February 12 2021
Market Research Future published a research report on “IP Telephony Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast 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.
Major factors driving the growth of IP Telephony Market are the growth of e-commerce industry and growing dependence of enterprises on web-based solutions and services. In addition, growing demand for mobile IP telephony solutions is expected to drive the growth of global IP telephony market. Ascom Holding AG, Avaya Inc., Cisco Systems, Inc., Gigaset Communications, LG Electronics Inc., Mitel Networks Corporation, and Panasonic Corporation are few major players in the global IP telephony market. Increasing adoption of IP telephony solutions in IT and telecommunication industry vertical is fuelling the market growth. This is owing to the increase in demand for efficient call management and reduced call costs.
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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The North America region holds the largest share of the global market, followed by Europe and Asia Pacific region. The U.S. and Canada are dominating the North America market due to rising technological enhancements and growing adoption of IP telephony solutions in the region. Moreover, the North America region has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing adoption of IP telephony solutions across different industry verticals such as BFSI, healthcare, and retail, among others is another major factor driving the growth of the IP telephony market in the region.
The Global IP Telephony Market Is Expected To Grow At A CAGR Of Approximately 9% During The Forecast Period Of 2017-2023.
Some of the prominent players in the global IP telephony market are Ascom Holding AG (Switzerland), Avaya Inc. (U.S.), Cisco Systems, Inc. (U.S.), Gigaset Communications (Germany), LG Electronics Inc. (South Korea), Mitel Networks Corporation (Canada), Panasonic Corporation (Japan), Polycom Inc. (U.S.), Yealink Inc. (China), NEC Corporation (Japan), and Grandstream Networks, Inc. (U.S.) among others.
The global IP telephony market is segmented on the basis of component, organization size, connectivity, and vertical. The vertical segment is classified into BFSI, healthcare, manufacturing, IT & telecommunication, retail, government and others. However, the IT & telecommunication sub segment is expected to grow at the highest rate during the forecast period. This is owing to the considerable technological shift of large enterprises towards adoption of voice over IP applications
North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing a rapid growth due to technological advancements and rise in demand for IP telephony solutions across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as owing to the increased demand for IP telephony solutions in IT and telecommunication industry as well as growing demand for cost effective solutions for the same.
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