Voice over Internet Protocol (VoIP) service refers to the one that one can get from a firm, called VoIP service provider. It enables users to receive and make VoIP calls through this platform. It is similar to the internet service that is obtained through an internet service provider.
Deutsche Telekom AG, AT&T Inc., Tata Communication, Tata Communications Limited, Microsoft Corporation (Skype), and Apple Inc. (FaceTime) are some of the companies mentioned in the study on the global VoIP services market.
Transparency Market Research has come up with an all-inclusive study on the global VoIP services market, for the period 2014 to 2024. According to the analysts at Transparency Market Research (TMR), the global voice over Internet Protocol VoIP Services Market is estimated to be worth US$ 136.76 billion by the end of 2024.
Europe and Asia Pacific to Offer Promising Growth Opportunities for the Market
Europe is likely to emerge as one of the leading regions in the global VoIP services market. The VoIP services market in Europe is mainly driven by the increasing demand of this service in countries like Russia, Spain, Italy, France, the U.K, and Germany.
In addition to that, Asia Pacific is anticipated come up as another leading region in the global VoIP services market. Rise in the number of startups, especially technical startups, in countries like China, Australia, Japan, and India are likely to boost the market in the years to come. According to the findings of a survey by the Government of India for the year 2015 to 2016, nearly 19,000 technological startups were led by financial and consumer internet services in the country.
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Growing Popularity of Mobile-based VoIP to Spell Growth for the Market
The global VoIP services market is estimated to gather momentum over the period of forecast, thanks to growing popularity across users of all age groups. In addition, the emerging trend of bring your own device (BYOD) is likely to emerge as another growth factor for the global VoIP services market. Several companies have implemented this service due to several advantages offered by it. It ensures increased productivity, more satisfaction of employees, and saves considerable cost. In addition, continuous change in the location of work and time zone has increased the need for BYOD devices. This system offers more flexibility when it comes to working across borders. Increased prevalence of BYOD system is likely to propel growth of the global VoIP services market in near future.
Rapid penetration of several mobile-based VoIP services such as Skype, Viber, Line, and WhatsApp is likely to support exponential growth of the global VoIP services market. Exponential growth in the use and mobile phones, both in the rural and urban areas is likely to work in favor of the expansion of the global VoIP services market.
