IP Telephony Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Hardware, Software, Services), By Enterprise Size (Large Enterprise and Small & Medium Enterprises), By Connectivity (Wired and Wireless), By End User (Corporate, Government, Residential, and Others), and Region Forecast 2019-2030        

IP Telephony Market size was valued at US$ 2,980.96 million in 2023 and is poised to grow at a significant CAGR of 14.1% from 2024-2030. IP telephony (Internet Protocol telephony) is a general term for technologies, products, and services that use the Internet Protocol's packet-switched connections to support voice calling, voicemail, video calling, video conferencing, faxing, and instant messaging (IM). Previously, these communications have been carried over the dedicated circuit-switched connections of the public switched telephone network (PSTN). IP telephony works by converting voice calls, faxes, and other information into digital signals. These digital signals travel through IP networks, such as the internet, as data packets, using IP packet-switched connections.

Voice features within IP Enterprise Size are referred to as voice over IP (VoIP). The low cost of IP service and cost-effective method will boost the global market growth at a significant rate. The rise in urban population, the adoption of smart communication, the increased rate of data transmission over the internet, growing communication, the higher number of e-commerce industries, and the dependency of enterprises on web-based solutions and services are the major drivers in the global market growth. Moreover, the growing demand for mobile library telephony is driving the global adoption rate. The global key players are influencing the global market trend through innovations and contributions to efficient call management and reduced call costs. However, lack of internet speed, bad connections in some areas, and various lags in net connections may hamper the global market growth. Geographically, North America held a major market share in 2021 and is expected to dominate the global market in the forecasted years. 

Key Developments

• In Mar 2022, Broadvoice, a provider of unified communications, hosted voice, and SIP trunking services, received a 2022 Internet Telephony Product of the Year Award.