According to Statista, in January 2021, there was around 4.66 billion internet user worldwide, which is 59.5% of the total population. In 2019, Asia had the highest number of internet users which is over 2.3 billion. SIP calls use the internet instead of expensive physical phone lines. This cut down the cost of buying local PSTN (Public Switched Telephone Network) gateways or PRI (Primary Rate Interface) lines. Thus, the increase in internet penetration is increasing the demand for SIP trunking services in the market.
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Data Bridge Market Research analyses that the session initiation protocol (SIP) trunking services market is expected to grow at a CAGR of 12.5% in the forecast period of 2022 to 2029 and is expected to reach USD 26,994.04 million by 2029. Moreover, the growing focus on reducing operational cost and improving organizational performance is the major driving factor in the market.
Increasing Adoption of Cloud and Unified Communications Solution Is Expected To Drive the Market's Growth Rate
The companies are moving towards more advanced virtual technologies such as Unified Communications (UC) services that can help them manage all of their platforms. This has risen the demand for SIP trunking services in the market. As per the article by ATC Voice Data, UC gives mobile workers its 40 minutes back per day. Also, with 100 employees, a company can save up to 191 hours per day and USD 920,000 per year. These significant enhancements reduce administrative burdens and help bring workers together, regardless of where they work. Therefore, the high adoption of cloud and unified communication solutions raises the demand for session initiation protocol (SIP) trunking services in the market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (Hosted, On Premise), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises (SMEs), Application (Voice, Video, Streaming Media, Web Conferencing, and Desktop Sharing), Vertical (Banking, Financial Services and Insurance, Healthcare and Life Sciences, Telecommunication and IT, Government and Public Sector, Manufacturing, Consumer Goods, and Retail, Media, and Entertainment, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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3CX (Cyprus), 8X8, Inc. (U.S.), BT (U.K), CenturyLink (U.S.), Colt Technology Services Group Limited (U.K.), Fusion Incorporated (U.S.), GTT Communications, Inc. (U.S.), Intelepeer Cloud Communications LLC. (U.S.), Mitel Networks Corp. (Canada), NET2PHONE (U.S.), Nextiva (U.S.), ORANGE (France), Rogers Communications (Canada), TELSTRA (Australia), TWILIO Inc. (U.S.), Verizon (U.S.), Vonage (U.S.), Voyant Communications (U.S.), Intrado Corporation (U.S.) and IBM (U.S.)
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Data Points Covered in Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis:
The global session initiation protocol (SIP) trunking services market is segmented into four notable segments which are based on the type, organization size, application and vertical.
- On the basis of type, the global session initiation protocol (SIP) trunking services market is segmented into hosted and on premise. In 2022, on premise segment is expected to dominate the global session initiation protocol (SIP) trunking services market with the highest CAGR of 11.2% in the forecast period of 2022 to 2029. This domination of premise segment over the global session initiation protocol (SIP) trunking services market is due to the increased reliability of call connections and services.
- On the basis of organization size, the global session initiation protocol (SIP) trunking services market is segmented into large enterprises, and small and medium-sized enterprises (SMEs). In 2022, large enterprises is expected to dominate the global session initiation protocol (SIP) trunking services market with the highest CAGR of 11.8%
The large enterprises is expected to dominate the global session initiation protocol (SIP) trunking services market
In 2022, large enterprises is expected to dominate the global session initiation protocol (SIP) trunking services market with the highest CAGR of 11.8% in the forecast period of 2022 to 2029. The large enterprises are expected to dominate the global session initiation protocol (SIP) trunking services market due to the highly fragmented product portfolio exhibition in large enterprises.
- On the basis of application, the global session initiation protocol (SIP) trunking services market has been segmented into voice, video, streaming media, web conferencing, and desktop sharing. In 2022, voice segment is expected to dominate the global session initiation protocol (SIP) trunking services market with the highest CAGR of 11.9% in the forecast period of 2022 to 2029. The voice segment is expected to dominate the global session initiation protocol (SIP) trunking services market due to the increased accuracy and precision of calls in end to end connections.
- On the basis of vertical, the global session initiation protocol (SIP) trunking services market has been segmented into banking, financial services and insurance, healthcare and life sciences, telecommunication and IT, government and public sector, manufacturing, consumer goods, and retail, media, and entertainment, and others. In 2022, banking, financial services and insurance segment dominates the global session initiation protocol (SIP) trunking services market with the highest CAGR of 13.0%
The banking, financial services and insurance segment dominates the global session initiation protocol (SIP) trunking services market
In 2022, banking, financial services and insurance segment will dominate the global session initiation protocol (SIP) trunking services market with the highest CAGR of 13.0% in the forecast period of 2022 to 2029. The banking, financial services and insurance segment dominates the global session initiation protocol (SIP) trunking services market due to the need for effective quality communications in financial sector.
