VoIP market expected to be worth $93 billion by 2023

VoIP market expected to be worth $93 billion by 2023 [Image: BrianAJackson via iStock]

The global Voice over Internet Protocol (VoIP) market is expected to be worth $93 billion (£70 billion) by the end of 2023, growing at a compound annual growth rate (CAGR) of 3.1 per cent between 2017 and 2023.

This is according to the latest figures from Research for Markets.

Meanwhile, SMEs are being urged to consider adopting VoIP systems in order to save money and boost communications. It follows Ofcom’s Communications Market Report 2017, which showed the number of fixed business lines decreased in 2016, mainly as a result of the increasing use of managed VoIP services.

In addition, approximately 30 per cent of adults used the internet to make voice or video calls using a VoIP service – such as Skype – in 2017.

Simon Ahearne, managing director of SA1 Telecoms, said that although VoIP has been around for many years, we are now seeing the VoIP market growing at a much faster rate. This is largely driven by the increase in SMEs opting to switch to VoIP services because of the benefits it offers them.

He said the money that can be saved by switching to VoIP makes the investment in a new system a “no-brainer for SMEs”.

Mr Ahearne added: “The obvious advantage of switching to this system is that the money saved from using VoIP can be allocated elsewhere. The system is also very efficient, which can increase business productivity.

“Traditional phone systems are becoming obsolete, so it’s better to be ahead of the curve by making the switch than having to play catch up to the detriment of your business and customers.”