Regular telephony services are still effective today. However, in a world where having an internet connection has become the norm, these services seem to have become rather cumbersome for consumers. VoIP services have come up as a solution to rid consumers of this burden and yet stay connected without any compromises. The current scenario dictates that the global VoIP services market, valued at US$85.9 bn in 2015, is expected to reach US$194.5 bn by 2024 at a CAGR of 9.5% by revenue for the forecast period of 2016-2024.
Low Maintenance Cost and High Internet Penetration Boosting Global VoIP Services Market
In spite of the high initial setup cost, VoIP services have proven to be cost effective for consumers in the long run. Users are charged according to the data consumed and there are several high-value bundle packs as well as unlimited plans to choose from. Also, with the increased internet penetration in developing countries and high-speed internet connectivity available in most developed regions today, the incentive to opt for VoIP services is high.
Adding to the demand are various consumer-friendly mobile VoIP (mVoIP) services on offer for smartphones users. These simpler and cost-effective services allow users to quickly connect with loved ones worldwide without the hassle of making international calls at exorbitant rates.
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Surging Adoption of VoIP Services by SMEs
Globally, SMEs have a strong social media presence today to ensure a wider reach. This adoption has compelled them to have a dedicated voice line to address consumer grievances. For SMEs, the cost of maintaining two separate communication channels is heavy on the pocket owing to limited budgets. Opting for VoIP services makes their task easier as they can have multiple lines over the same high bandwidth connection. In addition, the all-inclusive packages offered by service providers makes it easier to budget.
Restraints Faced by Global VoIP Services Market
The global VoIP services market has a tough road ahead in being accepted as a standard, although the current growth trend holds immense potential. Yet there are some restraints for the global VoIP services market such as downtime, low public acceptance, and unsatisfactory contract proposals. VoIP services work over the internet and any issues on the server side resulting in downtime hurts the user.
Another major constraint is fluctuating internet connection and network congestion during peak hours. Even though cloud-based VoIP services have eased the issue to some extent, there are still a few hurdles to overcome. Moreover, the availability of high-speed bandwidth is an issue as only a handful of countries such as the U.S., South Korea, Sweden, Japan, and the Netherlands have it. This makes it tough for other countries to opt for VoIP services for regular usage without having the proper infrastructure for high-speed internet connectivity.
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Key players in the global VoIP services market include Verizon Communications Inc., RingCentral Inc., ShoreTel Nextiva Inc., Vonage Holdings Corporation, Phone Power LLC, West Corporation, 8×8 Inc., Inphonex LLC, and Thinking Phone Networks Inc.