The Voice over protocol (VoIP) is expected to grow at a rate of 10% by 2021 according to Technavio’s research. This projected growth will be primarily driven by the requirement by many organizations globally for employees to bring their own devices to work. The policy of requiring employees to carry their gadgets to the place of work is necessitated by barriers in time zone, always changing locations of work and the need to access confidential and official data using an employee’s device. Employees also prefer this arrangement since they can use one gadget for professional and personal needs. Innovation in devices especially the smartphones to make them more compatible with popular programs account for the growing revenue arising from the smartphones market compared to other gadgets such as laptops and tablets.
During this period, competition will intensify in the VoIP service global market. The driver for this competition is the fact that customers’ usage patterns are changing. The factors that influence competition among the providers of VoIP rely on the number of subscribers, which account for the volume of business, service quality and tariffs. Marketing and pricing strategies are also changing leading to increased competition among the VoIP providers.
The 2016 report shows that international calls increased compared to domestic calls. The high quality of the global IP calling feature that provides consumers with lower rates than the traditional carriers accounts for this growth. Mobile phones explosion in markets that are emerging is expected to agitate the demand for VoIP services during the period from 2016 to 2021.
The corporate market dominance of the VoIP market will override the individual market. Although the growth rate is expected to be moderate in the period between 2017 to 2018, there will be a rapid growth past 2018. Businesses will be trying to cut costs by implementing VoIP systems. Companies that are starting up and Small and Medium Enterprises (SMEs) are adopting VoIP communications to run their communication daily. The goal of the use of VoIP services by these entities is to enhance the productivity of employees by enabling real-time transfer of data from locations that are remote. Organizations are also using VoIP to do webinars and video conferences.