According to Infonetics Research, voice over internet protocol (VoIP) services market revenue is expected to grow from $68 billion in 2013 to $88 billion by 2018.
The research firm states that global residential VoIP subscribers reached 212 million in 2013 witnessing a growth of eight per cent over 2012. Further, session initiation protocol trunking (SIP) grew by 50 per cent in 2013. The growth in SIP trunking revenue was driven by North America. Going forward, markets in Europe, the Middle East and Africa are expected to strongly contribute to the growth of SIP trunking business in 2014.
Infonetics Research points out that the sales of hosted PBX and unified communication services increased by 13 per cent in 2013. Managed services business is supporting the growth of VoIP services. About 10 to 20 per cent of new IP PBX lines sold are part of a managed service or outsourced contract.
The research firm underlines that the growth in business VoIP services segment is being driven by the growing adoption of SIP trunking and cloud services worldwide. Hosted unified communications is also witnessing growth as mid-market and larger enterprises are evaluating and moving more applications to the cloud.
