Summary
A New Market Study, titled “IP Telephony Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Internet protocol (IP) telephony is an umbrella term for an array of technologies used in exchanging information over voice, fax, and other mediums. It can deliver voice and other multimedia formats for communication purposes. The leaps in internet based technology and improvement in quality and dip in prices has led to its investments in major corporations and businesses. The IP telephony market report by Market Research Future (MRFR) has been compiled by using an investigative examination of the economic scenario, demand for internet, and other supporting factors and challenges for the period of 2017 to 2023 (forecast period). The COVID-19 impact on the market has been written in detail in the report.
Market Scope
The IP telephony market is expected to grow at a CAGR of 9% during the forecast period. Ease of installation and configuration of internet run devices can drive the market demand. Demand for mobile telephony, dependence of enterprises on the Internet, and expansion of ecommerce sector can drive the market. Deployment of new communication networking technologies and investments in high data speed cables can bode well for the market.
The outbreak of the COVID-19 virus has become a boon for IP telephony service providers owing to the rise of remote work. Relaxation of rules and move to shift call center services, medical transcription services, and other IT enabled services at homes can bode well for the market.
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Segmentation
The IP telephony market is segmented by component, organization size, connectivity, and vertical.
Based on the component, the market is segmented into hardware, softphones, and services. The hardware segment is further segmented into audio conference phones, IP desktop phones, and DECT phones. The services segment is further classified into managed services and professional services.
Based on the organization size, the market is segmented into SMEs and large enterprises. Large enterprises can account for a large market share owing to adoption of VoIP applications for reducing operational costs.
Based on vertical, the market is segmented into BFSI, healthcare, manufacturing, IT & telecommunication, retail, government, and others.
Regional Analysis
The IP telephony market is studied in Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements and increased adoption of IP telephony applications across various industry verticals such as healthcare, retail, BFSI, and IT & telecommunication, and others. The focus of organizations to continue their business without interruptions can favor the market till 2023.
APAC is expected to experience a remarkable growth rate during the forecast period owing to demand for video conferencing and rise of bring-your-own-devices (BYOD). The rising globalization and need for stable communication channels can induce the demand for IP telephony services. Rise of startups and stimulus provided to business through subsidies and incentives by governments can bolster the market demand till 2023.
Competitive Outlook
Ascom Holding AG, Panasonic Corporation, Avaya Inc., Cisco Systems, Inc., Yealink Inc., NEC Corporation, Grandstream Networks, Inc., Polycom Inc., Gigaset Communications, Mitel Networks Corporation, and LG Electronics Inc. are key players of the IP telephony market.
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