Demand for VoIP Services to Continue to Rise as Increasing Number of Consumers Opt for Cost-Effective Bundled Data and Voice Services
The nature of the competitive landscape of the global voice over Internet Protocol (VoIP) Services Market is a fragmented. In order to enter the market, very low Investments are required and this is the reason behind several new players entering the market of VoIP services, subsequently intensifying competition. In order to stay competitive, vendors are employing aggressive marketing strategies as well as collaborating with original equipment manufacturers so as to offer value-added services at reasonable prices, as per the latest report on this market by Transparency Market Research (TMR). Names of the leading players operating within the global voice over Internet Protocol Services Market include are: Microsoft Skype, TATA Communications, Avaya, and Viber Media, Facebook, Apple (FaceTime), One Horizon Group, Vonage, BigAnt, Cisco (Jabber), 8×8, IBM (Sametime), Kakao Japan, InPhonex, Nextiva, RingCentral, Tencent (WeChat), T- Mobile, Google (Hangouts), HipChat, Kosmaz Technologies (VoIP), Line, Talk360, Telefonica ( Tu Me), magicJack, and Vyke Telecoms.
According to Transparency Market Research (TMR), the global voice over Internet Protocol VoIP Services Market will be worth US$136.76 bn by the end of 2020. On the basis of geography, Asia-Pacific is expected to be the most promising regional market for VoIP. The rapid increase in the number of mobile consumer base will be the key factor behind the growth of the voice over internet protocol services market in the Asia-Pacific region. In terms of configuration, the phone to phone VoIP segment is estimated to witness a tremendous growth in the years to come.
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Growing Demand for Mobility in Business Driving Growth of VoIP Services
According to the lead author of this report, “the growing trend of bring your own devices BYOD is one of the key friends which is impacting the growth of the Global VoIP Services Market in a positive manner.” The rising demand for mobility in businesses is one of the key factors behind the growth of the global voice over Internet Protocol Services Market. With an increasing number of consumers opting for cost-effective bundled data and voice services for mobile devices, this Market stands to benefit. As voice over Internet Protocol Services enable consumers to enjoy free voice communication at extremely cost-effective pricing, they are being increasingly adopted by consumers across the globe.
Technological Advancements: A Key Factor Behind Growth
Another Factor which is responsible for the growth of the VIP Services Market is the technological advancements, which in turn have led to the rapid growth of the high speed cellular networks. Technological advancements have also made it possible for large bandwidth which in turn enable effective and efficient telephony over the Internet. This is accelerating the demand for VoIP services. The World’s phone systems has been revolutionized by the emergence of VoIP and this positive changes expected to reflect for the rest of the forecast period.
Senior Citizens Refrain from Using VoIP Due to their Comfort in Using Analog Telephone Lines
On the other hand, a large number of consumers are still apprehensive about the use of voice communication over internet bandwidth on account of data privacy and security concerns. This is anticipated to restrict the adoption of VoIP services. In addition to this senior citizens are not used to voice communication over the internet and find it more comfortable to make use of analog telephone lines for voice communication. This is expected to limit the growth of the VIP Services Market. In addition to this, senior citizens are also apprehensive about the quality of communication over internet bandwidth and refrain from upgrading themselves to the latest technology and continue to make use of and love telephone lines for voice communication.
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