VoIP is Taking Over

headsetVoIP has become a standard part of the telecom and business world, and it’s only getting bigger. According to IHS analytics, the global VoIP market rose five percent to $73 billion in 2015. This growth is attributed, at least in part, to businesses and the diverse network of suppliers.

Suppliers don’t have just businesses to thank for the market growth, however. Residential VoIP use remains a major player, accounting for 62 percent of 2015 revenue. At the end of 2015, there were 230 million residential VoIP users.

VoIP isn’t the only service with significant growth. Similarly, use of SIP trunking, hosted PBX, and UC services also increased across North America in 2015. This reflects a widespread trend of multi-site businesses seeking increasingly-hybrid solutions to their telecom needs.

IHS predicts that by 2020 the VoIP service market will reach $83 billion.

*Source: Fierce Telecom