SIP Trunking Services Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Enterprise Size (Small, Medium, Large), By End-User (Communication And Technology, Healthcare, Retail, BFSI, Government, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Jun 2022
- Report Code : KSI061611724
- Pages : 132
SIP trunking services market was valued at US$13.216 billion in 2020 and is anticipated to grow at a CAGR of 13.16% to reach US$31.401 billion in 2027.
Session Initiation Protocol (SIP) trunking is a method by which voice and other unified communication services are sent over the internet. The rising adoption of IP-based services over traditional PSTN services is projected to boost the market growth during the forecast period. Factors such as increasing usage of cloud computing, rapid adoption of cloud, and unified communication systems by enterprises are expected to increase the demand for SIP trunking services, thus boosting the overall market growth. The SIP trunking services market has been segmented based on enterprise size, end-user, and geography. Based on enterprise size, the market has been segmented into small, medium, and large. By end-user, the market has been segmented into communication and technology, healthcare, retail, BFSI, government, and others.
SIP Trunking Services Market Drivers
- Growing adoption of unified communication in enterprises
In traditional telephone services, the service provider delivers a bundle of physical wires to a business, whereas SIP trunks allow companies to use Public Switched Telephone Network (PSTN) connectivity through an IP network such as the internet, due to which enterprises are adopting unified communication solutions which reduce their telephony costs and generate ROI facilitated by the SIP trunking service. The growing adoption of UC in enterprises is driving the growth of the global SIP trunking service market across various countries worldwide. For instance, Matrix launched SARVAM UCS – Unified Communication Server for Modern Enterprises, which is designed to eliminate barriers that have traditionally separated voice calls, email, instant messaging, and conferencing in all forms. UCaaS is changing the deployment and management of businesses and making it easy to adopt and scale UCC within an enterprise which makes it easier for enterprises to manage costs while scaling up and down new services. Tata Communications and West collaborated to combine a global leader in UCC with one of the world’s largest communications providers to give enterprises rapid access to UCC platforms and better connectivity.
- Increased demand for SIP Trunking Services from BFSI
One of the prime factors driving the growth of the SIP trunking services market is its growing demand from the BFSI sector. The companies operating in the BFSI sector are under continuous pressure to offer maximum network connectivity to customers and value chain partners by maintaining low operational costs and communication timing. SIP trunking services help the BFSI sector to simplify communication management as they offer customized inbound call routing for fast and efficient call processing, provides full integration with existing and new external paging systems, offers integration between smartphones and cell phones, interconnection of various branches, and seamless call transfers between locations. Due to the various benefits offered by the SIP trunking services, their demand is high across the BFSI sector, which is expected to impact the overall market growth positively.
Asia-pacific is expected to dominate the SIP Trunking Services market.
APAC region provides various opportunities to vendors of SIP trunking services during the forecast period owing to the growing adoption of mobile and internet, developing economies, and increasing pressure to achieve greater business agility. Moreover, rapid advancements in ICT infrastructure, cloud computing, and technologies such as AI and IoT have encouraged many enterprises to adopt SIP trunking services across various developing countries in the Asia Pacific region. Many IT organizations in Asian pacific countries plan to use SIP trunking services in their business environment to improve operational efficiency and reduce costs.
COVID-19 pandemic doesn’t have any negative impact on the market growth. The pandemic has enhanced the use of digitization, IoT, and AI. It has also increased the adoption of ICT and cloud computing services which in turn has increased the demand for several SIP trunking services across various countries worldwide, which has positively contributed to the overall market growth in 2020.
SIP Trunking Services Market Scope:
|Market size value in 2020||US$13.216 billion|
|Market size value in 2027||US$31.401 billion|
|Growth Rate||CAGR of 13.16% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Enterprise Size, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||CenturyLink, CISCO, Legacy VoIP, Verizon, GTT Communications, Inc., AT&T, TWILIO INC., VOYANT COMMUNICATIONS, Fusion Connect, Inc., Rogers Communication|
|Customization scope||Free report customization with purchase|
- By Enterprise Size
- By End-User
- Communication and Technology
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the SIP trunking services market?
