By Wasana Nadeeshani Sellahewa
(Commonwealth) _ During the past 20 years, the worldwide VoIP industry has grown at an exponential rate. The sector is showing no signs of slowing down because to ongoing technical advancements, backing from the government, and commercial usage. The growth of remote work will drive the VoIP sector in the years to come, notwithstanding the uncertainties the pandemic poses. In fact, in terms of usage, market share, and income, it appears to be advancing more quickly than ever. This is particularly true given how VoIP trends are currently shifting in favor of 5G adoption, UCaaS expansion, and more AI usage.
In light of the fact that more companies now rely on VoIP service providers for their primary communications, it’s critical to monitor VoIP market trends to determine whether your firm is maximizing this technology’s potential. Companies, irrespective. Everything is now available whenever you need it thanks to the digital era. Businesses are in increasing need of communication solutions that are affordable and can enable organizational mobility. VoIP systems can help in this situation.
Users of this technology can set up adaptable communication networks. They enable you to support calls, SMS, emails, video conferences, and other forms of communication that your company needs. Also, it might assist you in lowering operational expenses. As shown in the presented graphic, VoIP technology may help you save up to 30% on phone bills and teleconference expenses. Meanwhile, these adaptable communication tools can reduce local call costs by 40%. (Virtual PBX, 2013). Last but not least, you may save 90% using it.
This is why it is unsurprising that the market for VoIP is anticipated to reach $55 billion by 2025. (GlobeNewswire, 2019). After all, as companies expand internationally, they require ways to enhance cooperation and communication with distant workers. This raises demand for VoIP goods like IP phones and low-cost calling packages.
Also, a lot of money is being invested globally by both public and private organizations in wireless telecommunications technologies like the current 4G/LTE network and the impending 5G network. These advancements result in faster data transmission rates for business-oriented voice and data services. In light of this, we may anticipate that the VoIP market will develop more and have a bigger influence on how business is done throughout the world.
A communication mechanism that can keep up with the fast-paced corporate environment is necessary. This is why the deployment of 5G networks is one of the most discussed market developments in the VoIP industry right now.
The fifth generation of wide-area wireless networks, or 5G networks, are a technology that will revolutionize how we connect to the internet today. It is designed to eliminate call jitter and packet loss during data transfer while enabling quicker communication speeds and response times. Internet customers will therefore be able to enjoy faster surfing speeds, a better mobile broadband connection, and larger network capabilities.
Moreover, according to recent study by Verizon, faster data transfer rates (72%), enhanced connection for wearable technology (50%), and decreased latency are among the other advantages of having a 5G network.
There is artificial intelligence all around us. It searches Netflix to determine which shows are best for you. You may check it out on your social media feed to make sure you only receive information from the most pertinent sources. Also, it asks you what you need chat assistance with on the websites you visit.
VoIP will remain the same throughout the following several years. In fact, automated customer service agents ($4.5 billion), sales process automation ($2.7 billion), and threat protection ($2.7 billion) are some of the top AI investments, according to a recent IDC report (Business Wire, 2019). Also, research indicates that by 2025, 95% of consumer contacts will be managed without the use of humans (Finance Digest).
