Increased Competition among Telecom Service Providers to Augment Global VoIP Services Market

Published Date : Feb 06, 2017

Albany, NY, Feb 06, 2017: The new market report added by analyzes the present scenario and growth prospects of the global VoIP services market. The report also presents an overview of the market landscape, key vendors, and discusses the principal drivers and restraints of the market growth. The report, titled ‘Global VoIP Services Market 2017-2021’, projects the market to grow at a CAGR of 9.87% during the period 2017-2021. 

VoIP services have made the world a smaller place. It has become easier and cheaper to be in touch and stay connected with anyone in any part of the globe. Thanks to wireless hotspots, Wi-Fi, and worldwide interoperability for microwave access (WiMAX) networks, IP calls can be made over mobile networks or fixed networks with the aid of VoIP services. In addition, they offer low-cost international calls and roaming calls without the need for extra infrastructure. 

With the help of digitalization and increased disposable income, there is a high demand for electronic devices such as mobile phones, computers, tablets, and laptops. It has become convenient to make calls across the globe through these devices, thereby increasing the demand for VoIP services. 

VoIP service has proved to be particularly advantageous for working professionals. It has become relatively easier to be connected, at any given place or time, while still being on the move. With the help of electronic devices, especially with smartphones, the employee can access personal or official data, making VoIP services a one-stop shop. 

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No matter how advanced the technology, it is still vulnerable to certain risks. Millions of dollars are being spent to keep personal data and other important information safe, but there is no foolproof system or technology that cannot be breached. Hackers are getting smarter by the day and are capable enough to cause massive financial damage. 

The growing demand for VoIP services has led to intense competition between telecom companies. Numerous players in the telecom market are vying for subscribers by offering cheaper call rates and other facilities. Europe, the Middle East, and Africa accounted for the largest market share in 2016. It is also expected that this region will continue to lead the market in the near future. Asia Pacific is another promising region for the market. Increasing disposable income, new market players, technological advancements, and better and cheaper services due to increased competition are a few of the factors assisting the growth of the market in this region. 

Some of the prominent companies in the global VoIP services market are 8x8, Cisco (Jabber), Google (Hangouts), Kosmaz Technologies (VoIP), Nextiva, Apple (FaceTime),
T-Mobile, Tencent (WeChat), Kosmaz Technologies (VoIP), RingCentral, BigAnt, Facebook, IBM (Sametime), One Horizon Group, and Vyke Telecoms. 

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