A1. The SIP trunking services market is anticipated to grow at a CAGR of 13.16% during the forecast period.
Q2. What will be the SIP trunking services market size by 2027?
A2. The global SIP trunking services market is anticipated to reach a market size of US$31.401 billion by 2027.
Q3. What is the size of the global SIP trunking services market?
A3. SIP Trunking Services Market was valued at US$13.216 billion in 2020.
Q4. Which region holds the maximum market share in the SIP trunking services market?
A4. Asia-pacific is expected to dominate the SIP Trunking Services market owing to the growing adoption of mobile and internet, developing economies, and increasing pressure to achieve greater business agility.
Q5. What factors are anticipated to drive the SIP trunking services market growth?
A5. The rising adoption of IP-based services over traditional PSTN services is projected to boost the SIP trunking services market growth.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The Threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. SIP TRUNKING SERVICE MARKET BY ENTERPRISE SIZE
6. SIP TRUNKING SERVICE MARKET BY END-USER
6.2. Salty and Sour Snacks
6.3. Communication and Technology
7. SIP TRUNKING SERVICES MARKET BY GEOGRAPHY
7.2. North America
7.2.1. North America SIP Trunking Services Market, by Enterprise Size, 2020 to 2027
7.2.2. North America SIP Trunking Services Market, by End User, 2020 to 2027
7.2.3. North America SIP Trunking Services Market, by Country, 2020 to 2027
188.8.131.52. United States
7.3. South America
7.3.1. South America SIP Trunking Services Market, by Enterprise Size, 2020 to 2027
7.3.2. South America SIP Trunking Services Market, by End User, 2020 to 2027
7.3.3. South America SIP Trunking Services Market, by Country, 2020 to 2027
7.4.1. South America SIP Trunking Services Market, by Enterprise Size, 2020 to 2027
7.4.2. South America SIP Trunking Services Market, by End User, 2020 to 2027
7.4.3. South America SIP Trunking Services Market, by Country, 2020 to 2027
184.108.40.206. United Kingdom
7.5. The Middle East and Africa
7.5.1. Middle East and Africa SIP Trunking Services Market, by Enterprise Size, 2020 to 2027
7.5.2. Middle East and Africa SIP Trunking Services Market, by End User, 2020 to 2027
7.5.3. Middle East and Africa SIP Trunking Services Market, by Country, 2020 to 2027
220.127.116.11. Saudi Arabia
7.6. Asia Pacific
7.6.1. Asia Pacific SIP Trunking Services Market, by Enterprise Size, 2020 to 2027
7.6.2. Asia Pacific SIP Trunking Services Market, by End User, 2020 to 2027
7.6.3. Asia Pacific SIP Trunking Services Market, by Country, 2020 to 2027
18.104.22.168. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investments and Deals
8.3. Strategies of Key Players
9. COMPANY PROFILES
9.3. Legacy VoIP
9.5. GTT Communications, Inc.
9.7. TWILIO INC.
9.8. VOYANT COMMUNICATIONS
9.9. Fusion Connect, Inc.
9.10. Rogers Communication
GTT Communications, Inc.
Fusion Connect, Inc.
|Report Name||Published Month||Get Sample PDF|
|Network Slicing Market Size & Share: Industry Report, 2021 - 2026||Dec 2021|
|Global 5G Services Market Size & Share: Industry Report, 2022-2027||Jun 2022|
|Private LTE Market Size & Share: Industry Report, 2022-2027||Jun 2022|
|Industrial Internet Market Size & Share: Industry Report, 2022-2027||Jun 2022|
|Broadcasting Equipment Market Size & Share: Report, 2022–2027||Aug 2022|