New York, May 28, 2023 (GLOBE NEWSWIRE) — As per the research report “Global IP Telephony Market” published by Reports Insights, the market was worth USD 2,556.38 Million in 2022 and is anticipated to reach over USD 7,054.74 Million by the year 2030, growing at a CAGR of 7.3%.
IP telephony utilizes the Internet Protocol’s packet-switched connections to support communication applications including voice calling, video conferencing, voicemail, video calling, and faxing, among others. IP telephony offers several benefits including higher accessibility, enhanced scalability, clearer voice quality, along with higher flexibility and multi-tasking features. Several types of IP telephony including softphones and hard phones are mainly employed in corporate, government, and residential sectors. The market for IP telephony is highly competitive, with a large number of players offering a wide range of solutions. The market is expected to continue to grow in the coming years, driven by the increasing demand for advanced IP telephony solutions in the corporate and government sectors, among others.
The increasing utilization of IP telephony in business enterprises is one of the key factors driving the market growth. According to the Asian Development Bank, small and medium-sized enterprises comprise more than 90% of businesses in most countries in the Asia-Pacific region. IP telephony is deployed in business enterprises to improve communication and collaboration applications involving voicemail, faxing, video conferencing, voice calling, and others and to drive operational efficiency. Thus, the growth of small and medium business enterprises is driving the utilization of IP telephony, in turn proliferating the market growth.
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Further, the rising application of IP telephony in government organizations is a significant factor spurring the growth of the IP telephony market. IP telephony is used in government organizations for simultaneously sending and receiving voice, video, or data by utilizing IP-enabled devices. The deployment of IP telephony enables government organizations to easily connect with its geographically dispersed teams in an effective manner while reducing operational and transportation costs. In addition, factors including the rising spending in the government sector and the growing demand for economical and flexible communication solutions in government organizations are prime factors fostering the deployment of IP telephony.
Global IP Telephony Market Segmentation Details:
Based on Type, the softphone segment contributed to a substantial share to the market growth in 2022. Softphones utilize a software program that is optimized to generate phone calls through VoIP service by employing a smartphone or computer. Moreover, factors including the rising demand for cost-effective, flexible, and scalable communications solutions in the corporate sector is boosting the growth of the softphones segment.
Based on Enterprise Size, the small and medium enterprises (SMEs) segment is anticipated to offer substantial shares to the Global IP Telephony Market growth during the forecast period. The deployment of IP telephony in small and medium enterprises enables the SMEs to grow rapidly by eliminating the up-front costs of telephony infrastructure. The benefits of IP telephony including enhanced scalability, reduced costs, higher flexibility, and multi-tasking capabilities are key determinants increasing its utilization in SMEs. Moreover, factors such as the rising investments in the development of small and medium enterprises and increasing demand for efficient communication and collaboration solutions within enterprises are driving the growth of the small and medium enterprises segment.
Based on End User, the corporate segment is anticipated to offer substantial shares to the Global IP Telephony Market growth during the forecast period. IP telephony is utilized in the corporate sector for applications including voicemail, voice calling, video conferencing, and others. The deployment of IP telephony in corporate sector helps enterprise to reduce costs associated with telephone infrastructure and eases expansion of its telecommunication services. Moreover, IP telephony also enables ease of remote working and integration of multiple systems within corporate enterprises. Additionally, factors including the growing demand for scalable and flexible telecommunication solutions in corporate enterprises is expected to fuel market growth during the forecast period.
Based on Region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of significant IP telephony providers in North America such as Cisco Systems, Avaya Inc., Mitel Networks Corporation, and others lead to significant advancements in IP telephony in the region. In addition, factors including the increasing development of corporate offices and growing demand for IP telephony from business enterprises in North America for reliable communication, improving team collaboration, and enhancing productivity are expected to drive market growth in the region during the forecast period.
|Report Attributes||Report Details|
|Market Size By 2030||USD 7,054.74 Million|
|Key Players||Gigaset Communications, Cisco Systems, Polycom, Ascom Holding AG, Yealink Inc., Avaya Inc., Mitel Networks Corporation, Panasonic Corporation, NEC Corporation, and Grandstream Networks|
|By Type||Softphones and Hard Phones|
|By Enterprise Size||Large Enterprises and Small and Medium Enterprises (SMEs)|
|By End User||Corporate, Government, and Residential|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Geography||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
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Key Market Highlights
- The Global IP Telephony Market size is estimated to exceed USD 7,054.74 million by 2030 and grow at a CAGR of 7.3% during the forecast period (2023-2030).
- Globally, IP telephony are divided based on the type into softphones and hard phones.
- On the basis of enterprise size, the market is classified into large enterprises and small and medium enterprises (SMEs).
- On the basis of end user, the market is categorized into corporate, government, and residential.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in IP telephony.
IP Telephony Market Growth Drivers:
- Rising utilization of IP telephony among business enterprises is driving the market growth
- Increasing application of IP telephony in government organizations is spurring the market growth
- Limitations associated with the implementation of IP telephony is restraining the market growth
- In February 2023, IP4B entered into an agreement to acquire Netvox, a Canada-based IP telephony provider. The acquisition aims at contributing to the company’s growth and expansion of its unified communications and IP telephony solutions in the Canadian market.
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List of Major Global IP Telephony Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Gigaset Communications
- Cisco Systems
- Ascom Holding AG
- Yealink Inc.
- Avaya Inc.
- Mitel Networks Corporation
- Panasonic Corporation
- NEC Corporation
- Grandstream Networks
Global IP Telephony Market Segmentation:
- By Type
- By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- By End User
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