Albany, NY -- (SBWIRE) -- 08/10/2018 -- The global IP telephony market has been classified into five geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa and South America. Proliferation in the softphone adoption and growing demand for VoIP services are some of the fundamental factors that are expected to boost the global IP telephony market during the forecast period.
Global IP telephony market is expected to grow at CAGR of 8.8% during the forecast period from 2017 to 2025. According to the estimates, softphones segment held the highest market share in 2016 and expected to grow at highest CAGR of 9.4% during the forecast period.
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North America Held Lead Benefiting from Presence of Numerous Prominent Players
Large number of prominent IP telephony solution providers are based in the developed countries, however, they do have presence across developing countries too. In 2016, North America region held highest market share for IP telephony market closely followed by Asia Pacific. Multiple VoIP services and solutions providers in North America are teaming up to offer customers with advanced and innovative telecommunication solutions. The early adoption of hosted telephony is helping North American market to generate highest revenue.
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In May 2017, Optus, a telecommunications service provider, collaborated with Broadsoft, a cloud software specialist. This collaboration was aimed at introduction of enhanced cloud based telephony system for small and medium sized business that offer hybrid mobiles and fixed line services. The U.S. held highest market share of North America market in 2016 and is estimated to grow at significant CAGR during the forecast period owing to the growing adoption of cloud technology and increasing penetration of softphones. In North America, due to the rapid advancements in technology in order to provide enhanced IP telephony services, the softphones segment is expected to grow at highest CAGR.
Multiple VoIP solutions and services providers from Europe are offering advanced feature-rich UCaaS services. Europe IP telephony market is expected to grow at CAGR of 9.0% during the forecast period. According to the estimates, UK contributed highest revenue share to total Europe IP telephony market in 2016 owing to the increasing adoption of VoIP services and innovations in hardware based IP phones. Major countries in Asia pacific are growing rapidly in terms of GDP. IP telephony market in Asia Pacific is estimated to grow at highest CAGR of 9.8% during the forecast period.
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Market to Witness Considerable Rise in Demand for Softphones
Based on component, the global IP telephony market can be segmented into softphones, hardware based, and services. Of these, the softphones segment is likely to exhibit the highest CAGR during the course of the report's forecast period. The softphones segment is preferred more because it offers cost reduction, besides lower costs incurred on infrastructure.
In addition the segment supports video calling and multi-party conferencing. In the coming years the market is expected to witness considerable rise in the demand for softphones. This is because an increasing number of IP telephony providers are currently offering softphones free of cost. This, coupled with the recent innovations in IP phones is expected to give significant impetus to the global IP telephony market.
The market is expected to witness entry of significant number of solution providers thereby intensifying the competition. The key players in the global IP telephony market include Ascom Holding AG, Avaya Inc., Cisco Systems, Inc., Gigaset Communications, LG Electronics., Mitel Networks Corporation, Panasonic Corporation, Polycom, Inc., Yealink Inc., NEC Corporation and Grandstream Networks, Inc.