The global Voice over Internet Protocol (VoIP) market is expected to grow by a compound annual growth rate (CAGR) of over 9.7 per cent until 2023, according to a new study.

Credence Research found that increasing awareness about the benefits of VoIP technology and how it can enhance the “overall communication experience” for both audio and video is driving the market’s growth.

Some of the most significant benefits for companies using VoIP include the availability of services over the cloud and an uninterrupted and secure communication service. Credence Research said these aspects are “driving the uptake of VoIP solutions and services worldwide”.

In addition, the research found that rising deployment of real-time communication solutions in large companies as well as SMEs has opened an opportunity window for major vendors to venture into. This results in increased competition and, therefore, even further uptake of the technology.

Meanwhile, Transparency Market Research (TMR) has forecast the enterprise collaboration service market to reach $56.51 billion (£45.72 billion) by the end of 2024. In 2015, overall valuation of the global enterprise collaboration service market stood at $23.38 billion. The global enterprise collaboration service market is therefore forecast to report a CAGR of 10.3 per cent between 2016 and 2024.

The research found that an increasingly mobile global workforce as well as efficiency in enterprise mobility are the two most important aspects required by organisations to achieve business expansion, which is leading to the market’s growth.

According to TMR, the market is also expected to benefit from the rising demand for integrated and comprehensive enterprise collaboration services. The company added that the rising use of SIP trunking will contribute towards widening the scope for the market's expansion.

Companies can now offer better connectivity among stakeholders as a result of the development of advanced collaboration solutions, said TMR.

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