According to a recently released analysis by Fact.MR, the IP telephony market is anticipated to reach US$ 109.6 billion by the end of the forecast period of 2022–2032, expanding at a CAGR of 8.3 percent. The market is anticipated to reach US$ 49.4 billion by 2022, creating a US$ 60.2 billion opportunity over the next ten years. Sales of IP telephony have reached record levels as a result of a significant increase in AI implementation.
Demand increased dramatically between 2017 and 2021, growing at an 8.9 percent annual rate to reach a value of US$ 29.5 billion. The amount of money invested in advancing IP telephony is increasing as nations improve their communication infrastructure. The global IP telephony market is expanding exponentially as a result of improved broadband speed, low initial outlay, dependability, flexibility, and plenty of innovative features.
The expansion of the worldwide IP telephony market is anticipated to be driven by the increasing use of IP technology. IP telephony-related businesses are very successful since they help the business sector. The IP telephone is the most common business phone in many nations. The market for IP telephony is probably going to gain traction thanks to these factors.
Key Takeaways from the Market Study
- From 2022 to 2032, the IP telephony market will grow by more than two times.
- US to become the leading IP telephony market, reaching US$ 25.6 billion by 2032
- China will have the quickest rate of growth, with a CAGR of 10% over the next ten years.
- Opportunities of US$12.2 billion, US$13.8 billion, and US$13.1 billion, respectively, are expected to come from India, the United Kingdom, and Japan.
- Hardware-based components, which are rising at an average CAGR of 8.1 percent, account for the majority of IP telephony market utilization.
To offer their customers the most precise and accurate communication system configurations possible, well-known manufacturers in the IP telephony market are keeping an eye on technological advancements. Companies are forming cooperative arrangements with governmental bodies to strengthen their footprint across key geographies as AI deployment in the IP telephony market has increased significantly.
- MiRO, a well-known cloud-based collaboration platform for SMEs, and SNOM, a top producer of IP phones, announced a partnership in April 2022 to provide a full end-to-end voice over IP (VOIP) solution using SNOM’s strong, adaptable, and varied communication experience.
- As part of NTT EAST’s enterprise VPN service portfolio, Cisco announced on March 31, 2020, that NIPPON TELEGRAPH AND TELEPHONE EAST CORPORATION (NTT EAST) has chosen Cisco SD-WAN powered by Viptela for its new managed SD-WAN services. These new services will aid companies in resolving network issues brought on by the expansion of mobile workers, a lack of IT staff, and rising network maintenance costs.
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