Communications over IP has introduced new levels of efficiency and flexibility that allows individual users and businesses to use many features which in the past would have been too expensive. With VoIP services, SMBs can now compete with large enterprises when it comes to comprehensive communications solutions without breaking the bank. This has resulted in more businesses of all sizes choosing VoIP as their preferred communication service.
A recent forecast conducted by Infonetics has revealed the VoIP and unified communications (UC) service market is set to grow to $88 billion by 2018, with the business VoIP sector accounting for $35 billion of that total.
Businesses are adopting VoIP because it provides packaged solutions that lets companies pay only for what they need and use. Additionally the technology is scalable on either direction with minimal CAPEX, making it the ideal platform for startups and SMBs as well as large enterprises.
"Business VoIP services have moved well beyond early stages to mainstream, strengthened by the growing adoption of SIP trunking and cloud services worldwide. Hosted unified communications are seeing strong interest up market as mid-market and larger enterprises evaluate and move more applications to the cloud, and this is positively impacting the market," notes Diane Myers, principal analyst for VoIP, UC, and IMS at Infonetics Research.
Some of the key metrics from the forecast include:
According to Myers cloud solutions will play a great role in the future of VoIP, but public switched telephone network (PSTN) still makes up more than 50 percent of the connection for businesses.
The global market is very disparate with the US accounting for the largest growth in adoption of this technology. According to the report the competitive and regulatory environment in the US makes it the ideal place for this industry to grow. The growth is also driven by a strong adoption of IP services, UC and SIP connectivity.