Voice over Internet Protocol (VoIP) is expected to post substantial growth from 2019 through 2024. Researcher A. Holst compiled a schematic of the current and projected trends regarding VoIP from 2019 through 2024. The research found that North America comprises approximately $10.5 billion of the market, followed by Europe at $19.5 billion, Asia-Pacific at $21.5 billion, Latin America at $4 billion, and MEA countries at $1.5 billion. Over the next five years, each region's share will grow substantially. 

By 2024, North America will make up approximately $23.5 billion of the market, Europe $46.5 billion, Asia-Pacific $60 billion, Latin America $11.5 billion, and MEA countries $3.5 billion. In absolute terms, the strongest growth will come from the Asia-Pacific region which will increase its share by $39.5 billion, followed by Europe at $27 billion, and North America at $13 billion.

Effective VoIP providers make it easy for business users to place phone calls in much the same way as if they were public switched telephone networks. Not only does this help businesses to reduce their communications charges a.k.a. phone bills, they are also powerful unified platforms designed to facilitate a combination (fax, email, conferencing, phones) of electronic communication systems.  

In the United States, research indicates that the number of VoIP residential subscribers grew from 53.4 million in 2014, to 58 million end-users switched lines by December 2016. Recent figures have yet to be released, but analysts estimate 60 million+ users have made the switch. Data is collected by the FCC, with Form 477 (subscribership data for providers of VoIP services).

Touting the Benefits 

VoIP services are geared towards massive and sustainable cost reductions for businesses and residential users. According to Tech.co, substantial savings can be enjoyed by business owners (SMEs) with at least 40% cost reductions on local calls, and up to 90% cost reductions on international calls. Many providers of VoIP services are also willing to work with new business owners to slash initial start-up costs.

 The 3Cs of VoIP benefits include cost, convenience, compactness, since employees have all the tools they need to run a dynamic, global, integrated workforce. Juniper Research found that there were 1 billion mobile VoIP users in 2017. 

Many established telecommunications companies have retired their PSTN networks and adopted VoIP in its entirety. The US is clearly embracing this technology, with regulatory agencies already approving field trials for these networks. It comes as no surprise to learn that the number of landline connections diminishes with every passing year. This is thanks in no small part to mobile functionality and VoIP technology. 

From a cost perspective alone, VoIP makes sense. But the real benefit of using this technology is in its network design. Old networks rely on copper lines and costly routine maintenance. Many of these telecommunications infrastructures are now decrepit, and in need of an overhaul. Rather than investing in old infrastructures with declining volumes, companies are looking for ways to monetize VoIP and make profitable.

VoIP service providers are constantly jockeying for position with one another, and many companies are being gobbled up by bigger organizations. Telecommunications companies offering mobile and fixed line operators are now converting all of their networks to support VoIP technology. While it's a long shot, it is safe to say that PSTN systems may soon be relegated to the annals of history. 

Fast Facts about the VoIP Market

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