SIP Trunking Services Market by Organization Size (Small Businesses, Mid-sized Businesses, and Enterprises), End-user (Wholesale and Verticals (BFSI, Healthcare, Government, High-Tech, Retail, and Education)), and Region - Global Forecast to 2023
Increasing adoption of cloud and unified communication (UC) is a major growth driver for the global Session Initiation Protocol (SIP) Trunking services market
The global SIP Trunking services market size is expected to grow from USD 7.63 billion in 2018 to USD 12.70 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period. Major growth drivers for the market include reduction in the total cost of ownership by leveraging the pay-as-you-go model, increasing adoption of cloud and UC, and easy integration with Private Branch Exchange (PBX) systems. However, concerns overs security and privacy may restrain the market growth.
Enterprises segment to hold the largest market size during the forecast period
The enterprises segment is expected to hold the largest market size in the SIP Trunking services market by organization size during the forecast period. SIP Trunking helps enterprises break down the barriers between people using different communication modes, media, and devices to communicate with anyone, from anywhere, and at any time. Enterprises across verticals are at the forefront in adopting SIP Trunking services, as these services meet the critical communication requirements of enterprises by providing cost-effective and reliable centralized communication systems.
Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market size during the forecast period
The BFSI vertical is expected to hold the largest market size in the SIP Trunking market by vertical during the forecast period. BFSI companies are under significant pressure to offer anytime connectivity to value chain partners and customers while ensuring the low operational costs and communication delay. SIP Trunking services help simplify communication management and cost reduction. The services also offer multiple benefits, including customized inbound call routing for fast and efficient call processing, full integration with existing or new external paging systems, cell phone and smartphone integration, interconnection of various branches, and seamless call transfers between locations.
Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
The APAC region is expected to provide significant growth opportunities for vendors of SIP Trunking services during the forecast period, the region demonstrates a combination of high growth, developing economies, and mass adoption of mobile and internet. Rapid advancements in network infrastructure, cloud computing, telecom, and IoT have encouraged many enterprises to adopt SIP Trunking services. With the increasing pressure to achieve greater business agility, more IT organizations in the APAC region are planning to adopt the SIP trunk services in the business environment to function properly, improve operational efficiency, and reduce cost. The emergence of pay-as-you-go model is driving the adoption of SIP Trunking services specifically among SMEs.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the SIP Trunking services market.
The breakup of the profiles of the primary participants is given below:
By Company: Tier 1 – 27%, Tier 2 – 38%, and Tier 3 – 35%
By Designation: C-Level – 47%, Director Level – 49%, and Others – 4%
By Region: North America – 37%, Europe – 28%, APAC – 29%, and RoW – 6%
The report profiles the following key vendors in the global SIP Trunking services market:
BT Group (UK)
GTT Communications (US)
Rogers Communications (Canada)
Tata Communications (India)
Voyant Communications (US)
West Corporation (US)
The report segments the global SIP Trunking services market by organization size, end users (wholesale and verticals), and regions. It has a detailed analysis of the key industry players to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations; expansions; and the competitive landscape associated with the global SIP Trunking services market.
Reasons to Buy the Report
The report would help the market leaders/new entrants in the following ways:
It comprehensively segments the SIP Trunking services market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across major regions.
It would help stakeholders understand the pulse of the market and provides information on the key market drivers, restraints, challenges, and opportunities.
It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes competitor ecosystem, new service developments, partnerships, and acquisitions.