data comes courtesy of a Florida-based market research and consulting company Ameri Research.
The company lists not what it terms as leaders in this space, but instead what it calls a handful of “active tech companies in the VoIP market.” The ones it chose to include in its press release promoting its research is a strange mix of companies. But includes HD View 360, Globalstar Inc., Level 3 Communications Inc., RingCentral Inc., and Vonage Holdings Corp.
HD View 360 appears to be a company that provides unified communications solutions to businesses. Globalstar is a satellite-based service provider. Level 3 provides connectivity and related services to other carriers as well as enterprise and government customers. RingCentral specializes in unified communications. And Vonage started out as a resident VoIP provider but is now focused on business VoIP services, including UC as a service.
Gartner Magic Quadrant for Unified Communications as a Service, Worldwide last year identified BT, RingCentral, 8x8, West, and Fuze as the unified communications as a service leaders. Gartner considers Vonage as among the UCaaS industry’s visionaries; others in this category are Mitel and Orange Business Services.
Global Market Insights previously put out a forecast suggesting the overall UC market is poised to reach $96 billion by 2023. And it noted the expected proliferation of hosted products in this category.
More companies are migrating from premises-based to cloud-based business communications solutions – or at least to UC solutions that leverage a combination of the two (what we call hybrid solutions). The cloud, of course, allows customers to pay as they go and focus on their core competencies as opposed to managing voice and unified communications gear.
Edited by Maurice Nagle