The increased demand for mobile VoIP is changing the forecast for the global business VoIP market over the next six years. According to Global Industry Analysts Inc., a worldwide business strategy and market intelligence source, global business VoIP is being influenced by two factors which include the rapid acceptance of VoIP by businesses around the globe and the increased demand for mobile VoIP.
In terms of market segments, the fastest growing market is hosted PBX services. Additionally, the VoIP market on a global scale will be driven by the value and cost savings to companies around the world thanks to new unified communications technology. The hosted PBX market is expected to increase at a Compound Annual Growth Rate by more than twelve from 2012 to the year 2018.
Details of the Global Industry Analysts Report
The GIA report which is titled Business VoIP Services: A Global Strategic Business Report points to the fact that the business VoIP market will reach more than $20 billion by the year 2018 due to the demand for mobile VoIP and the increased acceptance of VoIP by small to medium-sized businesses around the globe. Additionally, the reduction in costs for hardware and software coupled with the accelerated demand by developing markets create a positive outlook for the future of VoIP.
The report also indicates that Europe currently represents a large portion of the VoIP market in terms of global revenue. The Asia Pacific follows closely with annual revenues growing at more than 17 percent each year until 2018. International business activities and company expansion in India and China are major contributors to the growth of VoIP in the regional market.
GIA Reports VoIP and PBX is Next Big Factor in Communications
According to the GIA report, VoIP is the next big factor in communications mainly due to the increased number of mobile workers and the constant need for remote employees to stay in touch with the company. VoIP and PBX services enhance productivity by offering advanced features and capabilities that help to reduce travel costs while increasing business productivity.
VoIP offers many features and capabilities of a plain old telephone service (POTS) in addition to modern enhancements such as remote office communications, automated services, video conferencing, email integration, and much more. It also provides the opportunity for unified communications and collaboration regardless of location.
In today’s competitive marketplace where businesses are faced with the pressure to extend their reach, the need to communicate with a broad range of both internal and external business partners becomes very important and critical to business operations. For this reason, VoIP represents a viable alternative to Public Switched Telephone services and at a reduced cost.
Since VoIP involves the process of converting voice into digital data before it is transmitted over the Internet, VOIP represents a highly cost effective communications solution for businesses around the globe. This is the main reason hosted VoIP and PBX services are gaining a lot of traction in the global market.
The growth of small and medium-sized businesses across the globe and the growing need for global business communications has led to the rapid adoption of VoIP services. Hosted VoIP relieves the pressure of capital investments in business communications technology. Plus the fact that SMBs can take advantage of a communications model that is scalable, the adoption of hosted VoIP services is continuing to gain momentum.
About the GIA Report
“Business VoIP Services: A Global Strategic Business Report, recently announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for Business VoIP Services (in US$ million) for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America and Rest of World. Key segments analyzed for the global market include managed IP PBX Services; Hosted VoIP and Unified Communications; and IP Connectivity Services.”