Virtual PBX Featured Article

VoIP Services Expected to Grow at 9.5% CAGR by 2024

September 08, 2017

By Mandi Nowitz - Web Editor

In 2015, the VoIP Services Market was estimated around $85.9 billion dollars, according to Persistence Market Research’s publishing Global Market Study on VoIP Services: Increasing Hybrid Cloud Communications in Small and Large Enterprises to Drive Market Growth over the Forecast Period, 2016 – 2024.” The expected Compound Annual Growth Rate (CAGR) was to be around 9.5 percent between 2016 and 2024. With those calculations, it looked like we would see VoIP reaching $194.5 billion dollars by 2024, an over $100B increase in just eight years.

What drives the VoIP market is the fact that it has a low maintenance cost, requires minimal staff support, and has higher flexibility. It is also tailored, in many ways, for global connectivity, as we will see Latin America growing the fastest in the overseas markets. Attributing to the high market value is the APAC VoIP Services Market. The European market is essential in the sense that it are responsible for the small and medium sized businesses who will take advantage of what VoIP has to offer. The only downside that could be seen is overuse of Internet services by consumers, hampering VoIP quality. But, leveraging private networks instead of public Internet avoids that challenge, so businesses should choose their providers wisely.

Unified Communications is expanding in Belgium, which is expected to help Europe’s potential growth rate of 8.4%. So, this is a universal takeover, stemming from a growing digital transformation trend, worth billions of dollars – more than most would have predicted. Accelerating growth can also be credit to an increased understanding of the effect VoIP services already has on daily experiences, as communications become simpler, more efficient, and  location and device agnostic.  Simply, users have learned the benefits of IP-based communications. Cloud and hosted VoIP providers are playing a key role in driving adoption and awareness.

Edited by Erik Linask

Article comments powered by Disqus


Key Benefits

  Unlimited Calling & Faxing
  Number Portability
  Auto Attendant
  Instant Conference Calls
  HD Voice Quality