Major Players
Data Bridge Market Research recognizes the following companies as the major session initiation protocol (SIP) trunking services market players in session initiation protocol (SIP) trunking services market are 3CX (Cyprus), 8X8, Inc. (U.S.), BT (U.K), CenturyLink (U.S.), Colt Technology Services Group Limited (U.K.), Fusion Incorporated (U.S.), GTT Communications, Inc. (U.S.), Intelepeer Cloud Communications LLC. (U.S.), Mitel Networks Corp. (Canada), NET2PHONE (U.S.), Nextiva (U.S.), ORANGE (France), Rogers Communications (Canada), TELSTRA (Australia), TWILIO Inc. (U.S.), Verizon (U.S.), Vonage (U.S.), Voyant Communications (U.S.), Intrado Corporation (U.S.) and IBM (U.S.).
Market Development
- In September 2020, Telstra had signed a strategic partnership with Microsoft to focus on accelerating the development and release of innovative and sustainable cloud-based solutions across multiple industries. This had further enable the company to develop new industry solutions in the premium market.
- In January2022, TWILIO INC. have signed an agreement with Teleperformance for bringing the next generation of cloud contact centre solutions to companies around the world. This partnership will help to enhance company’s service portfolio and also will give customer the access to deliver market leading cloud solutions.
- In January 2021, Sangoma Technologies Corporation, a voice and unified communications solution provider based in Canada, purchased StarBlue Inc. from Star2Star Holdings, LLC for an undisclosed sum. With the acquisition of StarBlue Inc., Sangoma Technologies will be able to broadcast to the industry a set of cloud-native Containers as a service (CaaS) and solutions. It will also allow Sangoma Technologies Corporation to grow and evolve among the leading cloud service providers.
- In Novermber 2021, Net2phone, a market leader in SIP trunking services, has launched its fully localised cloud communications solution in Peru and is expanding to six new cities in Brazil. It now offers its cloud communication service in four South American countries: Peru, Brazil, Argentina, and Colombia.
- In March 2021, RingCentral, Inc., a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact centre solutions, announced the acquisition of the technology and engineering team at Kindite, a developer of leading cryptographic technologies that mitigate and reduce security and privacy risks to cloud-based information and applications. RingCentral's global communications platform will incorporate the new technology, providing customers with enhanced security capabilities such as end-to-end encryption.
- In August 2021, SYNNEX Corporation signed a new distribution agreement with 8x8, a key player in the SIP trunking services market. 8x8 will provide access to 8x8 XCaaS to SYNNEX's partner community of traditional value-added resellers (VARs), system integrators, and managed service providers under this agreement (MSPs). 8x8 XCaaS combines cloud native contact centre, voice, team chat, and meetings capabilities into a single-vendor solution for employee communications, collaboration, and customer engagement.
Regional Analysis
Geographically, the countries covered in the session initiation protocol (SIP) trunking services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in session initiation protocol (SIP) trunking services market during the forecast period
North America dominated the session initiation protocol (SIP) trunking services market due to the high adoption of advanced technology and major service providers. North America will continue to dominate the session initiation protocol (SIP) trunking services market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the high investments in research and development activities for the development of new technologies within this region.
Asia-Pacific is estimated to be the fastest growing region in session initiation protocol (SIP) trunking services market
Asia-Pacific is expected to grow during the forecast period due to the high rate of product development and distribution of APIs communication platform in this region. In addition to this, rising healthcare expenditure and increasing per-capita income are expected to propel the market's growth rate in this region.
COVID-19 Impact Analysis
The outbreak of COVID-19 positively impacted the healthcare industry. Companies have been forced to work remotely due to the COVID-19 pandemic. This has created revenue opportunities for SIP trunking services market participants. SIP (Sessions Initiation Protocol) trunking partners are increasing efforts to provide the best call quality. Employers change their remote work policies to rely on video conferencing and VoIP (Voice Over Internet Protocol)-enabled calling. With the increasing shift in work-from-home practices by the majority of corporate institutions, companies operating as SIP trunking service providers, particularly in the field of hosted/cloud-based deployment, have seen a rapid surge in customer acquisition, as corporates around the world investing in innovative and seamless communication solutions continue to offer seamless business communications.
Thus, the session initiation protocol (SIP) trunking services market is projected to grow at an accelerated pace during the COVID-19.
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