Global VoIP Services Market, 2016 - 2024
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<strong>Global</strong> <strong>VoIP</strong> <strong>Services</strong> <strong>Market</strong>, <strong>2016</strong> - <strong>2024</strong><br />
Persistence <strong>Market</strong> Research<br />
<strong>Global</strong> <strong>VoIP</strong> <strong>Services</strong> <strong>Market</strong> Is Expected to<br />
be Valued at US$ 194.5 Bn by <strong>2024</strong>:<br />
Persistence <strong>Market</strong> Research<br />
Persistence <strong>Market</strong> Research 1
<strong>Global</strong> <strong>VoIP</strong> <strong>Services</strong> <strong>Market</strong>, <strong>2016</strong> - <strong>2024</strong><br />
According to the latest market report published by Persistence <strong>Market</strong> Research titled,<br />
“<strong>Global</strong> <strong>Market</strong> Study on <strong>VoIP</strong> <strong>Services</strong>: Increasing Hybrid Cloud Communications<br />
in Small and Large Enterprises to Drive <strong>Market</strong> Growth over the Forecast Period,<br />
<strong>2016</strong> - <strong>2024</strong>,” the global <strong>VoIP</strong> services market was valued at US$ 85.9 Bn in 2015 and is<br />
anticipated to increase at a CAGR of 9.5% over <strong>2016</strong> - <strong>2024</strong>, to reach US$ 194.5 Bn by <strong>2024</strong>.<br />
Currently, the global <strong>VoIP</strong> services market is mainly driven by factors such as low<br />
maintenance cost with higher flexibility and minimum staff support, along with wider<br />
connectivity, increasing internet penetration in semi-urban and satellite cities as the internet<br />
is a basic tool and a global platform to make a business grow fast and in a more economical<br />
way. However, factors such as fluctuations in internet quality may affect market growth and<br />
can be a prominent restraint. During peak hours, the network may be congested due to<br />
many subscribers using internet services in a locality through single-cable network line and<br />
unsatisfactory contract proposals are some of the major factors expected to restrain growth<br />
of the global <strong>VoIP</strong> services market during the forecast period.<br />
View Detail Report With TOC: http://www.persistencemarketresearch.com/marketresearch/voip-services-market.asp<br />
The global <strong>VoIP</strong> services market is anticipated to increase at a CAGR of 9.5% in terms of<br />
revenue over <strong>2016</strong>–<strong>2024</strong>, to be valued at US$ 194.5 Bn by <strong>2024</strong>.<br />
In this report, the global <strong>VoIP</strong> services market has been segmented on the basis of call type,<br />
end use, configuration, services, and region. The APAC <strong>VoIP</strong> services market is expected to<br />
account for the highest market value share in the global <strong>VoIP</strong> services market by <strong>2024</strong> end,<br />
followed by Europe. The Latin America <strong>VoIP</strong> services market is expected to be the fastest<br />
growing market over the forecast period. Growth of the Europe <strong>VoIP</strong> services market is<br />
primarily attributed to the introduction of a large number of small and medium-sized<br />
enterprises. Also, expansion of the unified communication market in Belgium is expected to<br />
support growth of the <strong>VoIP</strong> service market in Europe over the forecast period. The <strong>VoIP</strong><br />
services market in Europe is expected to increase at a CAGR of 8.4% in terms of value over<br />
the forecast period.<br />
Persistence <strong>Market</strong> Research 2
<strong>Global</strong> <strong>VoIP</strong> <strong>Services</strong> <strong>Market</strong>, <strong>2016</strong> - <strong>2024</strong><br />
The North America <strong>VoIP</strong> services market is expected to witness moderate growth over the<br />
forecast period; it accounted for 27.0% value share of the overall market in 2015 and is<br />
expected to register a moderate CAGR of 8.5% in terms of value over the forecast period.<br />
Increasing adoption of bring your own device (BYOD) policy is a major factor expected to<br />
drive growth of the <strong>VoIP</strong> services market in North America.<br />
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The report provides detailed information about various market trends and offers analysis and<br />
insights about the potential of the global <strong>VoIP</strong> services market. Furthermore, the <strong>VoIP</strong><br />
services market is segmented on the basis of call type into international long-distance <strong>VoIP</strong><br />
