Seattle, WA -- (SBWIRE) -- 09/17/2019 -- The Voice over Internet Protocol Services market was valued at US$ 92 billion in 2016 and is projected to reach US$ 207.3 billion by 2025, according to a new market research report Voice over Internet Protocol Services market by Call Type (International long distance VoIP calls and Domestic VoIP calls), by End User (Individual User and Corporate User), by Configuration (Computer to Computer, Computer to Phone, and Phone to Phone) and by Geography – Global Forecast to 2025, by Coherent Market Insights.
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The Voice over Internet Protocol is a communication platform that permits to make calls over internet connection instead of conventional analog telephone lines. The VoIP has become one of the attractive communication option for consumers. The low cost and availability of high speed internet is the major factor driving growth of the market worldwide. Furthermore, 5G technology plays a major role for the futuristic growth of the Voice over Internet Protocol Services market, owing to features of high speed data processing wherein 5G technology improves the real time communication service, which in turn is increasing the demand for VoIP services.
The global Voice over Internet Protocol Services market was valued at US$ 92 billion in 2016 and is projected to reach US$ 207.3 billion by 2025, exhibiting a CAGR of 9.53% over the forecast period.
Among Call Type, International long distance VoIP calls segment is projected to hold the dominant position in 2016 and is expected to retain its dominance throughout the forecast period. According to Coherent Market Insights, in 2016 the International long distance VoIP calls segment accounted for share of 59.7% of the global VoIP market. Advantages such as high quality global IP calling features at low rates as compared to conventional call rates has accelerated the market growth of this segment.
Among End Users, the corporate users segment held the dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period. According to Coherent Market Insights, in 2016 the corporate users segment held the share of 69% of the global VoIP market. The cost reduction is one of the major factor for the growth of the market in this segment, as business organizations are adopting VoIP services to reduce the call expenses. Moreover, various startups and small and medium enterprises are adopting VoIP communication for their daily activities, which helps to boost the productivity by providing real time transfer of data form remote location.
Asia Pacific Voice over Internet Protocol Services market is projected to hold the dominant position in 2016 and is expected to retain its dominance throughout the forecast period. Increasing awareness about various advantages such as video conferencing, portability, and low cost have accelerated the market growth of Voice over Internet Protocol Services in this region.
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Some of the major companies in the global Voice over Internet Protocol Services market include 8x8, Inc., Apple Inc. (FaceTime), Avaya, AT&T Inc., Verizon Wireless, Orange, Deutsche Telekom AG, KT Corporation, Sprint Corporation, Telecom Italia, Telenor, T-Mobile, and Tata Communication