The global VoIP services market is anticipated to increase at a fast rate owing to the rise in demand due to low cost and manpower requirements, according to a report from Persistence Market Research.

Key findings in the global VoIP services market are as follows:

1. The global VoIP Services Market is projected to reach a value of US$ 194.5 Bn by the end of 2024.

2. The global VoIP services market valued US$ 85.9 Bn at the end of 2015.

3. The global market is expected to rise at a healthy CAGR of 9.5% for the forecast period of 2016-2024.

4. Low maintenance, minimum support staff, wide internet penetration, and high flexibility are major drivers for the global market.

5. Fluctuating internet quality expected to restrain the global market.

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6. Peak hour network congestions, limited cable connectivity, and unsatisfactory contract proposals are major restraints to the global market.

7. In terms of end use, individual user segment is the fastest growing with projection of 9.2% CAGR for the forecast period.

8. APAC is projected to dominate the global VoIP services market through the forecast period with the highest revenue share. The Europe is projected to be the second highest with a high CAGR of 8.4% in terms of revenue for the forecast period.

9. Latin America market is anticipated to be the fastest growing region.

10. North America is expected to display moderate surge. In 2015, the market region accounted for 27.0% share in terms of value and is expected to rise at a high 8.5% CAGR for the forecast period.

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Major players in the global VoIP services market are Phone Power LLC., Vonage Holdings Corporation, ShoreTel Nextiva Inc., Thinking Phone Networks Inc., West Corporation, Inphonex LLC, Verizon Communications Inc., RingCentral Inc., and 8×8 Inc.