calls and domestic <strong>VoIP</strong> calls. International long-distance <strong>VoIP</strong> services segment is estimated<br />
to be the highest contributor to the global <strong>VoIP</strong> services market in terms of value share by<br />
<strong>2016</strong> end, followed by domestic <strong>VoIP</strong> call segment.<br />
The <strong>VoIP</strong> services market has also been segmented on the basis of end use into Individual<br />
User and Corporate User. Individual User segment is expected to be the fastest growing<br />
segment in the end-use category over the forecast period. The segment is expected to<br />
increase at a CAGR of 9.2% over the forecast period in terms of revenue.<br />
Key players in the global <strong>VoIP</strong> services market include Vonage Holdings Corporation, 8x8<br />
Inc., ShoreTel Nextiva Inc., RingCentral Inc., West Corporation, Verizon Communications Inc.,<br />
Thinking Phone Networks, Inc., Inphonex LLC, and Phone Power LLC.<br />
<strong>Market</strong> Bytes:<br />
In this report, the global <strong>VoIP</strong> services market is tracked in terms of both value and number<br />
of subscribers. The global <strong>VoIP</strong> services market is projected to increase from US$ 94.1 Bn by<br />
<strong>2016</strong> end to US$ 194.5 Bn by <strong>2024</strong>, increasing at a CAGR of 9.5% over <strong>2016</strong>–<strong>2024</strong>.<br />
Increasing hybrid cloud communications in small and large enterprises is anticipated to drive<br />
growth of the global <strong>VoIP</strong> services market over the forecast period. Demand for <strong>VoIP</strong> services<br />
is rising gradually owing to low maintenance cost with higher flexibility and minimum staff<br />
support. Some benefits of <strong>VoIP</strong> include the presence of services over cloud and its<br />
uninterrupted and highly-trusted communication services to consumer. Increasing Internet<br />
Persistence <strong>Market</strong> Research 3
<strong>Global</strong> <strong>VoIP</strong> <strong>Services</strong> <strong>Market</strong>, <strong>2016</strong> - <strong>2024</strong><br />
penetration in semi-urban and satellite cities is further fueling growth of the <strong>VoIP</strong> services<br />
market currently.<br />
One of the major restraints for growth of the <strong>VoIP</strong> services market is that <strong>VoIP</strong> provides low<br />
service quality due to variable latencies and dropped packets that lead to low public<br />
acceptance of <strong>VoIP</strong> services by individual/residential users, thereby limiting its demand. Also,<br />
despite the presence of numerous <strong>VoIP</strong> service providers, there are many providers whose<br />
contract proposals are unsatisfactory or limits customer choices, keeping customer occupied<br />
in the same plan or contract. These factors are anticipated to restrain growth of the <strong>VoIP</strong><br />
services market over the forecast period.<br />
In 2015, among the various call types, international long-distance <strong>VoIP</strong> calls segment was<br />
valued at US$ 50.4 Bn and is estimated to reach US$ 55.8 Bn by the end of <strong>2016</strong>. The whole<br />
<strong>VoIP</strong> services market for call types was valued at US$ 85.9 Bn in 2015, and is estimated to<br />
reach US$ 94.1 Mn by the end of <strong>2016</strong>.<br />
In 2015, individual user segment accounted for 32.8% volume share of the overall market<br />
and is expected to increase to 34.1% by the end of <strong>2024</strong>. In terms of value, the segment is<br />
expected to expand at the highest CAGR of 10.1% over the forecast period, followed by<br />
corporate user segment.<br />
In terms of number of subscribers, corporate user segment dominated the overall market in<br />
2015, and it is expected to continue its dominance over the forecast period as compared to<br />
individual user segment. In terms of value, managed IP PBX service segment is anticipated<br />
to expand at a CAGR of 15.3% over <strong>2016</strong>–<strong>2024</strong>, while hosted business IP PBX segment is<br />
expected to expand at a CAGR of around 7.8% over the same period.<br />
APAC region is expected to increase at the highest CAGR in terms of number of subscribers<br />
and value. Among all APAC countries, China is anticipated to register the highest CAGR in<br />
terms of value and number of subscriber over the forecast period, followed by India.<br />
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<strong>Global</strong> <strong>VoIP</strong> <strong>Services</strong> <strong>Market</strong>, <strong>2016</strong> - <strong>2024</strong><br />
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