New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Session Initiation Protocol (SIP) Trunking Services Global Market Report 2022" - https://www.reportlinker.com/p06229771/?utm_source=GNW
, GTT Communications Inc., IntelePeer Inc., Level 3 Communications, Mitel Networks Corporation, Net2Phone, Nextiva Inc., NTT Communications Corporation, Rogers Communications, Tata Communications Ltd., Telstra Inc., Twilio Inc., Vodafone Group PLC, Vonage Holdings Corporation, Voyant Communications LLC., West Corporation, Allstream Inc., Plivo Inc, Ringcentral Inc., Sangoma Technologies Corporation, ShoreTel Inc. and Sprint Corporations.
The global session initiation protocol (SIP) trunking services marketis expected to grow from $13.03 billion in 2021 to $14.75 billion in 2022 at a compound annual growth rate (CAGR) of 13.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $23.58 billion in 2026 at a CAGR of 12.4%.
The SIP trunking service market consists of sales of session initiation protocol (SIP) trunk and related services by entities (organizations, sole traders, and partnerships) that is offered by a communications service provider that uses the ability to give voice over IP (VoIP) connectivity between the on-premises phone system and public switched telephone network (PSTN).The SIP trunking service is used for call establishment, administration and teardown.
SIP trunks are sold as a replacement for the digital primary rate interface (PRI), which is based on time-division multiplexing (TDM).
The main types of SIP trunking services are hosted and on-premise.A hosted private branch exchange (PBX) allows users to use PBX features including automated attendant, automatic call distribution, voicemail, and call transfer without having to own or operate all of the essential equipment on the premises.
Calls are routed to extensions through a PBX, which allows the VoIP service provider to manage all essential equipment and software.The different sizes of organizations include small businesses, mid-sized businesses, and large enterprises.
It is implemented in various verticals such as BFSI, healthcare, and life sciences, telecommunications & IT, government and public sector, manufacturing, consumer goods and retail, media & entertainment, others.
The reduction in communication costs is contributing to the growth of the SIP trunking service market.Switching over to SIP (session initiation protocol) provides benefits to the businesses such as lower cost, flexible bandwidth allocation, better video and audio quality, and so on.
According to Atlantech Online, a US-based company offering telephone, internet, and data center services to business and government organizations, on average a company can save up to 20% to 60% of the communication cost by switching to SIP. The SIP call charges are lower which range from $1.67 to $15 per month per channel. Therefore, the reduction in communication cost is expected to drive the growth of the SIP trunking service market over the coming years.
Cloud-based SIP trunking service is a key trend gaining popularity in the SIP trunking service market.SIP trunking service providers offer cloud-based SIP or VoIP (Void over IP) that can be bought and maintained virtually without any hassle.
It has reduced service cost, the provider takes all the responsibility for SIP trunks, bandwidth and the best part of a cloud-based SIP trunk is that the system can be accessed from anywhere at any time. For instance, according to Onsip, a unified communication service provider, small businesses that migrate to VoIP might save costs up to 40% on local calls and 90% on international calls.
In March 2021, Sangoma Technologies Corporation, a Canada-based voice, and unified communications solution provider acquired StarBlue Inc. from Star2Star Holdings, LLC for an undisclosed amount. This acquisition of StarBlue Inc. will allow Sangoma Technologies to broadcast a set of cloud-native Containers as a service (CaaS) and solutions to the industry. It will also enable Sangoma Technologies Corporation to grow and evolve in the group of leading cloud service companies. Star2Star Communications is a US-based company that offers communications services by providing telephone voice and data communications. It has been constantly delivering and innovating solutions for the betterment of business communications.
North America was the largest region in the Session Initiation Protocol (SIP) trunking services market in 2021.Europe was the second-largest market in the SIP trunking services market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the SIP trunking services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229771/?utm_source=GNW
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