Market Research Report
Voice over Internet Protocol Market Size By Type, By Access Type, By Call Type, By Medium, By End-Use, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1002930|
|Published||Content info||324 Pages
Delivery time: 2-3 business days
|Voice over Internet Protocol Market Size By Type, By Access Type, By Call Type, By Medium, By End-Use, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027|
|Published: April 26, 2021||Content info: 324 Pages||
Voice over Internet Protocol (VoIP) Market Size By Type (Integrated Access/Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX), By Access Type (Phone to Phone, Computer to Computer, Computer to Phone), By Call Type (International VoIP Calls, Domestic Calls), By Medium (Fixed, Mobile), By End-Use ( Consumers, SMBs, Large Enterprises), By Application (IT & Telecom, BFSI, Healthcare, Government & Public Sector, Retail, Education, Hospitality), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027.
The VoIP market is likely to register significant gains by 2027 owing to rising internet penetration, wide adoption of cloud-based services, high demand of PBX systems among healthcare workers and doctors, and numerous government initiatives promoting the adoption of VoIP services.
VoIP or voice over internet protocol is a digital technology that effectively converts voice into a digital signal, enabling the user to directly make a call using a VoIP phone, a computer or other related data-driven devices. In general terms, it is known as a phone service which is delivered over the internet. With the surge of broadband, voice over internet protocol has in fact become the definitive option for phone service for businesses and consumers.
The VoIP market is segmented in terms of service type, access type, call type, medium type, end-use, application, and regional landscape.
In terms of application, the overall market for VoIP is classified into hospitality, education, retail, healthcare, government & public sector, BFSI, IT & telecom and others. In 2020, the healthcare segment accounted for a revenue share of more than $2.5 billion and will show strong gains over the coming years. This growth is ascribed to the high demand of PBX systems by health workers and doctors for virtual trainings and meetings.
VoIP solutions could play an important part in uplifting the patient experience for both small-scale clinics as well as central hospitals. These systems generally keep track of all the patient data and information in multiple ways. With features such as call screening, operators working in a healthcare facility could easily identify information related to patient before deciding the way in which they should answer the call. This further makes the recording as well as referring to data much simpler, thus lessening the time and costs in the process.
The retail segment will witness a significant growth of over 17% by the end of 2027. Meanwhile, the hospitality segment will witness the fastest growth of over 20% during the forecasted period. The segment's revenue expansion capacity is attributed to the wide-scale adoption of cloud-based services.
On the regional front, VoIP market in Latin America will witness a significant growth of over 15% by the end of the analysis timeframe. The rising internet penetration and shifting of enterprises toward cloud-based communication services will contribute towards regional market growth.
Meanwhile, in 2020, the Middle East & Africa market garnered a revenue share of more than $2 billion and is anticipated to progress at fast pace over the projected time period. The governments in some countries of the region are taking numerous steps toward the adoption of VoIP services to support businesses in handling enterprise communication more effectively.