LONDON, Oct. 20, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s market research report, the reduction in communication costs is contributing to the growth of the SIP trunking service market. Switching over to SIP (session initiation protocol) provides benefits to the businesses such as lower cost, flexible bandwidth allocation, better video and audio quality, and so on. According to Atlantech Online, a US-based company offering telephone, internet, and data center services to business and government organizations, on average a company can save up to 20% to 60% of the communication cost by switching to SIP. The SIP call charges are lower, ranging from $1.67 to $15 per month per channel. Therefore, the reduction in communication cost is expected to drive the growth of the SIP trunking service market over the coming years.
North America was the largest region in the Session Initiation Protocol (SIP) trunking services marketin 2020. Europe was the second-largest market in the SIP trunking services market. The regions covered in the SIP trunking service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global session initiation protocol (SIP) trunking services market is expected to grow from $11.29 billion in 2020 to $13.03 billion in 2023 at a compound annual growth rate (CAGR) of 15.4%. The change in growth trend of the SIP trunking service market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The SIP trunking service market is expected to reach $20.67 billion in 2025 at a CAGR of 12.2%.
The Business Research Company’s report titled Session Initiation Protocol (SIP) Trunking Services Global Market Report 2023 – By Type (Hosted, On Premise), By Organization Size (Small Businesses, Mid-Sized Businesses, Large Enterprises), By End User (BFSI, Healthcare And Life Sciences, Telecommunications And IT, Government And Public Sector, Manufacturing, Consumer Goods And Retail, Media And Entertainment), COVID-19 Implications And Growth covers major SIP trunking services companies, SIP trunking services market share by company, SIP trunking services manufacturers, SIP trunking services market size, and SIP trunking services market forecasts. The report also covers the global SIP trunking services market and its segments.
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Major players in the session initiation protocol trunking services industry are 8×8 Inc., Verizon Communications, 3CX, AT&T Inc, Bandwidth, BT Group plc, CenturyLink, Colt Inc., Flowroute, Fusion Connect, Inc., GTT Communications Inc., IntelePeer Inc., Level 3 Communications, Mitel Networks Corporation, Net2Phone, Nextiva Inc., NTT Communications Corporation, Rogers Communications, Tata Communications Ltd., Telstra Inc., Twilio Inc., Vodafone Group PLC, Vonage Holdings Corporation, Voyant Communications LLC., West Corporation, Allstream Inc., Plivo Inc, Ringcentral Inc., Sangoma Technologies Corporation, ShoreTel Inc., and Sprint Corporations.
The SIP trunking service is used for call establishment, administration and teardown. SIP trunks are sold as a replacement for the digital primary rate interface (PRI), which is based on time-division multiplexing (TDM). The main types of SIP trunking services are hosted and on-premise. A hosted private branch exchange (PBX) allows users to use PBX features including automated attendant, automatic call distribution, voicemail, and call transfer without having to own or operate all of the essential equipment on the premises. Calls are routed to extensions through a PBX, which allows the VoIP service provider to manage all essential equipment and software. The different sizes of organizations include small businesses, mid-sized businesses, and large enterprises. It is implemented in various verticals such as BFSI, healthcare, and life sciences, telecommunications & IT, government and public sector, manufacturing, consumer goods and retail, media & entertainment, others.
Session Initiation Protocol (SIP) Trunking Services Global Market Report 2023 – COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide session initiation protocol (SIP) trunking services market overviews, session initiation protocol (SIP) trunking services market analyze and forecast market size and growth for the whole market, session initiation protocol (SIP) trunking services market segments and geographies, session initiation protocol (SIP) trunking services market trends, session initiation protocol (SIP) trunking services market drivers, session initiation protocol (SIP) trunking services market restraints, session initiation protocol (SIP) trunking services market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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