Allied Market Research published a new report, titled, “IP Telephony Market Size Growing at 13.7% CAGR Reach USD 7.50 Billion by 2030.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain a thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global IP telephony market was valued at $2,130.70 million in 2020, and is projected to reach $7,506.54 million by 2030, growing at a CAGR of 13.7% from 2021 to 2030.
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Driving Factors
Surge in adoption by businesses, low costs of IP telephony systems, and ease in integration drive the growth of the global IP telephony market. However, requirement of stable & reliable internet connection and poor voice quality hinder the market growth. On the other hand, integration of 5G technology in IP telephony systems presents new opportunities in the coming years.
Market Segmentation
The IP Telephony market is segmented on the basis of offering, type, call type, installation type, enterprise size, end user and region. By offering, it is bifurcated into solutions (hardware and software) and services (consulting/ implementation and maintenance). By type, it is classified into integrated access/Session Initiation Protocol (SIP) Trunking, managed IP PBX, and hosted IP PBX. Based on call type, it is segregated into international calls and domestic calls. By installation type, the market is divided into wired and wireless. Based on enterprise size, it is segmented into large enterprise and small & medium enterprises. By end user, the market is segmented into corporate, government and residential. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players
The key players profiled in the IP telephony market analysis are DIALPAD, INC., Freshworks Inc., Intermedia.net, Inc., Microsoft, Mitel Networks Corp., Ooma, Inc., RingCentral MVP, Vonage, Ziff Davis, Inc., and 8×8, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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By region, the global IP telephony industry is being dominated by Asia-Pacific in 2021, and is expected to maintain this trend during the forecast period. This is attributed to businesses, especially those in the more advanced markets, investing in IP telephony solutions and upgrades that can be embedded or integrated with UC (unified communications) applications. In addition, IP telephony equipment vendors are adopting open standards and offering solutions that are backward compatible with legacy equipment to facilitate the migration toward next-generation networks. Therefore, these are the major growth factors in the IP telephony industry in Asia-Pacific region.
Based on offering, the solution segment accounted for the highest share in 2020, holding more than two-thirds of the global IP telephony market, and is expected to continue its leadership position during the forecast period. This is due to customers availing new ways to communicate with merchants and customers to expand their customer base and utilize their mobile devices to communicate. However, the services segment is estimated to manifest the fastest CAGR of 15.5% from 2021 to 2030, owing to increase in preference for VoIP phone services over traditional phone lines.
Based on end user, the corporate segment contributed to the largest share in 2020, accounting for around three-fifths of the global IP telephony market, and is projected to maintain its lead in terms of revenue during the forecast period. This is attributed to cost effectiveness in implementation as IP telephony offers lower overall costs in comparison to traditional phone carriers. However, the residential segment is expected to portray the largest CAGR of 18.0% from 2021 to 2030. This is due to enabling users to make calls through the internet rather than having to rely on traditional landline or cell phones.
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COVID-19 Scenario
● During the Covid-19 pandemic, the mobile IP telephony apps became increasingly popular in different industry verticals. For instance, doctors and healthcare professional benefited considerably from the usage of mobile IP telephony applications in offering consultation, providing training, and conducting meetings.
● Moreover, the education sector utilized the IP telephony infrastructure considerably to facilitate video calling for online classrooms.
● The commercial sectors enabled employees with IP video telephony to work from anywhere at any time and utilize remote access technologies. This enabled flexibility and helped employees in enhancing their work quality and productivity.
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