VoIP Market to hit $55bn by 2025The VoIP market is estimated to hike from USD 20 billion in 2018 to around USD 55 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The VoIP market growth is due to its cost-effective way of communication compared to a broadband internet connection. The technology is rapidly replacing expensive traditional phone services as it eliminates the need to invest in massive telecom hardware equipment. Extensive internet penetration and widespread adoption of advanced unified communication platforms to support the growing business requirements will also contribute to the rising adoption of VoIP.As the enterprises are focusing on geographic expansion, they face tremendous pressure to improve internal & external communication and collaboration among remotely dispersed workforce. This leads to the adoption of VoIP solutions including IP phones and web-based applications, which facilitate cost-effective communication. The technology enables functionalities, such as voice calling, video calling, and instant messaging, at a very low cost.
