[FURL=https://www.industryarc.com/Report/15470/voip-services-market.html?utm_source=brefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]VOIP Services Market[/FURL] VOIP Services Market size was valued at US$ 0.125 Billion in 2020 and is projected to reach US$26.8 billion by 2026 at a CAGR of 13.5% during the forecast period 2021-2026. High penetration of smartphones and the growing demand for new-age unified communication services such as federated VoIP are set to drive the VoIP Services market. The rapid migration of business organizations from plain old telephone service (POTS) to VoIP or IP telephony systems for a connected and cost-effective infrastructure is boosting the market growth. According to Microsoft, Microsoft Team users use their collaboration solution for more than 2.7 billion minutes each day and based on global market insights, it is reported that 85% enterprises have already shifted towards cloud-based VoIP services. With the increasing penetration of remote working and BYOD trends, the demand for VoIP services is analyzed to accelerate the market during 2021-2026.Key Takeaways
Europe is estimated to dominate the market during 2021-2026 owing to high penetration of instant messages platform and increasing investments towards advanced technology.
Computer to phone is analyzed to dominate the market during 2021-2026 due to the rising demand of cloud-based VoIP services among business organizations.
Increasing migration towards VoIP services in the corporate sector and growing demand for instant messaging apps are anticipated to drive the market between 2021 and 2026.
Limited network and privacy issues are impeding the market growth.
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VOIP Services Market Segment Analysis -By Geography
By geography, VoIP Services Market has been segmented into North America, Europe, APAC, South America, and others. Europe dominated the market acquiring a share of 25% in 2020 and is estimated to hold the major market share during 2021-2026 owing to the high penetration of instant messaging applications among smartphone users and increasing investment towards advanced technology. APAC is estimated to be the fastest-growing market owing to the massive transition towards digitalization for business purposes. The rapid adoption of social media platforms in this region is also accelerating market growth. In July 2018, BSNL launched VoIP services under the brand name “WING” in India.
VOIP Services Market Drivers
Increasing migration towards VoIP services from traditional telephone systems in the corporate sector
Increasing demand for instant messaging services
VOIP Services Market Landscape
VoIP Services top 10 companies include Ribbon Communication, Orange S.A., Verizon Communications, 8X8 Inc., Deutsche Telecom, Nextiva, Citrix System Inc., RingCentral Inc., Grasshopper, Microsoft Corporation, AT&T Inc. among others.
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