The number of Voice over Internet Protocol (VoIP) subscribers has been forecast to increase to around $204.8 billion (£144.7 billion) by 2020. This is according to a new report by Future Market Insights.
In addition, the researchers found that the computer-to-computer segment of the VoIP services market registered revenue at $20.74 billion, with 57.4 million subscribers, in 2012. However, by 2019, this segment is expected to account for $24.74 billion, with 72.2 million subscribers.
The report found that growth of the global VoIP services market is being driven by technological advancements, leading to the rolling out of advanced networks and increased usage of these services over various networks.
Business customers were found to be adopting cloud-based VoIP services due to cost efficiency, while packaged service offerings was another factor driving growth. The market is being further supported by players in the telecommunication industry that constantly diversify to offer customers VoIP services.
The phone-to-phone segment accounted for $15.88 billion in 2012, with 35.9 million subscribers, and is expected to rise to $44.78 billion with 116.5 million subscribers by 2019. Meanwhile, the computer-to-phone segment accounted for $27.35 billion, with 58.3 million subscribers. This is projected to increase to $56.56 billion, with a 128.3 million-strong subscriber base, by 2019.
VoIP offers a variety of features users can easily control, including an extensive range of call handling and management capabilities, which can all be operated through a simple web interface.
Since the solution is scalable, flexible and on-demand, users have been convinced of the benefits. It also enables flexible work environments through hot-desking, remote working and CRM integration, as well as extending the service to mobile devices, which allows businesses to keep up with the latest working practices.