Voice over Internet Protocol (VoIP) Market is Set to Record a CAGR of 9.8% from 2023 to 2033 | Report by FMI

The Voice over Internet Protocol (VoIP) Market is set to record a CAGR of 9.8% during the forecast period. The market holds a share of US$ 43.92?billion in 2023 while it is anticipated to cross a valuation of US$ 118.86 billion by 2033.

The higher adoption of platforms like WhatsApp, Line, and Viber are gaining traction in the market.  The advanced network solution and rising number of VoIP service providers are thriving in the sales of VoIP.

The technologies like 5G, Unified Communication (UC), and Artificial Intelligence (AI) are likely to work side-by-side with voice over internet protocol systems. These factors are expected to enhance the end-user experience.

The downfall of (Plain Old Telephone Service) POTS due to the advent of call services like caller ID and call forwarding provides space for VoIP services to expand their roots.

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Aside from making international calls at a lower cost when using VoIP modules, affordable calling is another benefit. Also, the?market expansion is being fueled by the rising outsourcing industries in developing nations like China and India. VoIP systems support multi-channel communication and have extra features like voicemail, email, time-of-day routing, and interactive voice response. Due to its scalability, VoIP can easily be improved with software updates, and the end-user doesn’t have to install new hardware

Key Points

• The substantial share of the Voice over Internet Protocol (VoIP) Market is anticipated to be in North America. The market’s expansion is linked to growing outsourcing companies, remote employment, and the use of hybrid working methods. Mobile businesses are also helping the market gain traction in the United States.
• The substantial share of the Voice over Internet Protocol (VoIP) Market is anticipated to be in North America. The market’s expansion is linked to growing outsourcing companies, remote employment, and the use of hybrid working methods. Mobile businesses are also helping the market gain traction in the United States.
• The Voice over Internet Protocol (VoIP) Market in APAC is also an important market. The growing consumer use of audio and video communication apps like WhatsApp and Line is credited with the region’s rise.
• Europe is projected to contribute to the growth of the entire market thanks to its quicker 5G installations and growing adoption of multi-channel communication.
• The computer-to-phone segment is likely to thrive in the access type of category, as it delivers significant mobility to the end-user while promoting inclusivity for different end-users. It is expected to hold 40% of the global market by 2033.
• The consumer segment tops the end-user category, while it thrives on a steady CAGR of 9.8% between 2023 and 2033. The growth of this is fueled by affordable international calls and other features like residential VoIP.

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Competitive Landscape

The key competitors focus on improving call quality and integrating the latest technologies like AI, machine learning, and unified communication. Key competitors also merge, acquire, and partner with other companies to increase the affordability, software enhancements, supply chain, and distribution channel.

The key players in the market are KT (Korea Telecom) Corporation, T-Mobile USA, Inc., Vonage Citrix, Microsoft Corporation, Telenor, AT&T, Orange S.A., Verizon, Telecom Italia, and Deutsche Telekom AG.

Recent Market Developments

• Orange S.A. is unifying business communication through its enterprise telephony services like On-net dialing (Site-to-SIte), Off-net dialing to mobile and fixed, and access to any toll-free, premium numbers.
• T-Mobile United States Inc adds its LineLink Service that delivers services like HD voice calling, conference calling, caller ID, voicemail, unlimited talk & text, call waiting, forwarding, and hold.

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Key Segments 

By Type:

• Integrated Access/Session Initiation Protocol (SIP) Trunking
• Managed IP PBX, Hosted IP PBX

By Access:

• Phone to Phone
• Computer to Computer
• Computer to Phone

By Call:

• International VoIP Calls
• Domestic Calls

By Medium:

• Fixed
• Mobile

By End-Use:

• Consumers,
• SMBs
• Large Enterprises

By Application:

• IT & Telecom
• BFSI
• Healthcare
• Government & Public Sector
• Retail
• Education
• Hospitality

By Region:

• North America
• Latin America
• Europe
• Asia Pacific (APAC)
• Middle East & Africa (MEA)