VoIP technology and the communication industry have been growing for the last decade. The scalable, flexible, and up-to-date solutions that service providers offer their customers have compelled the majority of businesses across the US to adopt the technology and reap the countless benefits that come along with it.
A report by Future Market Insights revealed that the number of Voice over Internet Protocol (VoIP) subscribers had been forecasted to increase to around $204.8 billion (£144.7 billion) by 2020. And, this has been growing day by day.
The computer-to-computer segment of the VoIP services market registered revenue at $20.74 billion, with 57.4 million subscribers, in 2012. However, by 2019, this segment is expected to account for $24.74 billion, with 72.2 million subscribers.
The report has found that the advancements in artificial intelligence, the arrival of 5G and higher networks, and other technological innovations have driven the growth of the industry and has increased the usage of these services over various networks.
Cost-efficiency is one of the biggest reasons why businesses are starting to adopt cloud-based VoIP services. Moreover, packaged services that help companies to save more money, while personalizing the services they get, is also another factor driving the said growth.
As the market expands with more telecom players diversifying their product portfolio that offers VoIP-based technology, more customers are drawn to the technology more than ever.
In 2012, phone-to-phone segment accounted for $15.88 billion in 2012, with 35.9 million subscribers, and is expected to rise to $44.78 billion with 116.5 million subscribers by 2019. While the computer-to-phone segment accounted for $27.35 billion, with 58.3 million subscribers, this is projected to increase to $56.56 billion, with a 128.3 million-strong subscriber base, by 2019.
VoIP offers a scalable, flexible, and on-demand solutions to customers, including an extensive range of call handling and management capabilities, which can all be operated through a simple web interface.
The diversity of product portfolio has effectively convinced customers to migrate. It also enables flexible work environments through hot-desking, remote working and CRM integration, as well as extending the service to mobile devices, which makes businesses up-to-date with the latest business practices. /apr