Voip Services Market Detailed Analytical Overview of US$ 190 Billion by 2024

Majority of the companies are adopting the system of Bring Your Own Device (BYOD), hence, the demand for VoIP services is also growing. Moreover, along with updating their services, VoIP service providers are also introducing new features in VoIP services to attract users at both individual and corporate level. New market avenues are likely to open with an increase in international calling. However, governments of different countries are focusing on introducing new regulations in order to save local telecom service providers. This is likely to impact the growth of the global VoIP services market.

Telecommunication industry is changing rapidly, hence, growth and innovation are taking place in the VoIP industry. Service providers are trying to provide advanced features offering convenience to the end user. Meanwhile, poor internet connectivity and power outage are some of the factors that may hamper the growth of the global market for VoIP services. Moreover, conventional telecommunication regulations cannot regulate the VoIP services market due to the difference in the technological process. This may also restrict the growth of the global VoIP services market.

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As per the report by Persistence Market Research, the global VoIP services market is likely to witness a substantial growth during 2017-2024. The global market for VoIP services is also estimated to reach US$ 194.5 Billion revenue towards the end of 2024.

Managed IP PBX Service to Witness Robust Growth in the Global Market for VoIP Services

Managed IP PBX service condenses networks, it also manages and controls business’s IP box. It helps in integrating IP box with LAN and WAN. It also includes a number of features and services, allowing better management of networks. The managed solution includes consolidation, application, and design software and equipment. Moreover, companies are offering maintenance and additional services with managed IP PBX services. Maintenance services provided by companies include providing trained IT personnel, fault monitoring remotely, legal agreement, and network surveillance. Companies offering managed IP PBX services are also providing service at a competitive price to offer cost-efficiency to the customers.

Under the managed IP PBX service, companies are focusing on providing advanced features such as providing voice services including conferencing, unified messaging, and interaction through application program interface.

VoIP Services Gaining Popularity in the Corporate World

Various businesses are using VoIP services to improve communication and also to take advantages of services that cannot be offered by traditional phones. Companies providing VoIP services are also planning to increase mobility, flexibility and productivity. Also, service providers are offering VoIP technology that stores data in one single network, this helps in increasing productivity, helps in managing the business and offers cost-effectiveness. Companies are also moving towards adopting wireless VoIP services in order to make calls from any location that offers Wifi service. Hence, better wireless VoIP technologies with advanced features are being developed by companies to compete in the global VoIP services market. Services providers are also offering discounts and offers on VoIP services to attract more corporate customers.

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Moreover, owing to the rapid development of IT infrastructure and increasing investment by governments of various countries to offer better communication services is resulting in the growth of VoIP services market in the Asia Pacific region.

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About the Author: Mangesh Kanase

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