The global SIP trunking services market is projected to reach the value of US$ 35.5 Bn by 2030. The SIP trunking services market is projected to expand at a CAGR of ~13% from 2020 to 2030. The expansion of the SIP trunking services marketcan be attributed to growing cloud-based SIP trunking services and replacement of traditional ISDN. North America is anticipated to lead the global SIP trunking services market in terms of revenue, followed by Europe, during the forecast period.
Rise in Bring Your Own Device (BYOD): An Opportunity for Global Market
The rise in the use of smartphones and personal laptops at workplaces is a major trend enabling greater mobility and flexibility for employees to work from anywhere and at any time. This also aids organizations by reducing their hardware and service costs. Furthermore, increasing popularity of the cloud and widespread use of the Internet of Things (IoT) have added to the BYOD trend at workplaces.
SIP trunk service providers are offering services to support devices such as laptops, smartphones, and other devices that support SIP.
SIP Trunking Services: Market Segmentation
The global SIP trunking services market has been segmented based on deployment, enterprise size, end user, and region. In terms of deployment, the SIP trunking services market has been segmented into hosted and on-premise. Based on enterprise size, the market has been categorized into small & medium enterprise and large enterprise. The end user segment of the SIP trunking services market has been divided into BFSI, IT & telecom, retail, government, healthcare, education, media & entertainment, and others.
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SIP Trunking Services Market: Regional Outlook
The global SIP trunking services market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominates the global SIP trunking services market, and accounted for ~37% market share in 2019. It is likely to maintain its dominance during the forecast period. The SIP trunking services market in North America is estimated to expand at a CAGR of 12.4% during the forecast period.
The SIP trunking services market in Asia Pacific is projected to expand at the fastest CAGR of 14.4% during the forecast period due to rising presence for cloud-based SIP trunking solutions. The SIP trunking services market in Europe and South America is expected to expand moderately during the forecast period.
The report provides in-depth segment analysis of the global SIP trunking services market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries which offer considerable opportunities or account for significant share has also been included as part of the geographic analysis of the SIP trunking services market.
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SIP Trunking Services Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global SIP trunking services market. Key players profiled in the report include AT&T Inc., CenturyLink, Inc., NTT Communications Corporation, Tata Communications Ltd., Verizon Communications, Inc., Vodafone Group Plc, and others.