IP Telephony Market Size, Segment Analysis 2023
The global ip telephony market size was valued at USD 2,130.70 million in 2022 and is poised to grow at a significant CAGR of 14.1% during the forecast period 2023-29. The primary drivers of the expansion of the global IP Telephony market include the rise in urban population, the adoption of smart communication, the increased rate of data transmission over the internet, growing communication, and the dependency of enterprises on web-based solutions and services. The global IP Telephony market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.
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The global ip telephony market segmentation:
- By Product Type: Hardware, Software, Services
- By Enterprise Size: Large Enterprise and Small & Medium Enterprises
- By Connectivity: Wired and Wireless
- By End User: Corporate, Government, Residential, and Others
Based on end-user, the global IP Telephony market is segmented into corporate, government, residential, and others. Usage of IP Telephony services in the government sectors is expected to account for a larger revenue share in the global IP Telephony market, with a value share worldwide. The usage of Internet Protocol IP Telephony services in government is increasing at a significant rate. In IP Telephony services, there are no reliability and compatibility issues. Hence, this segment will drive the global IP Telephony market growth.
North America IP Telephony Market
North America is expected to increase in the global IP Telephony market over the forecast period. North America is expanding in the global IP Telephony market as a result of the high adoption rate, and the increasing number of smartphone users. Asia Specific held considerable market share during the estimated period owing to the increasing enterprise mobility and cloud-based communication services.
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Key players’ profiles in the IP Telephony market report are Ascom Holding AG, Avaya Inc., Cisco Systems, Inc., Gigaset Communications, LG Electronics Inc., Mitel Networks Corporation, Panasonic Corporation, Polycom Inc., Yealink Inc., NEC Corporation, Dialpad, Freshworks, Intermedia.net, Broadvoice, and Pure IP.
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