DUBLIN--(BUSINESS WIRE)--The "VoIP Equipment Market - Forecasts from 2019 to 2024" report has been added to ResearchAndMarkets.com's offering.
The VoIP equipment market is anticipated to grow at a CAGR of 6.01% during the period 2018-2024.
The market for the VoIP equipment is majorly driven by the rising propensity towards IP based telephony at not only the enterprise level but also at the residential level. Reduction in call cost for SMEs, especially while making international calls and availability of internet resources at a cheaper rate are the major driving factors that have boosted the VoIP equipment market. Therefore, the market is poised to grow at a modest rate during the forecast period on account of growing internet penetration across the globe.
By device, the VoIP equipment market is segmented as modem, gateway, server, phones, and others. Phones held a significant share in the VoIP equipment market as a number of players have introduced advanced VoIP phones with features such as music on hold, call-diverting when an extension is busy, call screening, voicemail, voicemail to email transcriptions, among many others.
By end-users, the VoIP equipment market is segmented as enterprise and residential. Enterprise VoIP holds a considerable share as not only large enterprises but also SME's are increasingly adopting VoIP services to streamline their business activities.
Geographically, the VoIP equipment market is segmented as North America, Europe, Asia-Pacific, South America and Africa and Middle East. Europe and North America hold a significant market share in 2017. Developing economies have considerable market growth potential due to high investments in technological infrastructure, evolution, and adaption of new internet generations, namely 3G and 4G.
The Asia Pacific region is expected to grow at a good rate during the forecast period owing to the increasing number of enterprises involving in international business. Furthermore, economic growth and a rise in income level in developing economies will influence the small and medium-sized enterprises to accommodate VoIP equipment for the smooth functioning of the enterprise.
The VoIP equipment is highly competitive owing to the demand for a cost-effective and multifunctional communication system by business enterprises. Continuous investments by government and multinational corporations in technological infrastructure and rapid advancement in developing countries will lead to the rapid growth of the VoIP equipment market, enhancing competitive rivalry on the global level. The competitive landscape details products, strategies, and investments being made by key companies to boost their market share.
Some of the major players discussed in this report are Cisco, AT&T, Avaya, Siemens, Huawei Technologies Co. Ltd., and Zycoo Co., Ltd. among others.
- Large Enterprise
- Small and Medium Enterprise (SME)
- Avaya Inc.
- 8X8, Inc.
- NEC Corporation
- Huawei Technologies Co. Ltd.
- ALE International
- Zycoo Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/p5yesq