According to the recent research report titled ‘Voice over Internet Protocol (VoIP) Market Size By Type (Integrated Access/Session Initiation Protocol (SIP) Trunking, Managed IP PBX, Hosted IP PBX), By Access Type (Phone to Phone, Computer to Computer, Computer to Phone), By Call Type (International VoIP Calls, Domestic Calls), By Medium (Fixed, Mobile), By End-Use ( Consumers, SMBs, Large Enterprises), By Application (IT & Telecom, BFSI, Healthcare, Government & Public Sector, Retail, Education, Hospitality), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’ available with MarketStudyReport, global voice over internet protocol (VoIP) market is anticipated to grow significantly through 2027.

The major factors influencing the global voice internet protocol market growth are the vast adoption of cloud-based services, huge demand for PBX systems among frontline workers & doctors, rising internet usage, and supportive government initiatives for the adoption of VoIP services.

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/1979115/  

In terms of application reach, global voice over internet protocol industry space is classified into education, healthcare, retail, BFSI, hospitality, government & public sector, IT & telecom, and others.

In 2020, the healthcare segment accounted for USD 2.5 billion in revenue share and will gain substantial growth through 2027. Growing demand for PBX solutions among doctors and health workers for virtual meetings and training is stimulating the overall industry outlook. Apart from this, VoIP solutions are known to improve patient experience and help in keeping track of patient data.

The retail segment is expected to witness a CAGR of 17% by 2027. Meanwhile, the hospitality segment is predicted to showcase a fastest growth of 20% during the forecasted period, primarily driven by widespread adoption of cloud-based services across the globe.

Moving forward, the regional landscape of the global VoIP market extends to North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Latin America market is poised to witness a y-o-y growth rate of 15% during the analysis period, due to increasing internet penetration and the gradual shift of various enterprises towards cloud-based communication services.

Meanwhile, in 2020, the Middle East & Africa market generated revenues worth USD 2 billion and is predicted to record a strong CAGR over the projected timeline.

The leading companies operating in global voice over internet protocol industry are Deutsche Telekom AG, Citrix Systems Inc., ZTE Corporation, Vonage, Verizon Communications Inc., Telenor Group, RingCentral Inc., Ribbon Communications Inc., Orange Business Services, Nextiva, Mitel Networks Corporation, Avaya Inc., AT&T, Inc., Microsoft Corporation, Jive Communication, Huawei Technologies Co. Ltd., Google LLC, 8x8 Inc., and Alcatel Lucent Enterprise.