Voice over Internet Protocol (VoIP) Market Size By Type (Integrated Access/Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX), By Access (Phone to Phone, Computer to Computer, Computer to Phone), By Call (International VoIP Calls,

Voice over Internet Protocol (VoIP) Market Size By Type (Integrated Access/Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX), By Access (Phone to Phone, Computer to Computer, Computer to Phone), By Call (International VoIP Calls, Domestic Calls), By Medium (Fixed, Mobile), By End-Use ( Consumers, SMBs, Large Enterprises), By Application (IT & Telecom, BFSI, Healthcare, Government & Public Sector, Retail, Education, Hospitality), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

VoIP (Voice Over Internet Protocol) Market is set to garner significant gains through 2032, primarily because of the cost benefits of circuit-switched networks. Besides, the increased adoption of VoIPs across SMEs and the growing popularity of hosted VoIP solutions will also positively influence the industry landscape between 2023 and 2032.

The key organizations operating in the market are trying to enter into valuable acquisitions and mergers and focusing on expanding their product range to strengthen their presence in the market. To cite an instance, in 2022, Deutsche Telekom partnered with Aircall to provide all German-speaking customers access to Aircall’s innovative cloud-based VoIP solutions.

Overall, the VoIP market has been classified in terms of service, access, call, medium, end-use, application, and region.

With respect to service, the hosted IP PBX segment is anticipated to grow significantly between 2023 and 2032, owing to the capability of IP PBX platforms to deliver a comprehensive set of features such as call queuing, messaging, and front office functions.

In the context of access, the phone-to-phone segment held more than 20% market share in 2022 and is primed to amass sizeable revenues by 2032. The expansion of this segment can be credited to the launch of 5G, which has increased the functionality of the mobile-based VoIP and phone-to-phone support system. Besides, the demand for IP phones will also increase to facilitate seamless communication and collaboration at workplaces and to meet the growing workforce mobility requirements.

Based on the medium, the fixed segment size is slated to grow at a decent growth rate between 2023 and 2032. Those enterprises that prefer having contacts tied together along with correct numbers and addresses are increasingly adopting fixed VoIPs. This tendency would potentially drive segment growth through 2032.

Regarding the end-user, the SMBs segment held over 35% market share in 2022. This segment will grow, owing to the increasing adoption of VoIP among SMEs, as these services offer a low-cost alternative to more expensive and traditional services.

Based on application, the market is likely to be defined by the IT & telecom segment, which was valued at more than USD 10 billion in 2022. This segment will grow owing to the increase in globalization, resulting in an increased need to utilize collaboration coupled with unified messaging and communication techniques and tools to establish secure and reliable means of communication.

In the regional context, the North America VoIP market is expected to grow substantially through 2032. The ongoing expansion of the remote workforce, broad acceptance of cloud services, and accelerating migration toward packet-based networks are set to drive lucrative gains to the regional industry.