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 payasyougo 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 costeffective 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 payasyougo model is driving the adoption of SIP Trunking services specifically among SMEs.
Indepth 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: CLevel 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:
ATT US
8x8 US
Bandwidth US
BT Group UK
CenturyLink US
Colt UK
Fusion US
GTT Communications US
IntelePeer US
Mitel Canada
Net2Phone US
Nextiva US
Orange France
Rogers Communications Canada
Sprint US
Tata Communications India
Telstra Australia
Twilio US
Verizon US
Vodafone UK
Vonage US
Voyant Communications US
West Corporation US
Windstream US
Research Coverage
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.