IP Telephony Market will reach USD 85.564 Billion by 2032, at a CAGR of 14.20% during the forecast period 2023-2032.
Dec 07, 2023
The global IP telephony market will touch USD 85.564 billion at 14.20% CAGR by 2032, as per the latest Market Research Future report.
Eminent industry players profiled in the IP telephony market report include.
- Ascom Holding AG
- Avaya Inc.
- Cisco Systems Inc.
- Gigaset Communications
- LG Electronics Inc.
- Mitel Networks Corporation
- Panasonic Corporation
- Polycom Inc.
- Yealink Inc.
- NEC Corporation
- Grandstream Networks Inc.
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Increasing Use in Business Enterprises to Boost Market Growth
The increasing use of IP telephony in business enterprises will boost market growth in the forecast period. It is used in business enterprises for improving communication & collaboration applications that involves voice calling, video conferencing, faxing, voicemail, and others as well as for driving operational efficiency. Hence the growth of SMEs is driving the use of IP telephony that in turn is favouring the market growth.
Growing Demand in Government Organizations to offer Robust Opportunities
The growing demand for IP telephony in government organizations will offer robust opportunities for the IP telephony market in the forecast period. It is used in government organizations for simultaneously sending & receiving voice, or the data by using IP-enabled devices. The usage of IP telephony allows government organizations in easily connecting with their geographically dispersed teams effectively while reducing transportation and operational costs.
Restraints and Challenges
Data Security Issues to act as Market Restraint
The data security issues and dependency on bandwidth may act as market restraints over the forecast period.
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The global IP telephony market is bifurcated based on vertical, connectivity, organization size, and component.
Based on component, hardware will lead this market over the forecast period.
By organization size, SMEs will domineer the market over the forecast period.
By connectivity, wireless will spearhead the market over the forecast period.
By vertical, BFSI will spur the market over the forecast period.
Mobile IP telephony apps became immensely popular at the time of the Covid-19 outbreak in various industries. Healthcare professionals and doctors benefitted largely from its use to offer consultation, provide training, and conduct meetings. In the education sector, IP telephony infrastructure was used largely for facilitating video calls for online classrooms. The commercial sector allowed employees with the IP video telephony in working from anywhere and at any time and use the remote access technology. This allowed flexibility and aided employees to enhance their productivity and work quality.
North America to Lead IP Telephony Market
North America will lead this market in the forecast period for the worldwide growth in IP telephony application use, technological improvement, increasing use in telecommunications, IT, retail, healthcare, and BFSI, the widespread usage of the IP telephony services, advanced telecommunication infrastructure & the appeal of the workforce mobility.
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