VoIP Market Growth
Now, as we discussed in our previous blog post, there has been significant VoIP market growth in the last couple years. However, we mainly focused on growth resulting from the pandemic.
But what about market growth overall? Has there been steady growth? What kind of growth can we expect to see in the future?
All will be discussed throughout this post.
VoIP Market Growth Over Time
The witnessed growth is in the statistics. Over time, VoIP has seen growth year by year. For example, in 2020, the VoIP market witnessed an 18% increase in the U.S from 2019.
Source: Ibis World
Additionally, over a 5 year timespan from 2017 to 2022, the U.S market saw a 4% increase overall.
As you can see, historically, the VoIP market has shown continual growth.
Future Growth of the Industry
Next, what future growth in this industry is projected? That’s a good question, and there are a variety of different answers.
Obviously, we’re not able to predict the future, but we can make educated guesses based on what we already know.
For example, in a forecasted period between 2021 to 2027, the VoIP industry is expected to see an compounding growth rate of about 15%.
Additionally, the hosted IP PBX segment of the industry in particular is expected to grow by 20% in that same period.
Lastly, in 2020 the global market size in 2020 was around $30 billion. By 2027 the value is projected to reach around 95 billion.
Source: Global Market Insights
Ending Thoughts
In all, it’s not hard to understand why the VoIP industry has, and will continue to experience growth. It represents an essential industry in modern communications, and it will probably remain that way for years to come.
After all, with a 4% growth rate over 5 years in the U.S alone, and a projected compound growth rate of 15% in the next 6 years, the proof is all there.
How much do you think the market continue to grow?
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