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VoIP Services on Track for Big Growth
For those involved in voice over Internet protocol (VoIP) operations, particularly services, it's time to strap in for the long haul. A new report from Persistence Market Research reveals just why that's the case, suggesting that the VoIP services market is in for fairly hefty growth over the next seven years.
The new report noted that the market for VoIP services worldwide was already substantial, valued at $85.9 billion in 2015, and was expected to grow at a compound annual growth rate (CAGR) of 9.5 percent through 2024. That year, the market will top out around $194.5 billion, which is better than double its 2015 levels.
Driving these impressive growth figures is a perfect storm of value, including low maintenance costs—especially true since many VoIP services are cloud-based, meaning that someone else does the heavy lifting of server maintenance and the like—along with greater flexibility and lower staff commitment to keeping such systems optimized.
After all, that cloud factor works there too; a subscription service like this is little more than another bill to pay, and someone else handles any issues that come up. Indeed, many of these services come with service level agreements (SLAs), which spell out just how much time the system can be down for, with compensation according for any excess.
Some factors will drag on the market, however, like issues of bandwidth particularly during peak hours. While this can be somewhat addressed through traffic shaping methods, that only goes so far, and it's not always possible to just get a better Internet service provider. While 5G may change some of that around when it emerges, that won't hit for another three years, so its impact on the VoIP market may not be as pronounced as some might like.
If you're amazed, you're not alone; this is a market primed for pretty substantial growth despite the fact that it's been around for a good long time as it is. It's the continuing pace of innovation that's really driving success forward here, and we'll likely continue to see such growth for a while. Internet connectivity has been improving of late—just look at the big drive to fiber after Google (News - Alert) briefly got involved in the market—and it's not likely we'll go backward on the scale.
VoIP services—and things related to VoIP in general—will likely continue to see gains for some time to come. As new services emerge and more businesses get involved, the market will be pushed upward from two directions at once. That's good news for the market, and good news for the users who will enjoy new services and better prices as the market's competitors vie for market share.
Edited by Alicia Young