LONDON, May 25, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the session initiation protocol (SIP) trunking services market, cloud-based SIP trunking services are a key trend gaining popularity in the SIP trunking services market. SIP trunking service providers are offering cloud-based SIP or VoIP that help in managing virtual communications. Cloud-based SIP trunking helps in reducing costs as the provider takes the responsibility for SIP trunks. For instance, Bandwidth Inc., a leading global enterprise communications platform and cloud-native carrier, announced that it has been ranked as the top CPaaS provider with its largest all-IP cloud communications platform. The company has a directly connected network, reaching across 90% of global GDP. Likewise, in November 2021, Reinvent Telecom, a private-label cloud-based unified communications company, announced the launch of Reinvent Wholesale business messaging platform that enables a new monthly recurring revenue opportunity for the company. In March 2021, Sangoma Technologies Corporation, a Canada based voice communication solution provider, acquired Starblue Inc. for an undisclosed amount. The acquisition is intended to allow Sangoma Technologies to broadcast a set of cloud-native containers as a service and solutions to the customers.
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The global session initiation protocol (SIP) trunking services market size is 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 the SIP trunking service market 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 session initiation protocol (SIP) trunking services market share is expected to reach $23.58 billion in 2026 at a CAGR of 12.4%.
The exponential growth of VoIP across the globe is expected to drive the SIP trunking market in the near future. SIP is an application on the network that requires either an Internet connection or a VoIP vendor, plus an IP-enabled PBX and a border element or gateway to support IP-based voice communications. SIP trunking is low in cost as well as tremendously flexible compared to other internet services. These factors are considered to be the main factors driving SIP adoption, along with VoIP. Companies around the globe are making the switch from MPLS and PRI during large-scale migrations to IP networks.
Major players in session initiation protocol (SIP) trunk market are 8x8 Inc., Verizon Communications, 3CX, AT & T Inc., Bandwidth, BT Group plc, CenturyLink, Colt Inc., Flowroute, Fusion Connect, Inc., 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 trunking services (SIP) industry analysis is segmented by type into hosted, on premise; by organization size into small businesses, mid-sized businesses, large enterprises; by end user into BFSI, healthcare and life sciences, telecommunications and IT, government and public sector, manufacturing, consumer goods and retail, media and entertainment, others.
North America was the largest region in the Session Initiation Protocol trunking services market in 2021. Europe was the second-largest market in the SIP trunking services market. The regions covered in the session initiation protocol (SIP) trunking services market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Session Initiation Protocol (SIP) Trunking Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide session initiation protocol (SIP) trunking services market overviews, session initiation protocol (SIP) trunking services market analyze and forecast market size and growth for the whole market, session initiation protocol (SIP) trunking services market segments and geographies, session initiation protocol (SIP) trunking services market trends, session initiation protocol (SIP) trunking services market drivers, session initiation protocol (SIP) trunking services market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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