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Voice over Internet Protocol (VoIP) Market Size

Report ID: GMI2989
Published Date: Aug 2023
Report Format: PDF

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VoIP Market Market Size

VoIP Market size surpassed USD 40 billion in 2022 and is expected to register 10% CAGR from 2023 to 2032, owing to introduction of the 5G network to provide faster internet speeds and more reliable connections.

VoIP Market

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Mobile connections have significantly improved since the launch of fifth-generation networking. The development of extremely fast network connections has led to improvements in workplace communication, from jitter-free VoIP connectivity to 4k or 8k video conferences globally. The growing popularity of hosted VoIP solutions has also fostered voice over internet protocol market growth. These solutions are becoming the primary choice for businesses that require scalable calling capabilities.

A rise in interoperability issues while connecting distinct systems may impede VoIP market progress by 2032. In VoIP, different protocols are used for different applications, devices, and protocols. Rapid technological advancements have enabled the replacement of secure communication mediums such as PSTN telephone systems which has significantly raised security concerns. Other security issues like email phishing, call hijacking, and call tampering that is related to these systems could negatively impact its use.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of voice over internet protocol (VoIP) accounted for more than USD 40 billion in 2022 and is expected to observe over 10% CAGR from 2023 to 2032, says this GMI report.

VoIP industry from the computer-to-Phone access type segment is projected to capture over 40% share by 2032 as the system enables effective communication for both commercial & domestic purposes.

The North America VOIP market size valued at over USD 15 Billion in 2022 driven by factors like widespread espousal of cloud services and the rise in the trend of remote working.

Some of the leading players in the business scenario include Alcatel Lucent Enterprise (Nokia Networks), ZTE Corporation, Mitel Networks Corporation, Ericsson, Telenor Group, and Verizon Communications Inc.