Market Synopsis of IP Telephony Market
Acknowledging the kind of growth, the market is gaining currently demonstrating the growth prospects worldwide, Market Research Future has recently published a study report giving out the complete market insight up to 2023. This study report indicates that the global IP Telephony Market will expand accruing USD 52 Billion by 2023, at 9 % of a CAGR during 2019 to 2023.
IP telephony market is not just growing, it is accelerating. IP telephony is slowly becoming an integral part of day to day operations in modern day organizations. IP telephony provides better connectivity and mobility, along with significant cost savings on phone calls. IP phone systems transmit data over internet and can help the users to communicate from practically anywhere in presence of internet connectivity. Moreover, ease of installation and configuration are other factors driving the growth of IP Telephony Market. IP phones are not restricted by physical phone connections and are increasingly being deployed in small as well as large enterprises.
The organization size segment comprises of SMEs and large enterprises. However, large enterprises sub-segment is expected to hold the largest market share of the global IP telephony market. This is owing to considerable shift of companies towards adoption of voice over IP applications to reduce the costs of operations. Furthermore, the SMEs sub-segment is expected to grow at a significant rate during the forecast period. IP telephony provides better scalability and cost benefits over traditional calling features.
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Major Key Players:
Avaya Inc. (US), Ascom Holding AG (Switzerland), Cisco Systems, Inc. (US), LG Electronics Inc. (South Korea), Gigaset Communications (Germany), Mitel Networks Corporation (Canada), Polycom Inc. (U.S.), Panasonic Corporation (Japan), Yealink Inc. (China), Grandstream Networks, Inc. (U.S.) and NEC Corporation (Japan)
Segments
The global IP telephony market is segmented by component, organization size, connectivity, and vertical. Based on the component, the market is segmented into hardware, softphones, and services. The hardware segment is further classified into IP desktop phones, audio conference phones, and DECT phones. The services segment is further classified into managed services and professional services. Based on the organization size, the market is segmented into SMEs and large enterprises. Based on vertical, the market is segmented into BFSI, healthcare, manufacturing, IT & telecommunication, retail, government, and others.
Worldwide IP Telephony Market – Regional Analysis
North America market dominates the global IP Telephony market with the largest market share; followed by the Europe and Asia Pacific regions respectively. Augmenting uptake of IP telephony solutions coupled with the technological advancements transpired mainly in Canada & the US drives the regional market growth. The region is likely to continue its dominance during the review period. Furthermore, availability of the well-established infrastructure, that enables faster implementation of advanced technologies along with the major uptake of these solutions across different industry verticals such as healthcare, retail, BFSI, to name a few, provide large impetus to the regional market growth.
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Industry/ Innovation/ Related News:
March 26, 2018 – MNF Enterprise (My Net Fone Australia Pty Ltd. – Australia), a notable player, providing hosted communication services to government and enterprises, announced that it has been selected & signed an agreement with the Tasmanian Government to provide telephony and IP-based telecommunication services. The agreement builds on the current supply of voice carriage services as well.
March 25, 2018 – Cisco Systems, Inc. (US) announced that it has refurbished its SPA8000 8-Port IP Telephony Gateway with 1 x RJ-45 – 8 x FXS – Fast Ethernet.
March 28, 2018 – Kyivstar (Ukraine) a mobile network operator company in collaboration with the PUMB Bank launched a project for SMEs to access Kyivstar’s dedicated package of services for business. The package includes IP telephony, the CRM system Bitrix 24, and mobile PBX services.
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