Published Date : Jun 28, 2018
Albany, New York, June 28, 2018: MarketResearchReports.biz have announced the addition of a new report which is titled, “SIP Trunking Services Market (End-use type - Banking, Financial services and Insurance (BFSI), Telecom & IT, Health Care, Retail, Media & Entertainment, Government, Education) - North America, Europe, and Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” Session initiation protocol (SIP) trunking services are gaining popularity across industrial sectors in the last few years on account of their cost effectiveness over conventional telephony systems.
According to the report, the session initiation protocol trunking services market will exhibit a whopping 18.6% CAGR between 2016 and 2024 and cross US$20.70 bn by 2024, in terms of revenue. However, this market is witnessing rising competition from network providers, telecom companies, and between SIP vendors themselves. This in turn is expected to compel the vendors within the market to expand their offerings in terms of services as well as tap on to the growth opportunities in regions where there is potential of growth.
According to the lead author of the report, the primary factor behind the growth of the global SIP trunking services market is the large-scale migration of telephone operators to internet protocol or IP-based networks. Due to this, many of the established companies within the market are taking extra efforts and initiatives so as to shift their customers to IP Networks realizing that there are several benefits of SIP trunking over traditional telephony services. Slovak Telecom is an excellent example of a company which shifted its entire customer base to IP network in the year 2014.
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There are many benefits of SIP trunking services including scalability for companies so that they can add more channels over their existing trunks, cost-effectiveness, access the internet, make 9-1-1 emergency calls, make use of directory assistance services, access landline base and mobile numbers, make and receive long distance as well as local calls, and make use of email and texting. However, there are some challenges which will hamper the growth of the global SIP trunking services market. Interoperability issues is one of the key challenges.
Also data breach will pose a challenge for the market. In addition to this, the smooth functionality of SIP trunk causes threatened by the differences among the different service providers, differences between vendors offering energy devices and IP PBX. On a positive note however, the impact of these restraints is expected to reduce as an increasing number of IP phone vendors and SIP trunk service providers are taking initiatives for conducting interoperability test.
On the basis of geography, the global SIP trunking services market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. Among these four regions, it is expected that Asia Pacific will be a potential market for SIP trunking services during the forecast period on account of technologically advanced countries such as China and Japan. The growing investments in the commercial sector as well as the network infrastructure development which is ongoing across developing nations of Asia such as India, Philippines, China will drive the growth prospects of the SIP trunking services market in the region.
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