Global VoIP services generated $83 billion in revenues in 2015. That’s expected to increase at a 9.1% CAGR or higher from 2016-2021 to create a $140 billion global VoIP services market by the end of the forecast period, according to Zion Research.
Voice and data network convergence is driving market growth, as are soaring wireless traffic volumes and increasing mobile device penetration and usage, both among businesses and individuals, Zion highlights. That’s prompting network operators to raise R&D and infrastructure spending in a variety of leading and cutting edge fixed and wireless network technologies such as optical networking and next-gen 5G wireless.
Government officials and regulatory authorities are taking a more cautious approach, as are local telecom services providers, however. That results in a lag between private industry developments and plans and their broad socioeconomic impacts, Zion Research points out.
New VoIP market opportunities will open as workforce mobility and migration increases along with international call volumes, the Deerfield, Florida-based market research provider says.
Global VoIP Services Market
International long distance VoIP calls accounted for 52 percent of total revenues in 2015. They will rise at a 62 percent rate during the forecast period as businesses across multiple industry sectors continue to expand globally, with North American and European companies setting the pace, according to Zion.
Computer-to-computer (M2M) connections accounted for the highest proportion of VoIP platform configurations in 2015 with a market share above 35 percent. Phone-to-phone VoIP configurations are also expected to grow rapidly over the forecast period.
On the demand side, hosted business VoIP services providers were the leading source of market revenue in 2015, and they’ll continue to be the single largest source of demand in coming years. Demand for managed IP PBX and IP connectivity will also grow strongly, Zion says.