The global IP telephony market is estimated to be valued at $7,680.5 million by 2028, surging from $2,485.8 million in 2020, at a noteworthy CAGR of 13.4%.
Impact Analysis of COVID-19 on the IP Telephony Market
In the past few years, the world has witnessed an unprecedented COVID-19 outbreak, which has had a shocking impact on the global community. However, during the COVID-19 timeframe, people were forced to adopt the work from home culture which had suddenly created a gap between the employees which in turn created better growth opportunities for the IP telephony market. In the recent months, the companies have rapidly adopted the work from home culture and the employees have got an opportunity to work from anywhere culture. These are the key factors that have boosted the market growth during the COVID-19 period.
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Global IP Telephony Market Analysis
As technology improves and develops around the world, so does the need to connect with individuals all over the world. This growing need has boosted the market growth in recent years. Another important aspect fueling the market's growth is the cheap cost of IP telephony systems. Moreover, significant increase in AI implementation in the IP telephony market is expected to provide the IP telephony industry with a greater growth opportunity in the near future.
Increase in the number of cyber threats along with data breaches is anticipated to hamper the IP telephony market growth in the near future.
Rapid adoption of IP telephony by the small & medium enterprises along with the incorporation of artificial intelligence in the near future is anticipated to create better growth opportunities for the IP telephony market in the near future. Additionally, incorporation of IP telephony along with the IoT technology is projected to create larger growth opportunities in the coming years.
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Global IP Telephony Market, Segmentation
The global IP Telephony market is segmented based on offerings, type, call type, installation type, enterprises size, end-user, and region.
The offerings segment is further classified into solutions and services. The solutions sub-segment held the largest market share in 2020 and accounted for $1,503.1 million and is projected to reach $3,673.9 million by 2028, at a CAGR of 12.0%. The dominance is majorly due to the number of large enterprises and small & medium enterprises adopting the IP telephony solutions as these are cost effective and portable in use.
The type segment is further classified into integrated access/session initiation protocol (SIP) trunking, managed IP PBX, and hosted IP PBX. The integrated access/session initiation protocol (SIP) trunking sub-segment accounted for the highest market share in 2020 accounting for $1,188.9 million and is projected to reach $3,151.0 million over the forecast period. The integrated access/session initiation protocol (SIP) trunking is a consolidated communication system and a cost saving tool that helps the organization in saving a huge amount of cost. Additionally, this sub-segment provides the user with the exceptional call quality.
The call type segment is further categorized into international calls and domestic calls. The international call sub-segment held the highest market share in the year 2020 accounting for $1,484.5 million and is anticipated to reach 3,621.6 during the forecast period. One of the key factors driving the international call sub-segment is that making international calls with the help of IP telephony is much cheaper than the landline. Additionally, the user has an added advantage of choosing and purchasing a phone number of the other country without being physically present in that country.
On the basis of installation type segment, the market is bifurcated into wireless and wired. The wireless sub-segment is anticipated to grow at the highest CAGR of 15.1% during the forecast period and reach $4,150.6 million over the forecast period from $1,367.5 million in 2020. The IP telephony is majorly available in the wireless form and as the technologies are developing across the globe and people are adopting the latest technology, the demand for wireless installation is anticipated boost over the forecast period.
On the basis of enterprise size, the market is bifurcated into large enterprises and small & medium enterprises. The small & medium enterprises sub-segment is anticipated to grow at the highest CAGR of 15.7% during the forecast period and reach $4,007.8 million over the forecast period from $1,257.5 million in 2020. The IP telephony offers wide range of advantages which can help the SMEs to grow with low investment on the communications channels such as reduced cost and centralization of the calling services, and auto updated services.
On the basis of end-users, the market is categorized into corporate, government, and residential. The corporate sub-segment held the largest market share in 2020 accounting for $1,342.7 million and is projected to reach $3,793.1 million during the forecast period growing at a CAGR of 14.0%. The growth is majorly due to the benefits offered by the IP telephony to the corporates such as voice to mail configurations and ease of installation & configuration due to which the user does not need additional devise in order to make the calls and other services. The IP telephony can be configured in the existing computer and used.
The Asia-Pacific IP telephony market is anticipated to grow at the fastest CAGR of 16.1% and reach $2,237.3 million by 2028 growing from $686.7 million in 2020. The growth is majorly due to the growing number of corporates and the presence of large number of developing countries in this region.
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Key Players in the Global IP Telephony Market
Some of the leading global IP telephony market players are
- Freshworks Inc
- Intermedia.net, Inc
- DIALPAD, INC.
- Ziff Davis, Inc.
- Ooma, Inc
- Mitel Networks Corp.
- RingCentral MVP
- Avaya IP telephony.
IP Telephony: A Key Solution for Enhancing Business Communications
Acquisitions Like That of FasTTelecom VoIP by IP4B to Boost the Growth of Global IP Telephony Market
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