VoIP services market to record strong growth in corporate and individual consumer segments by 2020: TMR
VoIP services market to record strong growth in corporate and individual consumer segments by 2020: TMRMay 19, 2016
Wednesday, May 18, 2016 –
Technological advancement in network infrastructures, high price performance ratio and demand for mobile communication services (using wireless medium) has led to increasing demand for VoIP services across the corporate and individual consumer segments. Factors such as increasing trend of bring your own device (BYOD) in the corporate consumers segment and diversification of telecommunication service providers to VoIP services is fuelling the growth of the market. Moreover, the increasing competition among the telecommunication and internet service providers to offer best solution is encouraging the industry VoIP service provider to offer bundle services in order to differentiate their offerings. In 2020, the market size of global VoIP services is expected to reach 348.5 million subscribers with revenue of USD 136.76 billion.
The corporate consumers of VoIP services demand for high quality and high-speed data and voice services. This offers potential opportunities for the VoIP service providers to offer their solutions to these enterprises. The major services offered to the corporate consumers by the VoIP service providers include IP connectivity, managed IP PBX and hosted business solutions. In 2013, the highest contribution was from the hosted business solutions with a percentage share of 35.8% of the total revenue generated from the corporate consumers segment. The IP connectivity and managed IP PBX are expected demonstrate close growth rates from 2014 to 2020.
The rising demand for mobility encourages the corporate and individual consumers to adopt smart portable devices such as tablet and smart phones. As a result, the demand for affordable VoIP services also increases, wherein these devices can also be used to communicate over the internet. Thus, with the increasing penetration of these smart portable devices the number of subscribers of phone-to-phone (mobile VoIP) and computer-to-phone VoIP configuration are expected to witness high growth rates over the forecast period. Additionally, the BYOD trend in the corporate consumers segment is further adding to the growth of smart devices and as a result the demand for mobile VoIP in the this segment is expected to witness tremendous growth during the forecast period. The phone-to-phone VoIP subscriber base is expected to grow at a CAGR of 16.6% from 2014 to 2020.
In 2013, international long distance VoIP calls dominated the global VoIP services market in terms of revenue and subscriber base as domestic VoIP calls are commonly offered as free services bundled with an international long distance VoIP service plans/packages. As a result, the revenue generated by domestic VoIP calls is less as compared to international VoIP calls. Moreover, owing to the rising globalization among the business organizations across various industries, the corporate consumers in North America and Europe are the leading revenue generators for international long distance VoIP calls. The market revenue for international long distance VoIP calls is expected to grow at a CAGR of 8.0% from 2014 to 2020.
In 2013, Europe was the largest market in terms of revenue and subscriber base followed by Asia Pacific. However, the Asia Pacific market for VoIP services is expected to show the highest growth over the forecast period. The market for VoIP services in Asia Pacific is expected to grow at a CAGR of 14.6% and 13.6% in terms of subscribers and revenue respectively, from 2014 to 2020. This growth is attributed to the development of network infrastructure and establishment of high speed communication networks such as 3G and 4G in the region. VoIP services have potential opportunities in emerging countries of Latin America, Africa and Middle East. This is due to the affordable prices of availing VoIP services for both the corporate and individual consumers in these geographies.
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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