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According to the latest research report titled “SIP Trunking Market Forecast to 2027–COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 30.22 billion by 2027, registering a CAGR of 10.8%during 2020–2027.
Increasing Focus on Low-Price Solutions to Drive Market Growth
A few years ago, the pricing structure of telephone systems had fixed charging rate per call and it varied among providers. The new regulations increased competition among the new market players and pricing structure witnessed positive change favoring the customers. Charges are decided by the firms based on their revenue and pursuit of dominance in local market, resulting SIP trunks are introduced to be 40–80% cheaper than traditional service as they are based on internet connectivity. In addition, traditional telephone calls are expected to travel greater distance and need open circuit while the call is processing; on the other hand, SIP trunking requires only the presence of strong Internet connection.
According to the vision voice company, the SIP trunking can save up to 70% cost spent for traditional telephony services. Benefits, such as lower overheads requirement, elimination of call waiting and voicemail expenses, and slashed relocation cost, are supporting the growth of the SIP trunking market. The on-premise system incurs hardware setup cost, while the hosted service offers service at lower prices.
Hosted deployment of the SIP trunking is an affordable solution for the market players having low financial capabilities. The on-premise set-up requires strong capital investment to setup new infrastructure; however, it assures the quality of service and enhances the brand in the global market. Technological developments and need for assuring quality services to gain customers’ trust is driving the market. The on-premise transmission service helps boost the market footprint with increased brand recognition and customer base. Still, customers are preferring the hosted deployment solution to reduce high investment and offer next generation voice calling service to the customers. For instance, in December 2019, Retell, acall recording solutions company, introduced Sense Lite—a SIP call recording product for hosted solution up to 8 trunks capacity. The product is designed specifically for small enterprises to store, record, and keep the call encrypted for up to 8 SIP channels.
Key Findings of Study:
• Rising penetration of 5G network and 4G LTE network is enhancing the Internet speed in the US. As a result, market players are expanding their footprint in the US market to offer great support for customers. For instance, in April 2020, BCM One acquired the nexVortex, a provider of managed network SIP Trunking services. Through this, the BCM One company expanded their service offering for the SIP trunking solutions in the US. Further, increasing international voice calling in the US is a major supporting factor for the market. Companies are deploying SIP trunking systems at their manufacturing plants to reduce the telephonic expenses.
• Growing industrial manufacturing sector in China is further expected to boost the market growth during the forecast period by creating demand for intentional calling for business operations. For instance, in November 2020, Telinta deployed Alcatel-Lucent Enterprise SIP Devices in China with the support of Telinta’s softswitch platform. The company is offering advanced communication solutions for customers to experience rich communication at a competitive price.
• The SIP trunking technology plays a prominent role in the growth of the telecommunication sector to improve performance. Hosted services offered for the small and medium businesses segment enhanced the market growth by providing solutions at affordable prices. SIP trunk offers long distance calls at low or zilch cost and it is witnessing growth as fast as the traditional circuit-switched telephone traffic. SIP trunking voice system offers various benefits, such as mobility & flexibility, scalability, and lower costs, which drives the segment. Rising number of Internet users in developed and developing nations along with increasing smartphone and laptop users is expected to boost the growth of the SIP trunking service during the forecast period.
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