Learn More On The Voice over Internet Protocol (VoIP) Market:
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According to The Business Research Company’s Voice over Internet Protocol (VoIP), The voice over internet protocol (voip) market size has grown rapidly in recent years. It will grow from $119.14 billion in 2023 to $134.83 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to cost savings, mobility and flexibility, evolving consumer preferences, scalability and ease of expansion, increased remote work..
The voice over internet protocol (voip) market size is expected to see rapid growth in the next few years. It will grow to $229.83 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to focus on quality of service, compliance with regulatory standards, voice analytics and business intelligence, energy efficiency measures, focus on user education and training. Major trends in the forecast period include mobile voip adoption, web real-time communication , increased focus on security measures, cloud-based voip solutions, voice biometrics for authentication, increased integration with collaboration tools..
The growing adoption of 5G technology is expected to drive the growth of the voice over internet protocol (VoIP) market in the coming years. 5G provides faster transmissions, lower latency, and the ability to connect a larger number of devices by providing gigabyte rates, which will provide enough bandwidth for VoIP. As a result, a growing number of businesses are switching to VoIP to replace their outdated PSTN phone systems. Switching to VoIP improves call quality and dependability while lowering call and infrastructure costs significantly. For instance, according to vXChnge, a US-based colocation and data center service provider, by 2024 5G networks are projected to cover 40% of the world, handling 25% of all mobile traffic data. Therefore, the growing adoption of 5G technology propels the VoIP market growth.
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The voice over internet protocol (voip) market covered in this report is segmented –
1) By Type: Integrated Access Or Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX
2) By Access Type: Phone To Phone, Computer To Computer, Computer To Phone
3) By Call Type: International VoIP Calls, Domestic VoIP Calls
4) By Medium: Fixed, Mobile
5) By End User: Consumers, Small And Medium Businesses, Large Enterprises
Major companies operating in the voice over internet protocol (VoIP) market are focused on enhancing customer satisfaction to gain a competitive edge in the market. Voice over Internet Protocol (VoIP) enhances customer satisfaction by providing cost-effective, clear, and convenient communication, ensuring better service accessibility and responsiveness. For instance, in May 2021, Bolt Technology OÜ., an Estonia-based transport company, introduced a Voice Over Internet Protocol (VoIP) feature to enhance communication between riders and drivers. This new functionality allows riders and drivers to make phone calls over the internet, eliminating the need for traditional phone services. The VoIP feature not only improves safety and trust when riders interact with drivers but also prioritizes the protection of user data.
The voice over internet protocol (voip) market report table of contents includes:
1. Executive Summary
2. Voice over Internet Protocol (VoIP) Market Characteristics
3. Voice over Internet Protocol (VoIP) Market Trends And Strategies
4. Voice over Internet Protocol (VoIP) Market – Macro Economic Scenario
5. Global Voice over Internet Protocol (VoIP) Market Size and Growth
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31. Global Voice over Internet Protocol (VoIP) Market Competitive Benchmarking
32. Global Voice over Internet Protocol (VoIP) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Voice over Internet Protocol (VoIP) Market
34. Voice over Internet Protocol (VoIP) Market Future Outlook and Potential Analysis
35. Appendix
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