Albany, NY -- (SBWIRE) -- 08/30/2016 -- Session Initiation Protocol (SIP) trunking services have been gaining popularity in various industrial sectors owing to their cost benefits over traditional telephony systems. The SIP trunking services market in North America, Europe, and Asia Pacific is expected to reach US$20.70 bn in revenue by 2024, rising from US$4.47 bn in 2015. If these values hold true, the market is estimated to expand at a CAGR of 18.6% during the forecast period of 2016 to 2024.

The market has been witnessing a steady rise in competition with telecom companies, network providers, and SIP vendors emphasizing on expanding their service offerings in different regions to explore untapped opportunities in potential markets.

SIP Trunking Services Continue to be Used Extensively in IT and Telecom Sector

SIP trunking services find application in several sectors such as BFSI, telecom and IT, healthcare, retail, government, media and entertainment, education, transportation, and manufacturing. The IT and telecom sector led the SIP trunking services market in 2015 and is expected to continue its lead throughout the forecast period. The rapid growth of the IT sector and the continuous development in business process outsourcing (BPO) have significantly contributed to the widespread application of SIP trunking services across different regions.

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The healthcare, retail, and education segments are anticipated to present several growth opportunities for SIP trunking service vendors in the coming years. In terms of adoption of SIP trunking services, the retail sector is likely to expand swiftly, registering a strong CAGR of 20.6% from 2016 to 2024

Asia Pacific Identified as High-potential Market for SIP Trunking Services

SIP trunking services have been predominantly adopted by businesses in North America. The region led the SIP trunking services market in 2015, with the U.S. emerging as the key contributor to market in North America. The established network infrastructure in the country and the high concentration of IT and telecom organizations aid the adoption of SIP trunking services in the U.S. A rise in the number of contact centers across North America also favors the SIP trunking services market.

Asia Pacific is anticipated to be a high potential market for SIP trunking services during the forecast period. Technologically advanced countries such as Japan are the leading contributors to the adoption of SIP trunking services in the region. The rising investments in the commercial sector and several on-going network infrastructure developments in developing countries such as China, India, and the Philippines are anticipated to drive the SIP trunking services market in Asia Pacific through 2024.

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The growth of business process outsourcing (BPO) in these countries is projected be a vital factor contributing to the adoption of SIP trunking services. Major vendors are focusing on strengthening their presence in Asia Pacific by targeting potential markets in countries such as Hong Kong, India, the Philippines, Australia, and Singapore.

The key companies in the SIP trunking services market include Flowroute, Inc., 3CX Ltd., Nextiva, Inc., XO Communications LLC, Twilio, Inc., 8X8, Inc., KPN International N.V., Allstream, Inc., ShoreTel, Inc., Level 3 Communications, LLC, NTT Communications Corporation, Digium, Inc., and Sangoma Technologies Corporation.