The Growth of VoIP Technology & VoIP Industry beyond 2020
VoIP Technology grows fast and adapts according to the needs of its users. This user-friendly aspect of this technology helps it to grow fast and spread around the world.
VoIP Technology is one of the most innovative technologies of the 21st century. VoIP is the combination of traditional telephony and internet protocol. It is a revolution in the world of telecommunication. VoIP, as you may already know stands for Voice over Internet Protocol. The popularity of VoIP increases because of its low-cost calls for both domestic and international calling. Not only the end user or consumers but also various corporate sectors choose VoIP over other means of communication. This helps them to reduce the overall production cost. This also increases the efficiency and productivity of the workforce. Use of VoIP in multinational companies enable them to recruit from even remote areas using the feature of work from home. These employees remain connected to the office via VoIP Technology and work effortlessly. VoIP Technology is the main reason behind the tremendous transformation of the business communication sphere.
The Growth of VoIP
From the beginning of its journey in the late 20th century, VoIP shows continuous evolution. This technology, unlike others, did not have a single stagnant moment. In VoIP there is the constant addition of new features, changing the existing ones to make it more user-friendly goes on. This makes VoIP technology stand apart from the rest. According to various researchers conducted worldwide, there are over 1 billion VoIP connections in use.
Here are some of the key factors which helped the VoIP Technology to grow:
The market of the VoIP industry remains fresh as new players or companies enter frequently. This increases the competition and also, in turn, benefits the user.
The US, the largest user of VoIP, 36% of all businesses are already using VoIP and this number increases steadily. 41 states of US are in favor of VoIP over the traditional phone line.
Environment friendliness. As compared to its counterpart, the PSTN, VoIP Technology is more environmentally friendly. It reduces the use of cables and heavy infrastructure (hardware). This aspect of VoIP technology is especially helpful in today’s world and hence people prefer it over others.
VoIP Industry and Global Market
The VoIP industry is one of the most profitable sectors to invest in today’s world. With the increase in consumer base, the demand for VoIP Services increases at a constant rate. Even though there are numerous VoIP Providers it does not saturate the market. Instead, it increases the competition. The competition results in the VoIP Providers offering competitive rates to the consumers. The consumers, in turn, get a wide range of choices to choose from after comparing the quality of the service and the rate charged. Developed countries use the VoIP technology more than the developing nations or others. The estimate for growth of global VoIP equipment is around 20% – 40% per year.
Important Facts and Statistics of VoIP Industry
Here are some of the important facts which will help you gain the overview of the VoIP market at present and the rate at which it grows:
Various researchers estimate the growth of VoIP market to reach $140 billion USD by the year 2021. And, the global mobile VoIP market trend shows an impressive CAGR of around 28% during the forecast period, 2016-2020.
Projections show the VoIP services market to expand at the rate of 10% every year until 2021. According to this, the number of VoIP users (individuals) exceeded 1 billion by the end of 2017.
Projecting the decline of a traditional telephone system, reports predict that by 2019 only 6% of the U.S. population will continue with the traditional landline phone network. On the other hand, telecoms in the present day lose an average of 700,000 landline customers per month.
According to Information Week, 70 % of companies use UC (Unified Communications) in the cloud or plan to do so.
According to a survey, 62% of the results point at improved employee collaboration as the reason to choose UC.
The number of Mobile VoIP users crossed 1 billion by the year 2017. The global enterprise mobility market expects to reach USD 500.0 billion in 2020.
Therefore, you can see how VoIP Technology gradually makes its way in every sector of business and others. It is fast and reliable to use. It requires a minimal cost for its setup and gives huge benefits in return. Hence it is right to say that this is one of the most attractive sectors for entrepreneurs and start-ups to venture into.
There is the various range of VoIP businesses that one can choose from. Starting from low cost, risk-free Reseller VoIP business to owning the VoIP business under one’s own brand name through Hosted VoIP and finally the Wholesale VoIP business of Wholesale A-Z Route transaction. One can find places to invest and businesses to start according to one’s requirements. The only important thing is to get a reliable VoIP Service Provider like SeanetVoice and the rest follows.