When most of us make a call, we never really think about all the connections in our hand that make it possible. We simply pick up, punch in some numbers, and start talking.
Yet the technology behind all that wonder is experiencing unprecedented growth. Zion Research has a new report that says global demand for VoIP services was valued at over $83 billion in 2015, and is expected to reach above $140 billion by 2021. That translates into an anticipated CAGR above 9.1 percent, between 2016 and 2021.
“Voice over Internet Protocol is a communication method of voice transfer by utilizing the Internet,” the report explains. “VoIP services are emerging as an attractive communications alternative for customers. Broadband phone service, Internet telephony, IP telephony, and broadband telephony [are all] terms associated with VoIP services, and infrastructure costs can be reduced as voice and data communications can be run over a single network.”
That’s not news for anyone familiar with VoIP, but growing technological advancement in the development of network infrastructure and wireless mobile communication is, driving the VoIP services market. The congruent rise in the number of portable-device customers around the world has also led the demand for VoIP services.
“Attributes such as packaged services and the rising demand for portable devices is increasing across the individual and corporate sector, resulting in the spurt in demand for VoIP services,” the report adds. But it’s not all coming up roses.
The lack of acceptance (or outright resistance) from the local sectors is having an impact on the growth of the VoIP services market. Add to that stricter rules and regulations from local governments in their effort to save (and profit from) local telecom services are further hindering the growth of the market.
Still, the rise in VoIP is likely to open new avenues in the near future due to a growing mobile workforce and an increase in international calling.
It’s a good time to be in the VoIP business.