Increasing Need to Streamline Communication Systems among Businesses Boosts Global VoIP Services Market
As with the rapidly developing computing market, the enterprise voice over internet protocol (VoIP) market is driven by the growing demand for mobility and cloud solutions. Enterprises nowadays are focusing more on procuring affordable communication services and an economical telephony infrastructure with the capacity to facilitate the evolving nature of the workforce.
Moreover, the precariousness of the global economy has fostered a highly competitive environment for businesses, which is driving them to maximize their efficiency and productivity across all areas. This subsequently develops the need for businesses to streamline their communication systems. The situation has acted as a primary factor boosting the demand for VoIP services around the world.
According to a report recently published by Transparency Market Research, the global VoIP services market, which stood at US$70.90 billion in 2013, is expected to reach US$136.76 million by the end of 2020. The market is therefore likely to exhibit a positive 9.7% CAGR over the period.
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With an increasing number of businesses from around the world focusing on capitalizing on the latest VoIP technologies, mentioned below are the top three trends in the VoIP market to look forward to in 2015:
Hosted PBXs (private branch exchanges) have been registering impressive demand as 2015 progresses. Adopting cloud-based hosted PBXs helps businesses save on maintenance and repair costs commonly incurred on on-site hardware of local PBX systems. Businesses spend as much as 70% of the budget allotted to communication technologies on the maintenance and repair of equipment. It is thus identified as a more profitable option for businesses to opt for cloud-based VoIP services. Furthermore, cloud-based hosted PBXs also help organizations enhance their functionality, which propels the demand for hosted PBXs in the contemporary business world.
2. Back-end Analytics
Analytics plays an indispensable role in cloud computing and VoIP services, and back-end analytics is rapidly emerging as the most prevalent component in cloud-based VoIP infrastructure. Cloud-based VoIP systems help companies and organizations manage an extensive range of back-end performances, thereby providing data essential for businesses to enhance their productivity. Back-end analytics has also emerged as a viable tool to help businesses attain and sustain competitiveness in the market.
3. Mobile Devices as Primary VoIP Handsets
The usage of fixed handsets in VoIP communications is on the verge of disappearance. An increasing number of businesses are discarding their landlines or desk phones, and the trend is likely to continue through 2015. The rising trend of BYOD has led to the majority of employees using their own smartphones as the primary handset. The demand for mobility is the natural force driving the urban workforce towards a mobile-first mentality, which will significantly fuel the demand from the global VoIP services market. This trend is expected to continue well beyond 2015.
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As the demand for cloud-based communication and computing continues to grow, VoIP services will continue to rise in the telecommunications market.