VoIP services market will exceed US $93200 Million in revenue by 2024

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Market Insights Reports has added a new research study on the title The Global VoIP Market Growth (Status And Outlook) 2019-2024 with a thorough analysis of the VoIP market.

The Global VoIP market is anticipated to see strong growth. According to the report, over the next five years, the VoIP market will record a 3.1 percent CAGR in terms of revenue. Surprisingly, the global market size will reach US $93200 million in revenue towards the end of the forecast year 2024.

With the increasing growth in advanced technology and the development of a wireless mobile communication system, Voice over Internet Protocol (VoIP) market is booming across the globe. Moreover, an increasing number of portable devices in the corporate world is also resulting in the rising demand for VoIP services. The leading companies providing VoIP services are also constantly updating their services to meet the global VoIP service market demand. VoIP service providers are introducing new features in VoIP services to attract both residential and business users.

The proliferation of technology and the availability of high-speed internet are also playing a significant role in the growth of the global market for VoIP services. The companies are also expanding, and this expansion drives the demand for an efficient communication system. Another major factor that contributes to the growth of the global VoIP services market is the snowballing adoption of Bring Your Own Device (BYOD) in the corporations. Smartphones are replacing computers; therefore, companies are focusing on developing VoIP software that can integrate with mobile applications.

Another report “Global Market Study on VoIP Services: Managed IP PBX Service to Witness Highest Growth During 2017 – 2024” published by Persistence Market Research projected significant growth in the VoIP services from 2017 to 2024. By the end of the forecast period, international long distance VoIP calls are estimated to surpass US$ 120 billion in revenue. Based on the service type, Managed IP PBX service is anticipated to account for the highest share in the global market for VoIP services during the forecast period from 2017 to 2024. Based on the configuration, computer-to-phone is expected to witness the highest growth. In terms of end-user, a corporate user is likely to emerge as the largest user of VoIP services during 2017-2024.

Why are VoIP services popular?

The popularity of VoIP services upsurges with each day. Several factors are playing a significant role in its rapid growth. As compared to the traditional telecommunication. People find VoIP technology much convenient, and this is the fundamental reason behind VoIP’s popularity. There are some other important reasons behind the emergent adaption of VoIP technology.

  1. Global Technological Advancement

As mentioned earlier, the mounting usage of mobile phones and the easy availability of the internet is one of the major reasons behind the increasing popularity of VoIP technology worldwide. High-speed 5G internet is on its way to transforming the digital world. Experts predict that 5G will offer speeds 20 times faster than existing connections.

  1. Cost

VoIP services offer the cheapest means of telecommunication. When a cheaper option is available, people choose this over a traditional landline. Many people doubt the call quality of VoIP services, but the latest VoIP technology and high-speed internet ensure crystal-clear voice quality. It is especially beneficial if your business has to make multiple international calls regularly. VoIP service providers offer competitive call rates. Beside lower call rates, it cuts the cost of extra hardware and maintenance, too.

  1. Advanced Features

VoIP services offer advanced features like call transferring, enhanced voicemail, and auto attendant. VoIP service providers offer features like caller ID, virtual numbers, and contact blocking, etc. It is all about making the best use of these advanced features. And therefore, with the advanced features, the popularity of VoIP technology continues to grow.

  1. Video Calling

VoIP technology offers the feature of video calling at a negligible cost. All you need is a high-speed internet connection. This enables you to stay in touch with your customers and employees to discuss important deals and plans. No matter where you are, you can conduct a video conference in the home office through your VoIP phone.

  1. Limited Hardware

Hosted VoIP systems require very less hardware. A simple VoIP application can be used to make calls over the internet using any device with an internet connection, like the laptop, PC, or smartphone. VoIP technology also offers the feature of portability, making it more prevalent than its counterparts.

Profile of the leading company in the VoIP Service Market – AxVoice

While there are numerous VoIP service providers available online, choosing the right one that meets all your business needs is what matters. Axvoice is one of the leading VoIP service providers that offer competitive plans with a bundle of advanced features. It offers a high-quality crystal clear voice for all types of users. For small businesses, it saves costs.

Getting started is easy:

One prime reason for the Axvoice popularity is the convenience that comes with it. It is simple to set up and use. To start making calls with your VoIP phone, all you need is:

  • A high-speed internet connection (cable or DSL)
  • A standby Ethernet port (on your modem/router) to connect Axvoice Phone Adapter if you want to use the internet on your computer and Axvoice Internet Phone Service at the same time
  • A touchtone phone

Features and Functionality:

The features of Axvoice are categorized into four parts:

  1. Outbound Call Features

Axvoice offers a wide range of outbound features. Features like three-way calling are useful for a conference meeting where you don’t have to worry about your physical presence in the office. Caller ID blocking and international call blocking ensure that time and money are not wasted over irrelevant calls. The Music on Hold is another amazing outbound feature that keeps your caller engaged while you are busy on another call. Dialing 911 from your Axvoice VoIP phone will inform the emergency authorities that you are in trouble and will also share your location with them automatically (called E911 or Enhanced 911).

VoIP service is highly dependent on the internet connection. The voice quality is compromised if there is an unstable internet connection. Axvoice has overcome this issue by enabling the communication channel to switch to a low bandwidth codec easily. AxVoice uses GSM, G.729, G.711u, and G.711a codecs.

Incoming Call Features

Incoming call features like call waiting and call blocking allow you to handle incoming calls professionally. You can get details regarding incoming caller ID. You can set up to 3 alternate numbers for receiving your business calls in case your primary number is busy. Using this feature, you will never miss out on important client calls. Apart from this, the Call Filter feature enables you to direct specific calls to your number. Using the Do Not Disturb feature, you can also redirect calls to a voicemail during off-hours.

Call Forwarding Features

The call forwarding features make your business communication efficient by ensuring that users never miss on a call. The Find Me/Follow Me feature enables the user to add a list of numbers that redirect the call to several numbers until you pick up. Axvoice allows you to add up to 3 numbers for sequential call forwarding. Furthermore, in case of a power outage, Axvoice takes care of your important call be forwarding them to another number specified by you.

Advanced Features

Axvoice comes with a bundle of advanced features, including call logs, enhanced voicemail, and free in-network calling. In case you want to use VoIP service on your cell phone or computer, then Axvoice offers support for softphone software to make calls without using your landline. With this best VoIP service provider, you can access the notifications on the go. If you already have a VoIP device, you don’t need to set up new hardware because Axvoice can be integrated with a simple configuration.

Service Plans:

Axvoice offers two reasonable service plans for small businesses. The details are given below:

Small Business Plan

For the limited calling needs of a small business, Axvoice offers a competitive pricing plan with unlimited in-network calling. It gives you 1500 outgoing minutes to anywhere in the US and Canada. Also, you will get the equipment free with this package. For this service plan, there are two pricing options:

One Month – $39.99 per Month

Flexible Yearly Plan – $29.99 per Month

Home Office (SOHO) Plan

This service plan doesn’t require any additional hardware as it uses a virtual phone system, also known as hosted PBX. It is easily scalable, and you can add additional lines easily as your business grows. It offers One Month plan for $14.99 per month and comes with all standard features. The plan offers 200 outgoing minutes while any additional call will cost 1.5c per minute. It offers free in-network calling across the U.S. and Canada.

A VoIP system offers mobility and convenience to business users. Reduced operating, capital expenses, and improved business continuity are just a few of the benefits of moving from traditional phone systems to the internet. If you are a small business owner, this is the time to switch to a VoIP service.