Voice over Internet Protocol was one of the first steps taken toward modern unified communications technology, released roughly a decade and a half ago and still spreading around the globe and across industries. IP telephony is a strong market because of the vast range of benefits that companies tend to enjoy following deployment, including lower costs for communications specifically linked to voice plans on a monthly basis.
What's more, thanks to the steady increases in demand that have endured for more than a decade now, competition is still hot among VoIP providers, making for a strong buyer's market that involves a proverbial universe of specialized options. Today's VoIP business phone services are far more feature-rich, user-friendly and affordable than the earliest iterations of the technology, and the perks of using the solutions are only expanding as time goes on.
When businesses begin to effectively optimize their UC frameworks, employee productivity, engagement and efficiency can all be boosted significantly, and this often begins with the inclusion of VoIP services. Between companies upgrading their current VoIP services and organizations investing in them for the first time, the market for the technology is gaining steam after years of solid growth, which bodes well for corporate collaboration in the private sector looking forward.
A look insideTransparency Market Research recently released the results of a new study of the VoIP service market, and the findings showed impressive results for this burgeoning industry. The number of subscribers is one of the more significant components of this equation, as the report forecast the market to encompass 348.5 million accounts by the end of this decade, which would represent a very high portion of the total global sector.
According to the analysts, the VoIP services market will expand at a compound annual growth rate of 9.7 percent between now and 2020, at which time it will be valued at roughly $136.8 billion. Perhaps not that surprisingly, the industry that saw adoption rates reach the majority of businesses years ago is now sustaining expansion through the inclusion of new technologies, such as mobile VoIP and cloud-based service models.
This characteristic is common across virtually all segments of the UC market, as video conferencing, instant messaging and other services continue to progress through intelligent innovation and diversification. Of all the categories within the VoIP services market, Transparency Market Research found that mobile solutions will see some of the the strongest gains, a 14.7 percent compound annual growth rate between 2015 and 2020.
Tips to capitalizeThe fact that the VoIP market is expanding and diversifying should make it clear to decision-makers that the provisioning process needs to be highly informed and selective. More options means a greater opportunity to invest in only the VoIP services that most closely align with corporate needs and objectives, and settling for the first one that seems okay would represent a significant misstep.
TechTarget contributor Jon Arnold recently listed some of the more important considerations leaders must keep in mind to ensure that they make the right choice on a VoIP service, affirming that backend systems must be evaluated prior to finalization of decisions. According to the author, VoIP solutions might require relatively dramatic changes to backend IT infrastructure, and this kind of information should be completely understood by decision-makers ahead of purchase.
This is also why leveraging the support of managed service provider that offers cloud-based UC solutions might be the best option for small business owners, as it will generally reduce the amount of legwork and investment necessary to support advanced IP telephony tools.