Business services at the head of VoIP market growth

Business services at the head of VoIP market growth

The worldwide voice over internet protocol market has seen increased growth over the last couple of years, with business customers at the forefront of growth.

That is the main finding to come out of recent industry figures published in a report by technology research firm Infonetics Research, which found the global VoIP market hit nearly $70 billion (approx £45 million) in 2014 – a three per cent increase compared to the previous year.  

And, according to research, the popularity of VoIP among business customers has proved to be the main driving force behind growth in the overall market, with growth in residential services slowing over the same period.

The growth of business services came despite it making up just 38 per cent of the overall market. Revenue grew by 9.7 per cent in 2014 compared to the previous year, while the number of residential VoIP customers increased by five per cent on those recorded in 2013.

There was also an eight per cent year-over-year rise in hosted PBX and unified communication services in 2014, with experts citing a continued strong demand for cloud-based enterprise services.

"Business voice services are the driving force within the VoIP services market as the move to IP positively impacts cloud, trunking and managed services across all business segments. Larger enterprises in particular continue to actively evaluate cloud unified communications while also migrating to SIP trunking for premises-based deployments. And there are no signs of it slowing down," Diane Myers, research director at Infonetics Research, said in a statement.