LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global VoIP services market to grow at a CAGR of almost 10% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global VoIP services market for 2017-2021. The report considers the revenue generated by VoIP service providers and connectivity service providers for offering VoIP services suites.
During 2017-2021, with increased smartphone and LTE-enabled device adoption, the VoIP services market is likely to expand significantly. The development of various VoIP applications for smartphones in the form of messaging and voice and video calls at reduced prices helps more customers to adopt VoIP services. During 2018-2020, many developed and emerging nations would be completing the process of LTE network infrastructure deployment, thus enabling VoIP to gain a high subscriber base. Also, strategic alliances of telecom operators and OTT players in the established markets are fueling the growth of the VoIP market. The market will mostly be driven by developing regions with the increasing availability of high-speed broadband services and the increased consumer awareness of IoT applications, such as connected homes and automobiles.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global VoIP services market:
- Increased number of mobile computing devices
- High adoption of BYOD policy
- Rise in adoption of 3G and 4G hotspot routers
Increased number of mobile computing devices
Consumers are increasingly using computing devices for multiple purposes, such as accessing apps, reading the news, surfing the web, and checking email and social media. The growth of IoT is another reason for the growth of the market, as most IoT devices are controlled by apps installed on mobile computing devices. In 2015, the unit shipments of mobile computing devices reached 1.91 billion units.
Abhishek Sharma, a lead M2M and connected devices analyst at Technavio, says, “During 2013-2015, the global smartphone market experienced the entry of new vendors from China, such as Xiaomi and OnePlus, offering smartphones at lower prices than established vendors. Hence, the overall average selling price of smartphones is declining, leading to the higher adoption of smartphones worldwide.”
High adoption of BYOD policy
With constantly changing business scenarios, it is necessary for organizations to develop a mobile workforce to stay competitive. Constant changes in work locations, time zone barriers, and the need to access official and confidential data via an employee’s personal device are resulting in the adoption of BYOD policies. BYOD results in the elimination of hardware device costs.
Employees prefer these policies as they enable them to use one device for both personal and professional use. BYOD applies to smartphones, laptops, and tablets. In 2015, smartphones held a 58.56% revenue share in the global BYOD market. This can be attributed to the fact that mobile developers are developing mobile apps that are comparable to popular programs, such as Microsoft Excel, Microsoft PowerPoint, and Microsoft Word.
Rise in adoption of 3G and 4G hotspot routers
Wireless technology is advancing at a very fast rate; by the time end-users worldwide started consuming 2G wireless technology, 3G was introduced in the market. Wireless technology is evolving in tandem with the development of the smartphone. End-users in many countries are using 3G technology, while developed countries are already into 4G LTE wireless technology.
Telecommunication product-based vendors are working alongside service providers in developing portable devices that support 4G LTE advanced wireless technology such as mobile hotspot routers. Hotspot router vendors are constantly equipping hotspot devices with support for 4G LTE.
Top vendors:
- Avaya
- Microsoft Skype
- Viber Media
- Vonage
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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