Worldwide VoIP Market Projected to Hit $55 Billion by 2025 with North America Leading the Way
A new report from market research firm Global Market Insights is projecting that the worldwide VoIP market will reach $55 billion by 2025. This represents a 175% increase from the current level of $20 billion.
Analysts also predict that by 2025, the IT and telecom market will comprise more than 25% of the VoIP industry, with growth in North America leading the way. Key factors that will continue to convince businesses to migrate from traditional PSTN networks to cloud-based telephone systems include:
- Substantial year-over-year cost savings.
- The need to collaborate and connect with remote/mobile workers and distributed teams.
- Massive investments in telecommunications infrastructure that support VoIP services, such as expanded 4G coverage and advanced unified communication (UC) platforms that support business needs.
The phone-to-phone VoIP market is also pegged to expand rapidly over the next six years as more enterprises will replace traditional analog phones, so they can affordably and flexibly scale their telecommunication infrastructure based on changing requirements. A growing volume of SMBs are also expected to switch from conventional phone systems to cloud-based PBX systems managed by VoIP Solutions Providers, in order to decrease costs related to equipment installation, maintenance, and IT staff training.
SMBs are projected to exhibit an accelerated growth of over 15% in the VoIP market from 2019 to 2025. The growing trend of workforce mobility and budgetary constraints compel the SMBs to look for effective ways to reduce telecommunication expenses. They are widely using softphones and IP phone systems that can be easily configured to support several phone lines as per each user’s requirements. To reduce equipment implementation, maintenance costs, and expenditure on IT staff training, SMBs are rapidly switching to cloud PBX systems managed by the VoIP service providers.
The full Global Market Insights report, which is available for purchase, is available at https://www.gminsights.com/industry-analysis/voice-over-internet-protocol-voip-market.
At DigitalPhone.io, we are buoyed but not surprised by these projections. Over the past 20 years, we have seen — and also helped — the VoIP marketplace grow exponentially. We have found over and over that the biggest barrier to adoption for most organizations is not technological or financial. It is simply a lack of awareness about:
- How much money they will save each year on long distance, maintenance and technical support.
- How affordable and easy it is to add new numbers and extensions.
- How non-invasive and fast implementation is, including porting numbers.
- How enthusiastically their employees will embrace the new system, and fall in love with advanced features like voicemail-to-email, auto attendant, mobile calling and more.
- How reliable VoIP is, and why it’s backed by a 99.99% guaranteed uptime standard.
- How crystal clear the HD audio is, whether the call is between two people or a conference of 20.
Once our customers get the facts and dispel the myths, their only regret is that they didn’t switch to a hosted VoIP phone system sooner!