The global VoIP services market is expected t reach $194.5 billion by 2024, an increase from $85.9 billion in 2015, according to new forecasts from Persistence Market Research.
The Global Market Study on VoIP Services: Increasing Hybrid Cloud Communications in Small and Large Enterprises to Drive Market Growth over the Forecast Period, 2016 – 2024 report says the market is currently mainly driven by factors such as low maintenance cost with higher flexibility and minimum staff support, along with wider connectivity, increasing internet penetration in semi-urban and satellite cities as the internet is a basic tool and a global platform to make a business grow fast and in a more economical way.
However, factors such as fluctuations in internet quality may affect market growth and can be a prominent restraint.
In the Asia Pacific region, the VoIP services market is expected to account for the highest market value share by 2024.
According to the report, international long-distance VoIP services segment is estimated to be the highest contributor to the global VoIP services market in terms of value share by 2016 end, followed by domestic VoIP call segment.
Individual User segment is expected to be the fastest growing segment in the end-use category over the forecast period. The segment is expected to increase at a CAGR of 9.2% over the forecast period in terms of revenue.
During peak hours, networks may be congested due to many subscribers using internet services in a locality through single-cable network line and unsatisfactory contract proposals are some of the major factors expected to restrain growth of the global VoIP services market during the forecast period, the report shows.
Finally, Vonage Holdings, ShoreTel Nextiva, RingCentral, West Corporation, Verizon Communications, Thinking Phone Networks, Inphonex LLC, and Phone Power LLC are deemed key players in the global VoIP services market, according to the forecast.