The global voice over IP (VoIP) service market totaled $73 billion in 2015 -- that's a 5 percent increase over the prior year, according to the latest worldwide market study by IHS . The growth was fueled by more companies shifting to cloud-based services and the adoption of Session Initiation Protocol (SIP). VoIP communication services, including residential and business offerings, have become viable alternatives to legacy landline telephone services in most developed countries around the globe. Although residential VoIP service remains a significant portion of VoIP services revenue, business services and the dynamic supplier landscape are driving new growth in the market. VoIP Market Development Trends The competitive landscape has become highly fragmented for VoIP business services, with an increasing number of PBX and Unified Communications (UC) vendors, enterprise agents and resellers expanding into the market along with traditional telecom service providers. Additio...
TMT Market Research and Analysis