The global Voice over Internet Protocol (VoIP) market is expected to surge, a new report by Coherent Markets Insights suggests. In fact, the market research firm estimates VoIP will be worth $US 207.3 billion by 2025, compared to the US$92 billion it was valued at in 2016.
Why is VoIP becoming so popular around the world?
Bringing international businesses closer together
VoIP has long been seen as the number one communications solution for companies with an international focus, as calls are conducted over the internet rather than via an analog telephone line. This means users only need to pay for their internet usage, instead of expensive telephone tariff charges.
It's no surprise, therefore, that international long distance VoIP calls were the most common call type in 2016, accounting for 59.7 per cent of the global market. Coherent Markets Insights expects this trend to continue right through to 2025.
When it comes to end users, corporate users held 69 per cent of the global VoIP market in 2016. Coherent Markets Insights reports cost reduction as a significant factor - while VoIP used to be the reserve of large companies with enough money to implement it, now it's much cheaper and therefore more accessible, with startups and SMEs also using it in their daily activities.
Supporting the flexible workforce
Another reason why VoIP is becoming so popular is the way it enables a more flexible workforce. As calls are placed over the internet rather than through a landline, employees can communicate with key people no matter their location - all they need is a telephone and internet connection.
In a 2017 Flexjobs survey of over 5,000 US professionals, the number of people who said they quit their jobs due to a lack of flexibility stood at 32 per cent, nearly double the number who said the same in 2014 (17 per cent).
Flexibility isn't just a "nice have" anymore. It's now an essential requirement of the modern American workforce, and VoIP is helping employers implement it.
The VoIP market is growing, and businesses need to keep up with this to ensure they're staying ahead of the pack. Contact NetFortris today for more information on our VoIP solutions.