Market Synopsis of IP Telephony Market
According to the latest report published by Market Research Future (MRFR), the global IP telephony market is set to capture a CAGR of 9% between 2017 and 2023. IP telephony is witnessing a rapid adoption in the communication infrastructure of modern business. Not only does it offer better connectivity and mobility, it also enables cost saving in communication services such as phone calls and fax.
IP Telephony Market systems can send and receive data over the internet and support robust communication with the help of internet connectivity. At the same time, they are easy to install and configure, which allows a quick system setup. Such characteristics makes IP telephony a sought-after communication system in large, mid and small-scale enterprises.
Some of the key forces that are driving the growth of the global IP telephony market include increased reliance of business on web-based solution and service and rapid expansion of the e-commerce sector. Demand for IP telephony solution is expected to remain strong over the next couple of years. IT telephone communication systems in has become extremely in information technology and telecommunication sector due to the growing need for cost-effective and efficient call management.
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Global IP Telephony Market: Competitive Landscape
Key market players profiled in MRFR’s report include Cisco Systems, Inc. (U.S.), LG Electronics Inc. (South Korea), Panasonic Corporation (Japan), NEC Corporation (Japan), Gigaset Communications (Germany), Polycom Inc. (U.S.), Mitel Networks Corporation (Canada), Grandstream Networks, Inc. (U.S.), Yealink Inc. (China), Avaya Inc. (U.S.) and Ascom Holding AG (Switzerland).
Global IP Telephony Market: Segmental Analysis
MRFR’s report includes a detailed segmental analysis of the global IP telephony market based on organization size, vertical, connectivity and component. By organization size, the market has been segmented into large enterprises and SMEs. The prior will continue to outperform the later throughout the assessment period. This can be attributed to the growing preference for voice over IP application among companies as it can significantly cut down on the overall cost of operation. The SME segment is also expected to witness a considerable growth during the review period. Given the cost benefits and better scalability as compared to traditional calling system, IP telephony is witness rapid adoption in SMEs. By vertical, the market has been segmented into healthcare, BFSI, IT & telecommunication, manufacturing, government, retail and others. By connectivity, the market has been segmented into wide and wireless. By component, the market has been segmented into softphones, hardware and services. The hardware segment is further sub-segmented into audio conference phones, DECT phones and IP desktop phones. The services segment is further sub-segmented into professional services and managed services.
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Global IP Telephony Market: Regional Analysis
In the report, the market has been covered across regions such as North America, Asia Pacific, Europe, among others. In terms of value, North America currently accounts for the lion’s share of the global market. The expansion of the market in the region can be attributed to the fast adoption of IP telephony applications in sectors such as IT & telecommunication, healthcare, BFSI, retail, among others. The U.S. and Canada are expected to be the key markets for IP telephony in North America during the assessment period. By the virtue of being advanced economies these countries present lucrative opportunities for market players. Furthermore, these counties have adequate infrastructure that allows a quicker deployment of new-technologies. North America is followed by Europe and Asia Pacific (APAC) respectively. Increased focus on developing the communication infrastructure in countries such as China and India is reflecting favorably on the region’s market. The region has emerged as an attractive investment destination for market players. During the forecast period, the market in APAC is projected to witness a relatively higher CAGR.
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