Publication Month: Dec 2020 | Report Code: TIPTE00002281 | No. of Pages: 166 | Category: Technology, Media and Telecommunications | Status: Published
Telecommunication networks are getting evolved at a rapid rate as business are transforming toward globalization. International business calling services is gaining traction as communicating with other country clients, investors, and distributors has become simple and faster. Supporting infrastructure development of communication and logistic network is boosting the IP based call services ratio. Increasing use of smartphones, laptops, and cloud platforms with supporting infrastructural growth inexorably transformed the telecommunication industry. Advent of 5G, fiber optic, and other connectivity services enhanced the growth of Internet services in developed as well as developing nations. Rising development in Internet-based voice calling services is accelerating the SIP trunking market growth. Growing competition in voice carrying business has increased pressure on market players.
Increasing adoption of internet-based calling apps and services is getting supported by the growing sale of smartphones and other network connected devices. The global SIP trunking market is segmented in terms of deployment type, end user, organization size, and geography. Based on deployment type, the market is segmented into on-premise and hosted. In terms ofend user, the market is segmented into education, IT &telecom, retail, media &entertainment, BFSI, healthcare, and government. Based on organization size, the market is segmented into small &medium businesses and large enterprises. Based on region, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East &Africa (MEA), and South America (SAM).
The COVID-19 pandemic has hampered the economic growth of almost every country. Office premises, public places, schools, and transportation remained closed, which declined market growth owing to low communications over voice. The telecommunication industry took several hits as the demand for business communication services decreased. The revenue model for voice has declined as no operations were carried during the lockdown period. On other hand, post lockdown, the market is emerged with a new growth model as businesses shifted toward remote working and work from home models. Communicational channel evolved with SIP trunking technology with supporting software and apps for laptops and smartphones. For instance, according to the i3forum, international voice traffic increased by 20% in March 2020, compared to the same month in 2019.
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Change in telecommunication network system is inevitable, as technology is evolving at a rapid rate with increasing competition in the market for improving the service quality. Customers always adopt services that offer greater benefits at low cost; similarly, SIP trunking offers enhanced benefits for voice calling over traditional PSTN (public switched telephone network) based telephones. SIP trunking has improvised the international voice communication by reducing call charges by almost 70%, which were otherwise charged exorbitantly over traditional telephones. Also, strong infrastructure development to support Internet growth has helped SIP trunking to increase its market footprint. Various supporting factors, such as faster Internet service, low cost, and rise in 5G,are accelerating the SIP trunkingmarket growth.
Internet service providers and users are growing at an exponential growth rate due to the supporting infrastructural growth and demand from the market. Internet traffic, specifically voice, is increased at a significant rate with rise in international voice calling from retailers, businesses, and personal customers. Telecom operators are adhered to provide high quality service for the customers to sustain and grow in a competitive market. Carrier service providers consistently monitor the traffic to assure the highest quality of IP-based voice calling services. Growing demand for low-cost solutions from small and medium businesses has highlighted the importance of hosted SIP trunking solution deployment in the market. In terms of deployment type, the SIP trunking market is segmented into on-premise and hosted.
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In terms of organization size, the market is segmented into large enterprises and small & medium businesses. Small businesses are adopting digital technologies and are more concerned toward cost saving solutions. SIP trunking solutions offer low-cost communication portal for businesses which suffice the urge of small and medium businesses to expand business footprint in various regional markets. On the other hand, large enterprises already have offices, customers, and employees located at different places worldwide, hence to form strong communication channel at lower cost, SIP trunking solution is widely used.
Based on end user, the market is segmented into education, IT &telecom, retail, media &entertainment, BFSI, healthcare, and government. BFSI is adopting the SIP trunking solution at higher rate as maintaining customer trust and strong relationship is of utmost importance, for which advanced communication technology is a crucial element. SIP trunking offers wider benefits for BFSI sector, such as cost saving, availability of direct inward dialing as per requirement, and streamlining the management of network.
Players operating in the SIP trunking market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the SIP trunking market. A few developments by key players of the SIP trunking market are:
In November, 2020,Vonage declared a strategic reseller partnership of Vonage Contact Center with Evolution to offer services across Spain. This agreement reinforces Evolution’s position as a leading independent cloud-based service provider in the region.
In 2019, Verizon Enterprise Solutions introduced voice services to let its customers combine with a Microsoft unified communications platform. The collaboration service integrates direct routing and SIP trunk connectivity, and helps Verizon’s network customers embed their voice infrastructures in the Microsoft Teams platform. Verizon’s Session Border Control as a Service powers the new service.
The List of Companies - SIP Trunking Market to 2027
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