Global VoIP service market to reach $194.5 Billion by 2024
According to the latest market report published by Persistence Market Research VoIP (voice over internet protocol) services market worldwide is forecasted to increase at a CAGR of 9.5% over 2016-2024 to reach $194.5 billion by 2024. The global VoIP services market is driven by factors such as low maintenance cost with higher flexibility and minimum staff support, along with wider connectivity, increasing internet penetration in semi-urban and satellite cities as the internet is a basic tool and a global platform to make a business grow fast and in a more economical way. However, factors such as fluctuations in internet quality may affect market growth and can be a prominent restraint. During peak hours, the network may be congested due to many subscribers using internet services in a locality through single-cable network line and unsatisfactory contract proposals are some of the major factors expected to restrain growth of the global VoIP services market during the forecast period.
The market report suggested that the global VoIP services market has been segmented on the basis of call type, end use, configuration, services, and region. The APAC (Asia Pacific) VoIP services market is expected to account for the highest market value share in the global VoIP services market by 2024 end, followed by Europe. The Latin America VoIP services market is expected to be the fastest growing market over the forecast period. Growth of the Europe VoIP services market is primarily attributed to the introduction of a large number of small and medium-sized enterprises. The VoIP services market in Europe is expected to increase at a CAGR of 8.4% in terms of value over the forecast period.
The report provides detailed information about various market trends and offers analysis and insights about the potential of the global VoIP services market. Furthermore, the VoIP services market is segmented on the basis of call type into international long-distance VoIP calls and domestic VoIP calls. International long-distance VoIP services segment is estimated to be the highest contributor to the global VoIP services market in terms of value share by 2016 end, followed by domestic VoIP call segment. The VoIP services market has also been segmented on the basis of end use into Individual User and Corporate User. Individual User segment is expected to be the fastest growing segment in the end-use category over the forecast period. The segment is expected to increase at a CAGR of 9.2% over the forecast period in terms of revenue.
Looking at India, over the past two decades the Indian telecom industry has changed dramatically. The shift from landline phones to mobile phones was quick. VoIP is a new addition in the technological advancement in the Indian telecom industry. The scenario changed in May, 2012 as the Government of India’s National Telecom Policy 2012 allowed full-fledged use of VoIP in India. This regulation is expected to give rise to a new boom in the telecom industry. Telecom players are expected to shift their focus to VoIP because of its enormous advantages over mobile. The residential VoIP market is a completely untapped segment which the companies have already started to penetrate and open further scope for the industry.