SIP Trunking Services Market (End-use type - Banking, Financial services and Insurance (BFSI), Telecom & IT, Health Care, Retail, Media & Entertainment, Government, Education) - North America, Europe, and Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 04/07/2017 -- The SIP trunking services market in North America, Europe, and Asia Pacific is composed of several small and large vendors. These include Flowroute, Inc., 3CX Ltd., Nextiva, Inc., Twilio, Inc., Allstream, Inc., and Sangoma Technologies Corporation. Transparency Market Research finds that these companies have been depending on collaborations with local channel partners, geographical expansions, integration with WebRTC, and developing customized solutions for SMEs to sustain in this competitive market. For instance, 3CX has increased its customer base across high-potential markets. In July 2016, the company expanded its reach in Denmark by partnering with ALLNET Nordic, a Denmark-based distributor.
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Companies' Initiatives to Overcome Security and Interoperability Issues Prove Conducive for Market's Growth
One of the key factors driving the SIP trunking services market in North America, Europe, and Asia Pacific is the large-scale migration of telecom companies to Internet Protocol (IP)-based networks. "Several established players are taking initiatives to shift their customers to IP networks owing to the benefits of SIP trunking over traditional telephony services," the author of the study observes. For instance, Slovak Telekom, part of the Deutsche Telekom Group, completed the migration of its entire customer base to the IP network in December 2014.
The advantages of SIP trunking services are many and this significantly favors the market. Greater scalability to companies so as to add more channels over their existing trunks is one such benefit.
"Data breach and interoperability issues are some of the key challenges that the SIP trunking services market is faced with in North America, Europe, and Asia Pacific," the analyst reports. The smooth functionality of SIP trunk calls is threatened by the differences among service providers, vendors providing edge devices, and IP-PBX. However, IP phone vendors as well as SIP trunk service providers have been taking initiatives to conduct interoperability tests.
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Hosted SIP Trunking Services to Surpass On-premise Services in terms of Revenue by 2024
The opportunity in the SIP trunking services market in North America, Europe, and Asia Pacific is poised to rise from US$4.47 bn in 2015 to be worth US$20.70 bn by 2024, expanding at a healthy 18.6% CAGR therein. By deployment, on-premise SIP trunking services led the market in 2015, accounting for a share of nearly 67%. "Hosted SIP trunking services, however, are anticipated to overtake on-premise services by 2024 to account for a share of over 51%," states the analyst. This segment is projected to exhibit an impressive CAGR of 25.3% between 2016 and 2024. Based on geography, the SIP trunking services market was led by North America in 2015, with Asia Pacific emerging as the fastest growing regional segment by 2024.
On the basis of end use, the telecom and IT sector was the key revenue generator in 2015 and this segment is forecast to retain its lead through 2024. The retail and healthcare segments are anticipated to grow at the fastest pace during the forecast period in terms of the adoption of SIP trunking services.
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