The VoIP services market will grow to $136.76 billion by 2020 from $70.9 billion in 2013.
The VoIP services market will grow at 9.7 percent CAGR during 2014 to 2020, said Transparency Market Research (TMR).
The subscriber base of the global VoIP services market is expected to reach 348.5 million.
In addition to the adoption of smartphones and tablets in the residential and corporate sectors, VoIP over cloud, growth of mobile VoIP, migration from fixed line voice to IP-based wireless VoIP service, and free group video calling are driving the VoIP market.
Players in the global VoIP services market will benefit from the emergence of mobile VoIP services with technological advancement of wireless networks.
The computer-to-phone segment of VoIP had a subscriber base share of 37.9 percent in 2013. The mobile VoIP sector is projected to experience a CAGR of 14.7 percent during the forecast period. International long distance VoIP calls segment is projected to hold a market revenue share of 62.3 percent in 2020. In 2013, this segment boasted a subscriber base share of 54.9 percent.
In 2013, the largest contribution in terms of revenue came from the hosted business services delivered by VoIP service providers. This sector held a 35.8 percent revenue share in the corporate consumers sector. In 2013, Europe led the global VoIP services market, followed by Asia Pacific.
Asia Pacific is expected to be the leading sector in the global VoIP services market by 2020, due to its rising subscriber base in the global VoIP services market. Asia Pacific is projected to grow at a 13.6 percent CAGR and 14.6 percent CAGR in terms of revenue and subscriber base for VoIP services, respectively.
Some of the VoIP companies are Microsoft, Skype, Ring Central, Viber Media S.r.I., Sprint, AT&T, Vonage Holdings, Avaya, and 8×8.