VoIP or Voice over Internet Protocol is a technology that allows users to make voice calls over the internet instead of using a regular telephone line. Some key advantages of VoIP include lower call charges, additional features like call forwarding and voicemail, and easy setup and installation. The need for VoIP services is driven by the constant decline in traditional PSTN or public switched telephone network lines. Organizations are increasingly adopting VoIP to reduce communication costs and gain access to advanced unified communication features.

The VoIP services market is estimated to be valued at US$ 158.72 Bn in 2024 and is expected to exhibit a CAGR of 12.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the VoIP Services are 8x8 Inc., ATandT Inc., Avaya Inc., Bandwidth Inc., BT Group plc, CenturyLink Inc., Cisco Systems Inc., Dialpad Inc., Frontier Communications Corporation, GoTo (LogMeIn Inc.), Intermedia.net Inc., Mitel Networks Corporation, RingCentral Inc., Verizon Communications Inc., Vonage Holdings Corp. These players are focusing on new product launches and strategic partnerships to expand their market share.

There is a rising demand for cloud-based VoIP and Unified Communication as a Service (UCaaS) solutions among small and medium enterprises due to benefits like scalability, easy deployment, and low upfront cost. Emerging technologies like Internet of Things and Artificial Intelligence are also driving new opportunities for incorporating advanced features in VoIP infrastructure.

North America accounts for the largest share of the global Voip Services Market Size owing to high technology adoption. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period due to growing internet penetration, increasing investments in digital infrastructure, and rising telecom sector in major countries like China and India. Key players are expanding their international operations in these emerging regions.

Market drivers: Declining prices of VoIP equipment and services due to increased competition is a key driver augmenting the adoption of VoIP. Growing need to reduce communication costs among enterprises is also propelling the VoIP services market growth.

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