VoIP Software Market
NEW YORK, April 6, 2020 /PRNewswire/ -- VoIP Software Market Research Report: By Technology (SIP Trunking, Managed PBX, Hosted PBX), Access Type (Computer to Phone, Phone to Phone, Computer to Computer), Call Type (Domestic VoIP Call, International VoIP Call), Medium (Fixed, Mobile), End User (Large Enterprises, SMEs, Consumers), Industry (IT & Telecom, BFSI, Government, Healthcare, Retail, Education, Residential) - Global Industry Analysis and Forecast to 2025
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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. 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). VoIP sends multimedia and communication data over the internet, instead of conventional phone lines.
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.
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