Voice-over-Internet-Protocol (VoIP) is becoming quite popular for myriad of reasons, and the proof is the pudding—the numbers. A recent report from Future Market Insights took a look at what the VoIP may look like in the coming years and why.
It’s plain to see why VoIP is growing in popularity, and in particular the global services market is being driven by providers surging their sales efforts to both private citizens and the enterprise. And with this growth in sales and adoption comes innovation, as we’ve seen developments in network infrastructure and the cloud.
The innovation comes as a response to the consumers’ growing demand for increased functionality, reduced costs and an overall improved communication experience.
Let’s allow the numbers to paint the picture of the VoIP market. Starting with the consumer market, we’ve seen nearly 53 million subscribers in 2012 that drove over $20 billion in revenue, with an expectation to experience explosive growth into 2020.
The corporate segment accounted for just shy of 100 billion subscribers in 2012 that produced over $40 billion in revenue. While these numbers sound impressive, the projections for 2019 nearly double them. By 2020, the market is projected to surpass 200 billion subscribers driving almost $90 billion in revenue.
Other areas expected to experience growth include the phone to phone and computer to computer segments, however, their growth will not reach the same levels as the above.
The report attributes the growth to improved services from providers. The switch from circuit-switched networks to packet-switched networks has allowed the shift to cellular technology.
Another factor of note in the growth is the need for international calling. The report stated due to the disparate nature of today’s workforce and a migrating population, public use and acceptance of VoIP is expected to rise.
The VoIP space is certainly an exciting one to watch right now. This is simply the tip of the iceberg, stay tuned to see it happen in real time. From service providers down to IP phones, the pie is big and getter bigger.
Edited by Dominick Sorrentino