The global VoIP market has been around since the mid-1990s, soon after the World Wide Web came into existence with dial-up internet access arriving in earnest. While voice over internet protocol (VoIP) may not be a new technology, the market in which it operates is primed to show gains like a market in its infancy.
A Market Poised for Substantial Gains
Cost-effectiveness and efficiency are just two reasons for increased user adoption of VoIP. This is driving significant growth in the global VoIP market, making it a staple solution for MSPs.
Revenue gains. In 2018, the global VoIP market represented about US$20 billion in value. By 2025, that number is expected to nearly triple as it hits roughly US$55 billion, according to a report from Global Market Insights (GMI). The hosted IP-PBX (Internet Protocol—Public Branch Exchange) market is expected to see the fastest gains therein, according to the report, accounting for a growth rate of over 15% per year through the time frame in question.
VoIP services are more than voice. While GMI projected a $55 billion market for global VoIP, a separate report from Persistence Market Insights (PMI) puts the global VoIP service market’s revenue much higher, projecting a combined total of $194.5 billion by the end of 2024. This may owe to some differences in PMI’s use of the term “VoIP services,” which includes other services that GMI’s figures don’t account for, like session initiation protocol (SIP) trunking, hosted business IP-PBX, and others.
Wireless internet is driving demand. VoIP once required users to have a physical connection to the internet to make calls, but advances in technology now support mobility, making the VoIP market as we know it poised for expansion throughout. The GMI report notes that the computer-to-computer VoIP sector will see over a 10% compound annual growth rate (CAGR) through 2025, and the domestic VoIP sector will see over 12%. With the refinement of softphone apps, the mobile VoIP sector, meanwhile, will see over 13%.
Geographic growth. Increasingly, VoIP is being used wherever internet access is available, including Wi-Fi. While the North American market share is set to be over 40% for the 2025 period according to GMI, the Asia-Pacific industry market is expected to see a CAGR of over 15%.
How to Get in on the Global VoIP Market
All this growth in the global VoIP market means one thing for certain: a lot more people will be using VoIP technology in the near future. Whether you want to start using it yourself or start offering it to your customer base, the best place to start is by reaching out to us at D3UC. Our white-label cloud-based phone and unified communications (UC) service allows you to offer the best solution for a still-growing market, all under your own banner and at prices you set. So just drop us a line to get in on one of the still-biggest opportunities around.