NEW YORK, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Valued at $15,114.3 million in 2019, the global voice over internet protocol software market share is projected to reach $30,441.5 million by 2025, growing at a CAGR of 13.4% during the forecast period (2020–2025). Among various technologies, session initiation protocol (SIP) trunking held the largest share in the market in 2019. This can be attributed to the high adoption of the technology across the world. SIP is a signaling protocol for managing multiple real-time communication sessions in applications, and SIP trunking defines the sequence of communications and the specific format of messages to be exchanged.
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Shift in the preference toward hosted cloud-based VoIP solutions is one of the key trends observed in the VoIP software market. Cloud-based phone systems enable enterprises to manage communication services more effectively and scale up or down according to their business needs. As these platforms eliminate the need for investing in hardware, they are witnessing high adoption across the world.
Growing focus of organizations on enhancing productivity is one of the key factors driving the VoIP software market, globally. VoIP solutions help enhance the overall productivity of an organization by enabling the organization to allocate funds, which are otherwise spent on traditional hardware, such as hardware-based IP phones or hard phones, and traditional phone bills, to other important aspects of the business. VoIP solutions also enable video conferencing, through which virtual meetings can be conducted. Besides, VoIP enables the users to integrate software programs, such as e-fax and e-mail, thus facilitating the digital transfer of documents. All these factors make VoIP software an effective business solution for organizations around the world.
Globally, North America and APAC collectively accounted for more than 65% share in the VoIP software market in 2019. This can be ascribed to the high adoption of VoIP software in these regions, particularly in countries such as the U.S., China, and India. The APAC region boasts of more than one billion smartphone users, owing to the high smartphone penetration in China and India. Moreover, in China, the total number of reported users of the IP telephony software WeChat has crossed the 800-million mark.
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Among all countries, the U.S. held the largest share in the VoIP software market in 2019. The country also leads in terms of 5G adoption, which implies that it will continue attracting IT & telecom players that look forward to deploying the technology to improve their offerings. The VoIP software industry in the country is further being propelled by the increasing smartphone penetration, which has also facilitated the launch of many applications over the years, such as Skype, Google Duo, Viber, WeChat, and Facebook Messenger, which enable VoIP communications over a smartphone.
India is projected to be the fastest-growing market for VoIP software globally, during the forecast period. The growth in the Indian VoIP software market can be attributed to the rising IT spending, increasing smartphone and mobile internet penetration, and the presence of a large number of contact centers in the country that are deploying VoIP solutions to save on excess costs associated with traditional telephony hardware.
The global VoIP software market has a fragmented structure, due to the presence of a large number of players, including AT&T Inc., Alphabet Inc., Verizon Communications Inc., Microsoft Corporation, and Avaya Holdings Corporation.
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In recent years, major players in the VoIP software market have taken several strategic measures, such as mergers and acquisitions, product launches, and geographical expansions, to gain a competitive edge in the industry. For instance, in July 2018, Alphabet Inc. announced the launch of a version of Google Voice for enterprise G suite customers. With this, Google Voice provided companies with features such as artificial intelligence (AI)-powered voicemail transcription and spam filtering, which is useful in handling a wave of spam robocalls.
Other key players in the VoIP software market include RingCentral Inc., Cisco Systems Inc., Comcast Corporation, Rogers Communications Inc., 8x8 Inc., Orange Business Services, Huawei Technologies Co. Ltd., and Deutsche Telekom.
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