According to a market report, published by Sheer Analytics and Insights, The global Session Initiation Protocol (SIP) trunking services market was valued at $15.4 billion in 2021 and it is expected to reach $51.2 billion at a CAGR of 11.20% between 2022 and 2032. SIP is used for call management, establishment, and teardown. It is widely deployed by worldwide communications service providers. It is more reliable and optimizes all business communications. From crisp voice calls to high-quality video, SIP trunking services will provide good communications experiences to their customers. Furthermore, the SIP trunking service replaces the need for physical lines and it also lets people easily add new phone lines or modify phone services without any disruptions or any kind of hardware. The biggest advantage of SIP trunking services is a high level of security. Since the server is onsite and managed by the various IT staff, employers have total control over the security protocol. Governments from various developing countries are focusing on digital movement, which is anticipated to provide impetus to SIP trunking services, which enables a connected network environment. Therefore, these rising factors are expected to drive the growth of the SIP trunking services market during the forecast period across the globe.
SIP trunking is widely used to replace PRI technology. Data such as instant messages, video conferencing, and voice calls are supported by SIP services. Thus, the SIP trunking services are used for call setup, management, and teardown. Hence, it provides very flexible, reliable, and lightweight solutions to a large number of end-users. Moreover, the market players are focusing on reducing operational costs and improving organizational performance, which is the major driving factor across the worldwide market. In addition, governmental support and many investors are expected to be the growth opportunities for the global SIP trunking services at present days. However, factors such as a lack of skilled workforce and technological expertise could be a challenge for the overall market, which might hinder growth in the near future.
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Some major factors such as increasing adoption of unified communication solutions in enterprise environments along with the significant reduction in telephony costs and a rapid return of investment facilitated by the trunking services are estimated to propel the market growth during the upcoming years. The usage of smartphones and laptops is increasing in the workplace, which is the major trend observed, enabling greater mobility flexibility for a large number of employees, so they could work from anywhere and anytime. Hence, these have reduced the high costs of hardware and software facilities of an organization. Moreover, by delivering both data and voice over the connection, the SIP trunking services market significantly optimizes the bandwidth utilization enhancing the productivity of the network. Hence, these rising factors are also expected to boost the market growth during the forecast period from 2022 to 2032.
According to the study, key players such as AT&T (U.S), Bandwidth (U.S), BT Group (U.K), Lumen Technologies (U.S), Ceska Zbrojovka Partners SE (Czech Republic), Fusion Connect Inc (U.S), GTT Communications (U.S), IntelePeer (U.S), Miltel Telecommunications (Canada), IBM Corporation (U.S), IDT Corporation (U.S), Nextiva (U.S), Nippon Telegraph and Telephone (Japan), Orange S.A (France), RingCentral (U.S), Rogers Communications (Canada), Tata Sons (India), Telstra Telecommunications (Australia), Twilio (U.S), Verizon Communications (U.S), Vodafone Group (U.K), Vonage Telecommunications (U.S), Voyant Communications (U.S), Intrado Telecommunications (U.S), Windstream Holdings II LLC (U.S), Zayo Group (U.S), 8x8 Inc (U.S), among others.
The Global SIP Trunking Services Market Has Been Segmented Into:
The Global SIP Trunking Services Market – By Deployment Mode:
The Global SIP Trunking Services Market – By End-User:
The Global SIP Trunking Services Market –By Organizations Type:
The Global SIP Trunking Services Market – By Regions:
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