VoIP services market expected to reach $151.21 billion by 2024

The global voice over internet protocol (VoIP) services market has grown rapidly in recent years. It will grow from $134.86 billion in 2023 to $151.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%, according to Research and Markets.

The voice over internet protocol (VoIP) services market is expected to see rapid growth in the next few years. It will grow to $236.25 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The anticipated growth in the forecast period can be attributed to the cost and security benefits of transitioning to cloud-based VoIP services, the increasing adoption of mobile VoIP solutions, the rising prevalence of smartphones, and the improvement of call centers and customer service through VoIP technology. Key trends expected in the forecast period encompass innovation in network technology, integration of 5G networks, the proliferation of mobile VoIP applications, the demand for mobility in communication solutions, and the use of web browsers and mobile devices for voice and video calls.

The increasing adoption of remote workforces is projected to drive the expansion of the voice-over-internet protocol (VoIP) services market in the coming years. For example, in February 2022, AT&T Inc., a telecommunications company based in the United States, reported that the expected percentage of companies adopting a hybrid work model – where employees alternate between remote and office work – is set to increase from 42% in 2021 to 81% by 2024. Hence, the growing adoption of remote workforces is propelling the growth of the voice-over-internet protocol (VoIP) services market.

Major players in the voice-over-internet protocol services (VoIP) market are directing their efforts toward technological advancement, particularly in cloud communications platforms, to enhance service delivery and user experience. For instance, in July 2021, Dialpad Inc., a software development company based in the United States, introduced TrueCaaS (communications as a service) with the launch of Dialpad Meetings. This cloud-based communication platform integrates video conferencing, real-time voice intelligence (Vi), and emoji reactions for collaborative purposes. Dialpad Meetings, built on the established UberConference platform, offers features such as HD video conferencing and real-time Voice Intelligence (Vi) for live note-taking and transcription analysis. Additionally, mobile screen sharing allows users to share their screens during phone calls, facilitating swift issue resolution, project collaboration, and virtual walkthroughs without the need for formal meetings or conference calls.

In January 2022, 8×8 Inc., a communication company based in the United States, acquired Fuze Inc. for an estimated $250 million. This acquisition is aimed at enhancing cross-sell opportunities with an omnichannel contact center, enabling them to improve employee and customer experiences and compete more effectively in the market. Fuze Inc. is a cloud communications and collaboration software company based in the United States that offers IP PBX VoIP service, video conferencing, and collaboration tools.

North America was the largest region in the voice over internet protocol (VoIP) services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the voice over internet protocol (VoIP) services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the voice over internet protocol (VoIP) services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. Research and Markets