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SIP Trunking Services Market to Advance at CAGR of 14.1% during 2022 - 2031: TMR Study

Thursday, October 27, 2022 6:33 AM

WILMINGTON, DE / ACCESSWIRE / October 27, 2022 / Transparency Market Research Inc. - Best SIP trunking service providers are leaning on attracting customer demand by offering outstanding customer support in conjunction with low-cost and high-quality services. In addition, a flexible pricing strategy and a large number of features offered will catalyze demand, thereby boosting SIP trunking market size. The SIP trunking services market is projected to reach US$ 43.74 Bn by 2031.

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Globally, increasing trend of replacing time-division multiplexing (TDM)-based services over SIP trunking for connecting public switched telephone network (PSTN) provides revenue gains to business SIP trunking service providers. For customers, cloud/virtual PBX systems have gathered steams as they enable reduce the cost and management complexity with SIP trunking. Growing use of SIP trunking for long-distance and international calls is boosting SIP trunking services market size.

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Key Findings of SIP Trunking Services Market Study

  • Rising Adoption of VoIP Services Steering Market Growth: Organizations are provisioning voice over IP (VoIP) for dedicated voice connections for business applications. Massive demand for VoIP and PSTN lines for transmitting data as well as voice service has created vast lucrative avenues in SIP trunking services market. The demand for SIP trunking services is expected to thrive among small and medium enterprises sector. Furthermore, the demand for cloud communications solutions in emerging economies notably in the Middle East and Africa will open up new revenue streams in SIP trunking services market.
  • Massive Demand for UCaaS and Cloud-based Communication Services Underpins Tremendous Growth Opportunities: Unified communications-as-a-service (UCaaS) offers the benefits of audio and video conferencing and instant messaging/chat. Of note, the study on the SIP trunking services market found that the SIP trunking services market outlook is enriched by steady adoption of cloud collaboration and communication services. Continuous adoption of UCaaS is bolstering SIP trunking provider's market shares. UCaaS offers enterprises considerable performance and productivity gains. Of note, in key markets such as Europe, large enterprises are leveraging UCaaS to drive top-line growth.

SIP Trunking Services Market: Key Drivers

  • Growing deployment of SIP trunking among communications service providers is a key driver of SIP trunking services market. Rising adoption of unified communication solutions in a bid to improve process outcomes in various enterprises has boosted the prospects of SIP trunking services market.
  • The growing trend of BYOD in the workplace is expanding the canvas for communication service providers. Communication platforms enabled by SIP trunking enhanced mobility and flexibility in various organizations for the employers to manage calls.

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SIP Trunking Services Market: Regional Growth Dynamics

  • The study found that cloud-based solutions have rapidly been deployed by customers in North America. The region has also witnessed continuous evolution of standards thereby expanding the horizon for vendors to capture value in the market. The region held a major share of the global SIP trunking services market.
  • Demand in Europe is estimated to churn out massive revenue streams to the global SIP trunking services market. The region has witnessed extensive uptake of SIP trunking services for supporting and promoting digital transformation and next-gen digital networks.

SIP Trunking Services Market: Competitive Landscape

Top players are focusing on product innovations to gain shares in the SIP trunking services market. The study analysts found the competition landscape to be highly consolidated.

Some of the key market players are MessageBird B.V., Lumen Technologies, Tata Communication, RingCentral, Inc., Orange S.A., Lumen Technologies, Inteliquent, DID Logic, Colt Technology Services, and Avoxi.

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SIP Trunking Services Market Segmentation

  • Enterprise Size
    • Small & Medium Enterprises
    • Large Enterprises
  • End-user
    • Banking, Financial Services, & Insurance
    • IT & Telecom
    • Government
    • Healthcare
    • Education
    • Retail & Ecommerce
    • Travel & Hospitality
    • Others
  • Region Coveres
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE: Transparency Market Research Inc.

Topic:
Company Update
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