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VoIP Services Market Estimate to grow at a CAGR of 13.8% from 2023 to 2033

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VoIP Services Market

VoIP Services Market

The market for VoIP services was estimated to be worth US$ 115,212.2 million in 2022, and by the end of 2033, it is expected to have increased to US$ 472,260.4 million. According to estimates, the market for VoIP services will be worth US$129,268.1 million in 2023 and will increase at a CAGR of 13.8% from 2023 to 2033.

VoIP services, or voice over internet protocol, are communication tools that let users make voice and video calls over the internet. VoIP transforms voice signals into digital ones that can be delivered over the internet, enabling more flexible and cost-effective communication instead of using outdated telephone lines.

The Voice over Internet Protocol (VoIP) Services market refers to the market for technology and services that allow voice communication over the internet. VoIP services use IP networks to transmit voice and multimedia content, allowing users to make phone calls, video calls, and conference calls using their internet connection, rather than traditional phone lines.

Some of the key factors driving the growth of the VoIP services market include the increasing adoption of cloud-based solutions, the growing demand for remote work and collaboration tools, and the rising need for cost-effective and flexible communication solutions in organizations.

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Competitive Landscape

The companies from the VoIP services market are collaborating with the various other information technology and Cloud computing companies to provide better quality and enhanced products to consumers.

  • In July 2023, The Ericsson has finished its acquirement of Vonage Holdings Corp. supportive to Ericsson’s strategy to use its position as a technology leader to expand its mobile network business and penetrate the enterprise. Through the acquisition, Ericsson now has access to sturdy building blocks that allow it to offer a full spectrum of communications solutions, including Communications Platform as a Service.
  • In January 2023, Mega Corp Logistics has collaborated with RingCentral, Inc., to use RingCentral’s best-in-class cloud communications capabilities to allow more effective employee-customer communications throughout their company.

Key Players:

  • Vonage Holdings Corporation
  • 8×8 Inc.
  • ShoreTel Nextiva Inc.
  • RingCentral Inc.
  • West Corporation
  • Verizon Communications Inc.
  • Thinking Phone Networks Inc.
  • Inphonex LLC

Key Segments of VoIP Services Market Industry Research

By Call Type:

  • International VoIP Call
  • Domestic VoIP Call

By Configuration:

  • Computer-to-Computer VoIP
  • Computer-to-Phone VoIP
  • Phone-to-Phone VoIP

By Service:

  • SIP Trunking
  • Hosted IP PBX
  • Managed IP PBX
  • Others

By End User:

  • Individual User
  • Corporate User

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

About the Electronics, Semiconductors, and ICT Division at Persistence Market Research

Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

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