According to The Insight Partners’ latest market study on “SIP Trunking Market Forecast to 2027 – COVID-19 Impact and Global Analysis–by Deployment Type (On-premise and Hosted), Enterprise Size (Small & Medium Businesses and Large Enterprises), and EndUser (Education, IT & Telecom, Retail, Media & Entertainment, BFSI, Healthcare, and Government),” the market was valued at US$ 13.44 billion in 2019 and is projected to reach US$ 30.22 billion by 2027; it is expected to grow at a CAGR of 10.8% from 2020 to 2027.
Surge in Demand from Emerging Countries to Provide Numerous Business Opportunities for Market Players
Telecommunication industry is growing at faster rate in North America, Europe and Asia pacific region with advent of 5G network. Major contributors for the growth are China, India, US, Germany and UK among others are these countries are strongly adopting digital technologies. Further, rising consumption of smartphones in region eliminates the need of separate SIP trunking telephones. For instance,according to the Cisco annual internet report, Asia Pacific region will have ~3.1 billion Internet users by 2023. Further, according to Ericsson, there were nearly 4 billion mobile connections in Asia Pacific in 2016 and they are expected to reach 4.6 billion by 2021. Such stats regarding the adoption of smartphones, as well as internet penetration, are acting as major supporting factors for the market growth.
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Impact of COVID-19 Pandemic on SIP Trunking Market
The COVID-19 pandemic has hampered the economic growth of almost every country. Office premises, public places, schools, and transportation remained closed, which declined market growth owing to low communications over voice. The telecommunication industry took several hits as the demand for business communication services decreased. The revenue model for voice has declined as no operations were carried during the lockdown period. On other hand, post lockdown, the market is emerged with a new growth model as businesses shifted toward remote working and work from home models. Communicational channel evolved with SIP trunking technology with supporting software and apps for laptops and smartphones. For instance, according to the i3forum, international voice traffic increased by 20% in March 2020, compared to the same month in 2019.
Increasing adoption of internet-based calling apps and services is getting supported by the growing sale of smartphones and other network connected devices. The global SIP trunking market is segmented in terms of deployment type, end user, organization size, and geography. Based on deployment type, the market is segmented into on-premise and hosted. In terms ofend user, the market is segmented into education, IT &telecom, retail, media &entertainment, BFSI, healthcare, and government. Based on organization size, the market is segmented into small &medium businesses and large enterprises. Based on region, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East &Africa (MEA), and South America (SAM).
Rising Penetration of IP(Internet Protocol)-based Services
Change in telecommunication network system is inevitable, as technology is evolving at a rapid rate with increasing competition in the market for improving the service quality. Customers always adopt services that offer greater benefits at low cost; similarly, SIP trunking offers enhanced benefits for voice calling over traditional PSTN (public switched telephone network) based telephones. SIP trunking has improvised the international voice communication by reducing call charges by almost 70%, which were otherwise charged exorbitantly over traditional telephones. Also, strong infrastructure development to support Internet growth has helped SIP trunking to increase its market footprint. Various supporting factors, such as faster Internet service, low cost, and rise in 5G,are accelerating the SIP trunkingmarket growth.
Strategic Insights:
Players operating in the SIP trunking market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the SIP trunking market. A few developments by key players of the SIP trunking market are:
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