Report : SIP Trunking Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Deployment Type (On-premise and Hosted), Enterprise Size (Small & Medium Businesses, Large Enterprises), and End User (Education, IT & Telecom, Retail, Media & Entertainment, BFSI, Healthcare, Government)
North Americato Dominate Global SIP Trunking Market
According to our latest market study on “SIP Trunking Market Forecast to 2027 – COVID-19 Impact and Global Analysis–by Deployment Type (On-premise and Hosted), Enterprise Size (Small & Medium Businesses and Large Enterprises), and EndUser (Education, IT & Telecom, Retail, Media & Entertainment, BFSI, Healthcare, and Government),” the market was valued at US$ 13.44 billion in 2019 and is projected to reach US$ 30.22 billion by 2027; it is expected to grow at a CAGR of 10.8% from 2020 to 2027.The report highlights the key factors driving the market growthand prominent players withtheir developmentsin the market.
In the global market, efforts taken by private companies and government agencies for the growth of the wireless communications infrastructure are surging the demand for SIP trunking services due to their costefficiency.SIP trunk is continuously supporting voice & video communications over the Internet; thus, companies are broadly using such solutions for high business performance. There is an immense growth in the global telecommunication market; hence, the region would witness the launch of more mobile virtual network operators offering voice and data offerings.
Telecommunication companies are identifying the potential of SIP trunking swiftly and thus, are involved in making profitable & strategic partnerships. Companies operating in the market adopt various marketing strategies, such as new product developments, partnerships, and acquisitions, to optimize their existing offerings and expand their portfolio to target a more significant number of customers. For instance, in November 2020, Telin, a unified communication solutions provider, expanded its presence in North America by forming a new facility at Tampa, Florida. To increase the customer base and market share, the company introduced a new office for enhanced service support. Thus, all the above factors are leading toward the growth of the market in North America.
Surge in Demand from Emerging Countries to Provide Numerous Business Opportunities for Market Players
Telecommunication industry is growing at faster rate in North America, Europe and Asia pacific region with advent of 5G network. Major contributors for the growth are China, India, US, Germany and UK among others are these countries are strongly adopting digital technologies. Further, rising consumption of smartphones in region eliminates the need of separate SIP trunking telephones. For instance,according to the Cisco annual internet report, Asia Pacific region will have ~3.1 billion Internet users by 2023. Further, according to Ericsson, there were nearly 4 billion mobile connections in Asia Pacific in 2016 and they are expected to reach 4.6 billion by 2021. Such stats regarding the adoption of smartphones, as well as internet penetration, are acting as major supporting factors for the market growth.
The report segmentsthe global SIP trunkingmarket as follows:
By Deployment Type
By End User
By Organization Size