The latest research from market research firm Infonetics Research (News - Alert) finds that Voice over Internet Protocol (VoIP) services market will reach upwards of $76 billion in revenues by 2015.The growth will be primarily driven by Session Initiation Protocol (News - Alert) (SIP) trunking and hosted business VoIP services.
According to the report, revenue from SIP trunking services to businesses is expected to grow at a phenomenal 52 percent compound annual growth rate (CAGR) from 2011 to 2015. The number of seats for hosted business VoIP and unified communications services is on track to more than double between 2011 and 2015.
The report also says that the number of residential and SOHO subscribers to hosted VoIP services are expected to grow from 179 million in 2011 to 262 million worldwide by 2015.
IP Centrex and hosted unified communication service revenue grew 22 percent, while the number of seats grew 25 percent in the first half of 2011 when compared to the second half of 2010. The research firm attributes this growth primarily to the continued demand for cloud-based services.
"We've increased our short- and long-term forecasts for the voice over IP services market, as adoption in the residential, SOHO, and business segments continues unabated,” said Diane Myers, directing analyst for VoIP and IMS at Infonetics Research, in a statement.
While the residential segment continues to make up the majority of VoIP services revenue, the real growth is in the business segment, particularly SIP trunking services, hosted VoIP and unified communication services, Myers added.
“Following a healthy 2010, the overall VoIP services market is on track to grow another 17 percent in 2011," Myers added.
Recently, Visiongain (News - Alert) reported that the mobile VoIP market is expected to grow at a compound annual growth rate (CAGR) of 17.6 percent over the next five years to reach $36 billion in revenues by 2016. The report predicted that by the end of 2011, there will be around 70 million mobile VoIP users.