The IP telephony market is expected to reach US$ 109.6 Billion by the end of the 2022-2032 forecast period, growing at a CAGR of 8.3%, concludes a recently published report by Fact. MR. As of 2022, the market is poised to reach US$ 49.4 Billion, yielding a dollar opportunity worth US$ 60.2 Billion throughout the forthcoming decade. A significant increase in AI implementation in the IP telephony market has pushed sales to new heights.
Demand expanded significantly from 2017 to 2021, registering a growth rate of 8.9% to be valued at US$ 29.5 Billion. As countries strengthen their communication systems, investments in furthering IP telephony are rising. Due to the superior broadband speed, minimal upfront investment, reliability, flexibility, and lots of advanced features global IP telephony market are experiencing exponential growth.
The IP technology is gaining more popularity so it’s expected to drive the global IP telephony market growth. The business dealing with IP telephony is highly profitable as its beneficial to the business sector. In many countries, where the IP telephone is predominant in the business world. These trends are likely to provide traction to the IP Telephony market.
Key Takeaways from the Market Study
- IP telephony market to flourish more than 2x from 2022 to 2032
- S to emerge as the dominant IP telephony market, reaching US$ 25.6 Billion by 2032
- China to be the fastest-growing market, registering a CAGR of 10% across the decade
- India, U.K & Japan are likely to yield $ opportunities worth US$ 12.2 Billion, US$ 13.8 Billion, and US$ 13.1Billion respectively
- By component, Hardware-based component to register maximum IP telephony market usage, growing at an 8.1% CAGR
“As technological advancement in the telecommunication sector improves and develops around the world, this growing need stimulates the IP Telephony market growth in recent years,” remarks an analyst at Fact. MR
Prominent manufacturers of the IP telephony market are eyeing technological innovations to provide the most accurate and precise communication system arrangements to their customers. As there is a significant increase in AI implementation in the IP telephony market, companies are forging collaborative agreements with government entities to enhance their presence across major geographies.
- In April 2022, MiRO, a renowned cloud-based collaboration tool for SMEs, announced its partnership with SNOM, a leading IP phone manufacturer, to offer a complete end-to-end voice over IP (VOIP) solution through SNOM’s powerful, flexible, and versatile communication experience.
- On March 31, 2020– Cisco announced that NIPPON TELEGRAPH AND TELEPHONE EAST CORPORATION (NTT EAST) has selected Cisco SD-WAN powered by Viptela for its new managed SD-WAN services under NTT EAST’s VPN service portfolio for enterprises. These new services will help businesses solve network challenges driven by the growth of mobile workers, shortage of IT resources, and increasing network management costs.