2020 IP Telephony Market Competitive Scenario, Geographic Trends, with Global Opportunities by 2027 – Cisco Systems, Avaya, NEC Corporation, Mitel Networks Corporation
IP telephony market is anticipated to grow at a CAGR of 10.1% to account for US$ 63.47 Billion by 2027 which accounted to US$ 25.26 Bn in 2017 and
IP telephony is one of the primary solutions that is considered by all kind of businesses globally, the above mentioned trends are anticipated to continue to bolster the market growth in the coming years. In addition the evolution, innovation and value for money provided by IP Telephony is also projected to have substantial impact on its global growth.
Latest market study on “IP Telephony Market to 2027 by Component (Hardware, Software, and Services), Hardware (IP Desktop Phones, DECT Phones, and IP Conference Phones); Service (Installation and Maintenance, and Professional Services), Installation Type (Wired and Wireless): Enterprise Size (SME and Large Enterprises) End Users (Residential, Corporate and Governmental Organization) – Global Analysis and Forecast”, the IP Telephony market is estimated to account for US$ 25.26 Bn in 2017 and is anticipated to grow at a CAGR of 10.1% to account for US$ 63.47 Bn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Influential Trends of IP Telephony Market:
- Enhanced call quality due to faster networks: In the year 2018, several countries across the globe experienced 5G implementation or are under the pilot. The ongoing transit to 5G technology has had a significant impact on the call quality of the IP Telephony.
- Impact of AI on telecom systems: Advent of AI has showcased noteworthy implications for IP telephony systems. Some of the projected application of AI in IP Telephony includes the recognition of poor call quality and its immediate fixing. Integration of AI in this field would, therefore, facilitate the capability to resolve the issues like improper network configuration, low bandwidth and high latency in real time, assuring high-quality calls and reduce the need for human intervention.
- Smarter voice assistants: Voice assistants similar to Alexa and Siri are expected to become better, and this is anticipated to provide the IP telephony industry with an opportunity to embed such smarter voice assistants for impromptu customer service for simpler queries, which are mostly in FAQs, whereas the agents can be employed for solving complicated issues and queries.
Asia Pacific is the fastest growing region in the IP Telephony market. Asia Pacific has various growing economies which is leading to the growth in wide variety of sectors, which includes infrastructure, manufacturing, technology, and various others. Many of the economies of Asia Pacific are aggressively pursuing for digital applications such as smart cities, autonomous vehicles and IoT in a bid to become global powers. The investors wishing to avoid high-tech costs in the North American countries especially the US. Asia Pacific region presents strong business opportunities for investing towards IP Telephony technology as countries in the region focusing strongly for adoption of the advanced digital transformation.
In less than two decades the commercial internet has evolved into an indispensable and fundamental need of not only an individual but also of the organizations catering to global markets. Today population of nearly 2.5 Billion is connected to the internet, and by 2020 the count is anticipated to expand two folds. Having such widespread access to commerce, information, and communications the internet services have had a significant impression on myriad industries. Furthermore, the continued expansion of the digital economy is expected to raise the expectation of consumers resulting in uptake of advanced technologies supported by the internet.
The market for IP Telephony is segmented on the basis of the component, which comprises of hardware, software, and services. The hardware segment further comprises of IP Desktop Phones, DECT Phones, IP Conference Phones, and other IP Phones. The softphone segment focuses on software based IP phones, whereas the services segment is grounded on installation and maintenance, and Professional services. The market by the installation is segmented into wired and wireless, whereas by enterprise size it is segment into SME (having less than 500 employees) and large enterprises (More than 500 employees). In our research report, we have considered, end users segment which includes Residential, Corporate, and Government sectors. Looking at the competitively transforming internet telephony landscape the development of more reliable and cost- effective communications solutions is expected to provide the market to barge into the corporate sector and attain significant penetration in the coming years. Next step in respect to evolution of networking for the businesses is one network i.e., converged network which is responsible to handle transmissions of video, data, and voice along with high quality.
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Corporate Telephony Market Growth Report – https://www.theinsightpartners.com/reports/corporate-telephony-market
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