Growing Adoption of SIP Trunking Services in Multiple End-use Sectors to Boost Market Growth
Business owners around the world are increasingly seeking novel ways to minimize costs and review their spending strategies. Some of the services that require a high level of management include merchant services, payroll services, and shipping services. Over the past couple of decades, session initiation protocol (SIP) trunking has emerged as an effective cost-saving service and its adoption continues to grow across various sectors, including retail, IT, education, BFSI, media & entertainment, and healthcare. The demand for SIP trunking services is expected to witness a staggering growth in the upcoming decade.
As SIP trunking services create, modify, and terminate sessions with one or multiple parties in a specific IP network, its adoption has scaled up over the past few years – a trend that is expected to continue during the forecast period. In addition, at present, players operating in the current SIP trunking services market landscape are increasingly offering customized SIP trunking services to business owners as per the requirement of customers due to which, its adoption rate is moving in the upward trajectory. The steady economic growth in several developing regions has also played an imperative role in boosting the demand for SIP trunking services in recent years.
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Moreover, notable advancements in cloud-technologies have paved the way for cloud-based SIP trunking services that are gradually replacing the traditional ISDN modules – another major factor that is expected to propel the growth of the global SIP trunking services market. SIP trunks are relatively cost-efficient in comparison with the equivalent analog trunks and thus, their demand is expected to remain higher than that of analog trunks during the assessment period. Hence, the global SIP trunking services market is expected to reach a market value of US$ 35.5 Bn by the end of 2030.
Favorable Architecture and Entry of Several Players to Fuel Market Growth
Technological advancements are likely to play a key role in the development of the global SIP trunking services market during the assessment period. In the current scenario, end users are highly in favor of opting for SIP trunking services due to higher purchasing flexibility in comparison with the TDM. Furthermore, several customers are gradually replacing WAN services, WAN connections, and public Internet with SIP trunks due to which, the global SIP trunking services market is expected to exhibit an impressive growth rate in the upcoming decade. In addition, the favorable architecture of SIP trunking is another factor that is anticipated to boost the adoption of SIP trunking services, especially in on-premise phone systems.
Over the past couple of decades, multiple players have entered the global SIP trunking services market due to its soaring adoption rate. While improving the quality and performance of their SIP trunking services, market players are likely to compete on the basis of pricing points and the ability to provide customized SIP trunking services. In addition, several top tier market players are increasingly working toward offering additional features at minimal rates– a factor that is projected to propel the market for SIP trunking services.
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Adoption of SIP Trunking Services across Healthcare Sector to Grow amid COVID-19
Although the overall adoption of SIP trunking services is likely to remain lower than the initial projections owing to the onset of the novel COVID-19 pandemic in 2024, the healthcare sector is expected to provide considerable opportunities to the players operating in the current SIP trunking services market. The growing demand for efficient communication and collaboration, especially in the healthcare sector to provide high-quality urgent care is one of the key factors estimated to boost the demand for SIP trunking services across the global healthcare sector. In addition, as cloud-based telecommunication continues to garner considerable popularity due to the COVID-19 pandemic, healthcare providers are increasingly relying on SIP trunking services to stay connected with their patients from remote locations.
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