In today’s time, every small and large company is doing all it can to reduce its operational expenditure and reroute whatever they can save to other important aspects of business growth. A large part of the companies’ revenue is spent on information technology (IT) infrastructure, including physical servers, communication lines, and software. This is why organizations are trying to reduce it as much as possible and use it in other areas. One way this is being achieved is shifting from hardware-based internet protocol (IP) phones to voice over IP (VoIP) communication, which delivers the voice communication signals over the internet.
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Therefore, with businesses’ efforts to achieve better utilization of their investments, the VoIP software market is projected to value $30,441.5 million by 2025, compared to $15,114.3 million in 2019, at a 13.4% CAGR during 2020–2025 (forecast period). VoIP works on three technologies, namely managed private branch exchange (managed PBX), session initiation protocol (SIP) trunking, and hosted private branch exchange (Hosted PBX). Among these, the SIP trunking technology is the most popular, as it offers support for the public switched telephone network (PSTN) connectivity deployed on companies’ own premises.
Across the globe, Asia-Pacific (APAC) has been the largest VoIP software market, due to the rising number of internet and smartphone users and contact centers. As per the World Bank, the percentage of the population with access to the internet increased from 10.523% in 2006 to 54.3% in 2017 in China and from 2.805% to 34.45% in India during the same period. Further, to cut costs that are incurred due to conventional telephony software, contact centers in the region are rapidly adopting VoIP.
Hence, it is because of the need to save on expenditure, at the same time not having the communication quality compromised, that the usage of voice over internet protocol is increasing around the world.