The major reasons behind the prosperity of the VoIP software market is the growing demand for the
software from small and medium enterprises (SME) and increasing focus of
companies on improving their productivity. In 2019, the market generated a
revenue of $15,114.3 million, which is expected to surge to $30,441.5 million
by 2025, at a 13.4% CAGR during 2020–2025 (forecast period). VoIP sends
multimedia and communication data over the internet, instead of conventional phone
lines.
Managed private branch exchange (managed PBX), session
initiation protocol (SIP) trunking, and hosted private branch exchange (hosted
PBX) are the three categories, when the market is segmented by technology.
Among these, SIP trunking held the largest share in 2019, as it supports on-premises
public switched telephone network (PSTN) connectivity, which results in its
high demand. Apart from this, the adoption of hosted PBX is also significant,
with companies preferring it over managed PBX. As it is cloud based, it reduces
the need for expensive information technology (IT) infrastructure.
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Another reason hosted PBX is trending in the VoIP
software market is that the feature-rich voice solutions it provides over
the cloud are reliable, apart from being cost-effective. Further, it lets
organizations manage their communication operations better and scale them up or
down as per requirement. Therefore, with businesses aiming to achieve maximum
profitability, by reducing their expenditure, while not compromising on their
productivity, they are shifting to cloud-based VoIP solutions, particularly hosted
PBX.
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Based on end user, the VoIP software market is
divided into consumers, small and medium enterprises (SME), and large
enterprises. In 2019, the market was dominated by large enterprises, which will
continue holding the largest share during the forecast period. However, the
fastest progress would be witnessed by SMEs, as such solutions can help reduce
telecommunication costs by up to 30%. Such technology is easy to deploy, use,
maintain, and troubleshoot, which automatically decreases the expenditure.
Additionally, calls can be done on VoIP at considerably lower rates compared to
traditional telephone lines.
Further, with this technology, the need for separate
cabling, which is required for conventional telecommunication systems, is
eliminated, as companies can simply procure a software-based softphone. It also
declutters the premises, reduces the risk of the cables catching fire, and
offers the convenience of adding more components, owing to the flexibility of
scalability. Another advantage associated with VoIP is the ease of maintaining
and altering the system, since the operations are carried out by the software,
instead of hardware.
