The “VoIP Software Market Research Report: By Technology, Access Type, Call Type, Medium, End User, Industry – Global Industry Analysis and Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
In 2019, the market generated a revenue of $15,114.3 million, which is expected to surge to $30,441.5 million by 2025, at a 13.4% CAGR during 2020-2025 (forecast period).
The major reasons behind the prosperity of the voice over internet protocol (VoIP) software market is the growing demand for the software from small and medium enterprises (SME) and increasing focus of companies on improving their productivity.
Managed private branch exchange (managed PBX), session initiation protocol (SIP) trunking, and hosted private branch exchange (hosted PBX) are the three categories, when the market is segmented by technology. Among these, SIP trunking held the largest share in 2019, as it supports on-premises public switched telephone network (PSTN) connectivity, which results in its high demand. Apart from this, the adoption of hosted PBX is also significant, with companies preferring it over managed PBX. As it is cloud based, it reduces the need for expensive information technology (IT) infrastructure.
Another reason hosted PBX is trending in the VoIP software market is that the feature-rich voice solutions it provides over the cloud are reliable, apart from being cost-effective. Further, it lets organizations manage their communication operations better and scale them up or down as per requirement. Therefore, with businesses aiming to achieve maximum profitability, by reducing their expenditure, while not compromising on their productivity, they are shifting to cloud-based VoIP solutions, particularly hosted PBX.
Based on end user, the VoIP software market is divided into consumers, small and medium enterprises (SME), and large enterprises. In 2019, the market was dominated by large enterprises, which will continue holding the largest share during the forecast period. However, the fastest progress would be witnessed by SMEs, as such solutions can help reduce telecommunication costs by up to 30%. Such technology is easy to deploy, use, maintain, and troubleshoot, which automatically decreases the expenditure. Additionally, calls can be done on VoIP at considerably lower rates compared to traditional telephone lines.
Further, with this technology, the need for separate cabling, which is required for conventional telecommunication systems, is eliminated, as companies can simply procure a software-based softphone. It also declutters the premises, reduces the risk of the cables catching fire, and offers the convenience of adding more components, owing to the flexibility of scalability. Another advantage associated with VoIP is the ease of maintaining and altering the system, since the operations are carried out by the software, instead of hardware.
Another key driver for the VoIP software market is the rising focus on improving the productivity. The funds allocated for procuring telecommunication equipment, including hard phones and hardware-based IP phones, as well as for phone bills, can be utilized for other purposes. Further, VoIP allows companies to bring together employees in different parts of the world together, by facilitating video conferencing. Additionally, the voice clarity offered by this technology is significantly better than that received via conventional phones, which is another reason for its growing adoption.
Geographically, Asia-Pacific was the largest VoIP software market during the historical period (2014-2019), and it is expected to maintain its dominance till 2025. Within the region, India witnesses the widest adoption of this technology, owing to the fact that it is home to more than 1 billion people with a smartphone. Similarly, the number of WeChat users in China has already breached the 800 million mark. With a high number of contact centers, increasing IT spending, and internet and smartphone penetration in APAC, the regional market will continue progressing.
Hence, with SMEs adopting VoIP to cut down on operational expenditure and large organizations looking at ways to improve their productivity, the market for the technology has a bright future.
Key Topics Covered
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Technology
188.8.131.52 SIP trunking
184.108.40.206 Managed PBX
220.127.116.11 Hosted PBX
4.1.2 By Access Type
18.104.22.168 Computer to phone
22.214.171.124 Phone to phone
126.96.36.199 Computer to computer
4.1.3 By Call Type
188.8.131.52 Domestic VoIP call
184.108.40.206 International VoIP call
4.1.4 By Medium
4.1.5 By End User
220.127.116.11 Large enterprises
4.1.6 By Industry
18.104.22.168 IT & telecom
4.2 Value Chain Analysis
4.3 Market Dynamics
22.214.171.124 Emergence of 5G technology pushing back the frontiers of VoIP
126.96.36.199 Shift in preference toward hosted cloud-based VoIP solutions
188.8.131.52 Increasing demand from SMEs
184.108.40.206 Growing focus of organizations on enhancing productivity
220.127.116.11 Impact analysis of drivers on market forecast
18.104.22.168 Low service quality as compared to traditional telephony
22.214.171.124 Interoperability issues in VoIP implementation
126.96.36.199 Impact analysis of restraints on market forecast
188.8.131.52 Growing popularity of voice-based smart office systems
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Intensity of Rivalry
4.4.5 Threat of Substitutes
Chapter 5. Global Market Size and Forecast
5.1 By Technology
5.2 By Access Type
5.3 By Call Type
5.4 By Medium
5.5 By End User
5.6 By Industry
5.7 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Technology
6.2 By Access Type
6.3 By Call Type
6.4 By Medium
6.5 By End User
6.6 By Industry
6.7 By Country
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. LATAM Market Size and Forecast
Chapter 10. MEA Market Size and Forecast
Chapter 11. Competitive Landscape
11.1 List of Key Players and Their Offerings
11.2 Market Share Analysis of Key Players
11.3 Competitive Benchmarking of Key Players
11.4 Strategic Developments of Key Players
11.4.1 Mergers and Acquisitions
11.4.3 Product Launches
11.4.4 Geographic Expansions
11.4.5 Client Wins
Chapter 12. Company Profiles
12.1 Cisco Systems Inc.
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.1.3 Key Financial Summary
12.2 Alphabet Inc.
12.3 Microsoft Corporation
12.4 Comcast Corporation
12.5 AT&T Inc.
12.6 Verizon Communications Inc.
12.7 Avaya Holdings Corporation
12.8 Huawei Technologies Co. Ltd.
12.9 Deutsche Telekom AG
12.10 Orange S.A.
For more information about this report visit https://www.researchandmarkets.com/r/7ovf5a