Mobile VoIP Market Size Expected to Reach $327.5 Billion by 2031
The growing popularity of innovative and user-friendly apps that improve smartphone communication and connectivity driving the mobile VoIP market growth.
PORTLAND, OR, UNITED STATES, September 16, 2024 /EINPresswire.com/ — According to the report, the global mobile VoIP market size generated $49.23 billion in 2021, and is estimated to reach $327.5 billion by 2031, witnessing a CAGR of 21.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
An increase in penetration of smart devices along with high internet connectivity and surge in popularity of innovative and user-friendly applications boost the growth of the mobile VoIP market. In addition, the increase in advanced consumer electronics is positively impacting the growth of the mobile VoIP market. However, lack of awareness about mobile VoIP software and surge in security concerns hamper the mobile VoIP market growth. On the contrary, increase in the adoption of cloud-based security applications is expected to offer remunerative opportunities for the expansion of the mobile VoIP market during the forecast period.
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Mobile VoIPs is a set of communications protocols that can extend VoIP communications to handheld devices. This is frequently used to facilitate audio conversations over WiFi or LTE networks at a lower cost than traditional telephones and without a wired connection. Moreover, VoIP telephone system utilizes Internet Protocol to make calls. Instead of using telephone lines, all communication data is turned into packets and sent over the IP network.
Covid-19 scenario
1. The growing adoption of work-from-home culture across the developing nations and increase in penetration of mobile VoIP services across the employees, positively impacts the growth of the market. Lockdown had been imposed by governments all around the world to stop the virus from spreading owing to which the demand for mobile VoIP apps has surged to keep staff working remotely.
2. Rise in usage of mobile VoIP apps in training and meetings has shown to be incredibly effective for many doctors and healthcare employees which positively impacts the growth of the market.
By operating system, the android segment held the largest share in 2021, garnering nearly three-fourths of the global mobile VoIP market revenue, and is projected to maintain its dominance by 2031. The iOS segment would showcase the fastest CAGR of 22.4% during the forecast period. This is driven by the considerable increase in demand for luxury smartphones.
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By model, the premium model contributed to more than two-thirds of the global mobile VoIP market share in 2021, and is projected to rule the roost by 2031. The enterprise model segment would display the fastest CAGR of 23.2% throughout the forecast period owing to rise in adoption of enterprise model by various businesses to improve the productivity through effective routing based on skill set in developed and developing regions fuels the segment growth.
By model, the premium model contributed to more than two-thirds of the global mobile VoIP market share in 2021, and is projected to rule the roost by 2031. The enterprise model segment would display the fastest CAGR of 23.2% throughout the forecast period owing to rise in adoption of enterprise model by various businesses to improve productivity through effective routing based on skill set in developed and developing regions fuels the segment growth.
The key players profiled in the mobile VoIP market analysis are Cisco Systems, Inc, Microsoft Corporation, Citrix System, Inc, Rakuten, Facebook, Inc, Zoom Video Communications, Inc, Ribbon Communications Operating Company, Inc, 8×8, Inc, 3Cx, Mitel Networks Corp, Jive Software. These players have adopted various strategies to increase their market penetration and strengthen their position in the mobile VoIP industry.
The report analyzes these key players in the global Mobile VoIP market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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