According to the research report titled ‘Voice over Internet Protocol (VoIP) Market Size By Type (Integrated Access/Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX), By Access Type (Phone to Phone, Computer to Computer, Computer to Phone), By Call Type (International VoIP Calls, Domestic Calls), By Medium (Fixed, Mobile), By End-Use ( Consumers, SMBs, Large Enterprises), By Application (IT & Telecom, BFSI, Healthcare, Government & Public Sector, Retail, Education, Hospitality), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Netherlands, China, India, Japan, Australia & New Zealand (ANZ), South Korea, Singapore, Brazil, Mexico, Argentina, Colombia, South Africa, Saudi Arabia, Israel, Turkey), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, global voice over internet protocol (VoIP) market is expected to exceed USD 55 billion by 2025.
 

According to the report, there has been an upsurge in the demand by businesses for cost effective solutions in order to improve communication with remote employees. This factor along with favorable federal initiatives towards the development of wireless infrastructure are major factors driving the voice over internet protocol market growth.
 

Surging investments by public and private entities towards technological advancements in 5G spectrum is further aiding the market expansion. Moreover, rising adoption of cloud-based voice over internet protocol solutions is stimulating the industry outlook.
 

As per type, the managed IP PBX segment is presumed to expand with a CAGR of 12% during 2019-2025. The growth is attributed to the growing product adoption for reducing operational complexities as well as initial cost and maintenance cost.
 

In terms of access type, phone-to-phone voice over internet protocol market segment is expected to grow with a CAGR of 17% during 2019-2025. Rising adoption of smartphones and availability of low cost international and domestic calling services has enhanced the demand for IP phone systems which provide call routing and waiting capabilities, thereby facilitating the business scenario.
 

Citing the end-use landscape, consumers segment is predicted to expand with a CAGR of 14% through 2025, primarily due to residential VoIP capabilities such as unlimited calling, call waiting, caller ID, and call forwarding. Moreover, voice over internet protocol services facilitate in reducing the phone bills as well as offer various monthly specials and bonuses. Thus, aforementioned factors are contributing towards the segmental growth.
 

Based on the application spectrum, the education segment is set to exhibit a growth rate of over 18% through 2025. Increasing applications of softphones and IP phones in the education industry are favoring the market outlook.
 

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Considering the geographical landscape, the voice over internet protocol market in Latin America is expected to grow by 15% by the year 2025. Surging investments in telecommunication sector, rising penetration of internet connectivity, and increasing usage of cloud-based communication solutions are augmenting the regional demand.
 

The prominent companies operating in the voice over internet protocol market are ZTE Corp., Vonage, Verizon Communications Inc., Telenor Group, RingCentral Inc., Ribbon Communications Inc., Orange Business Services, Nextiva, Mitel Networks Corp., Microsoft Corp., Jive Communications, Huawei Technologies Co. Ltd., Google Inc., Deutsche Telekom AG, Citrix Systems Inc., Cisco Systems Inc., Avaya Inc., AT&T Inc., Alcatel Lucent Enterprise (Nokia Networks), and 8x8 Inc.