VoIP Services Market to grow at a CAGR 9.7% With Several Firms Emerging in Market

The global voice over IP (VoIP) services market is anticipated to witness a significant progress within its forecast 2014 to 2020. The market scenario is likely to be intense. The major factors behind the intense competition among the voice over IP providers in the market mainly rely on the cost of tariffs, number of subscribers (volume of business), and quality of service. Owing to very less barriers for the new entrants, several start-up firms have entered the market, with a focussed aim to set their foot significantly. Various vendors are concentrating on their advanced marketing strategies such as collaborations with original equipment manufacturers and smart pricing. This competition is prognosticated to only intensify with forthcoming years.

Microsoft Skype, Avaya, Vonage, and Viber Media are some of the leading players in the global market. The other key players in the VoIP services market are Apple (FaceTime), 8×8, BigAnt, Facebook, Cisco (Jabber), Google (Hangouts), IBM (Sametime), HipChat, InPhonex, Kosmaz Technologies (VoIP), Kakao Japan, Line, Nextiva, magicJack, One Horizon Group, Talk360, RingCentral, TATA Communications, Tencent (WeChat), Telefonica (Tu Me), T-Mobile, and Vyke Telecoms.

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According to a recent report by Transparency Market Research (TMR), VoIP market is expected to grow at a steady CAGR of 9.7% within the forecast period from 2014 to 2020. In 2013, the market was valued to be of worth US$70.90 bn, whereas the figure is foreseen grow around worth US$136.76 bn by the end of forecast period.

On the basis of configuration, the the global VoIP services market is segmented into computer-to-computer VoIP services, computer-to-phone VoIP services, and phone-to-phone VoIP services. Within the forecast period, the phone-to-phone or mobile VoIP services segment is likely to witness strong growth at a CAGR of 14.7% during 2014 to 2020. Geographically, by the end of 2020, Asia Pacific region is expected to be the major region in the market because of its growing subscriber base. The region is foreseen to flourish at a steady CAGR of 13.6%.

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Cost Effective Deals to Support Global Market Demand

The rising adoption of Bring Your Own Device (BYOD) policy and demand for mobility in several organizations has led to the raised usage of VoIP services. Advancement in technology has spurred the growth of advanced networks, as a result of which there has been growing demand for VoIP services. Moreover, due to cost-effectiveness and packaged service deals, customers are preferring cloud-based VoIP services. Besides, owing to several research and development activities by key organizations in the telecommunication sector is likely to augment the demand for VoIP in the market.