What is the scope of VoIP services market in 2021?

By Rajat Kesarwani | Tuesday, December 15, 2020 14:15 PM | 3 min read

Highlights:

In the modern world of technologies, many companies have started using Voice over Internet Protocol and VoIP software to connect with stakeholders and customers worldwide. VoIP also allows users to make it more cost-effective as it doesn't acquire taxes beyond what you pay for the VoIP service and your internet access.

The VoIP services market will arise as it is projected to 3 billion mobile VoIP users by 2021. From general market research to forecasts on industry challenges, the below stats will give a deep insight into VoIP's importance and how the VoIP services market in 2021 will rise more.

General VoIP Services Market Report

The VoIP services market report has reached its new heights, and it is expected to grow more in the upcoming years. Here are some of the stats of general VoIP.

More than 3 billion mobile VoIP users are expected by 2021.
The global VoIP services market study share in 2018 was $77.5 billion.
The global VoIP market share by 2024 is expected to reach $93.2 billion.
The total number of VoIP businesses in the US in 2019 was 1,518.
The total revenue of the VoIP industry in the US in 2019 was $13 billion.
The VoIP industry employed more than 31,000 workers in the US in 2019.
The global VoIP phone system market share is projected to grow at a CAGR of 3.2% between 2019 and 2024.
Many experts have predicted that the fastest growing VoIP segment from 2014 to 2019 is phone-to-phone services.
Computer-to-phone VoIP services will undergo its biggest market growth between 2017 and 2024.
Bring-Your-Own-Device – the reason behind the VoIP growth.

VoIP Usage Statistics

In recent years, many individuals are using VoIP in their business, as many service providers are offering their services at affordable prices. It can be attributed to many advantages that the VoIP services market has to offer and demand to shift from on-premise to cloud-hosted software solutions over the past few years.

Call Activity

More than 23% of businesses have a toll-free number.
Four hundred minutes is the average employee call consumption per month.
88% of phone menus allow callers to enter an extension.
15 seconds is the average length of phone menu greetings.
34 seconds is the average time callers hold until connected.
89 seconds is the average time callers hold before hanging up phones.

Shifting towards VoIP services

More than 50% of business owners ceased purchasing on-premise communications tools in 2019.
Around 204.7 billion users have subscribed to VoIP services worldwide in 2021.
Global VoIP recommendations expanded due to the number of individuals and companies who want to lessen communication costs.
The United States VoIP residential telephone lines had increased from 27 million in 2010 to 76.6 million in 2018. Consequently, business phone lines also expanded from 6.2 million to 41.5 million during the same period.

VoIP Cost Savings Statistics

VoIP has helped many companies that are trying to reduce their operational expenses. VoIP allows businesses to reinforce how they connect with other people without compromising their budgets. Additionally, it is also great for improving productivity in the workplace as it boosts agents' mobility. Here are some cost and savings statistics for the VoIP services market in 2021:

Many businesses have saved up to 75% on communication after using VoIP services.
Having a VoIP system can help you save an average of 32 call minutes each day.
VoIP makes it easy to accommodate calls anywhere, allowing companies to increase productivity by up to 19%.
$1,667 – business savings per month on mobile and long-distance calls using softphones – calls over VoIP using a computer.
39% reduction in teleconferencing expenses by integrating voice and online conferencing capabilities.

How have VoIP features benefited businesses?

48% of businesses have implemented SMS over VoIP.
70% of employees use mobile apps for business calls over VoIP.
70% - average small business savings from bundling their uses into VoIP usage-based plan.
$20,000 – average setup cost for the on-premise phone system.

VoIP and Technology Statistics

It is important to note that the VoIP services market is gradually changing because of newer technological advancements. This is why it is crucial to understand how you can integrate these innovations into your current workflow to make the most out of your investment. But don't merely rely on new technology. Make sure to also apply VoIP practices to get the benefits that they have to offer.

Android OS is predicted to dominate mobile VoIP by 2024, with a projected market share of $91 billion.
The increasing popularity of the Bring-Your-Own-Device (BYOD) strategy in businesses drives the growth of VoIP in America.
Experts forecast that by 2025, AI with chatbots will drive 94% of customer interactions.

What do these stats mean to you?

The COVID-19 impact on the VoIP services is that many countries have chosen a lockdown strategy, but some countries have elevated lockdown without knowing what happens next. This is the situation no one can assume how long it will take to recover from this pandemic.

VoIP allows you to take benefit from the result of SaaS on businesses. Communication systems like VoIP are great for keeping up with the globalization of the modern business landscape. In case you are using a VoIP system, we highly suggest that you maximize it by understanding the factors that drive the industry.

For example, BYOD is something that you might think of using for your services to enhance employee productivity. Investing in mobile-ready systems might also enable you to clarify work for remote workers. And if Skype is the only VoIP tool you know, you are missing out on the robust features these Skype alternatives deliver.

While VoIP systems may quickly be able to support voice calls and video calls, not all providers can give you access to prompt messaging and built-in SMS. At Blazon Solutions, our experts will deeply guide you in the VoIP services market and how it can be beneficial for your business in the long-run. Contact us today!