VoIp Services Market, By Call Type (International long distance VoIP calls and Domestic VoIP calls), By Configuration (Computer to Computer, Computer to Phone, Phone to Phone), By Vertical (BFSI, IT & Telecom, Healthcare, Media & Entertainment, Retail & e-Commerce, Travel & Hospitality, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI641

Pages :120

Formats :

Excel and PDF

Industry : Information and Communication Technology

Regional Analysis

VoIp Services Market Regional Insights

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North America dominates the global VoIP services market with an estimated market share of 36.3% in 2024 due to strong technology adoption and high internet penetration in countries like the U.S. and Canada. The region is home to major VoIP service providers and networking equipment manufacturers that have been involved in the development of advanced VoIP technologies and solutions. Trends like work from home and online schooling amid the pandemic have accelerated VoIP usage in the region.

The presence of large enterprises from various industries in North America boosts demand for VoIP phone systems to improve communication and collaboration within distributed workplaces. These companies are focusing on technologies to enhance productivity and optimize costs. Moreover, factors like fast connectivity, equipment availability and technology skills have facilitated swift integration of VoIP communication across departments and branches in the region.

Asia Pacific is expected to witness the fastest growth in the VoIP services market. Penetration of low-cost internet and rising use of smartphones have boosted VoIP adoption, especially among small businesses in nations like India, Indonesia and Vietnam. Countries in South-East Asia, coupled with strong economic development and improving connectivity infrastructure, have emerged as major export hubs. VoIP helps companies in Asia Pacific to stay connected with global clients and partners to facilitate international trade.

The competitive pricing of VoIP calling plans provided by regional and global service providers in Asia Pacific also appeals to cost-conscious consumers and businesses. Local players have benefitted from lower entry barriers and closer understanding of customer needs to develop localized offerings. Multinational companies are partnering with domestic providers to penetrate new markets, catering to the specific requirements of Asia Pacific industries like information technology, manufacturing, tourism and e-commerce with their tailored VoIP solutions.