The global Session Initiation Protocol (SIP) Trunking services market size is forecast 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% between 2018 and 2023.
Major growth factors for the market include low Capital Expenditure (CAPEX) and Total Cost of Ownership (TCO), and an increasing adoption of cloud and Unified Communications (UC).
The objective of the report is to define, describe, and forecast the SIP Trunking services market size by organization size, end users (wholesale and verticals) and regions. Among organization sizes, the enterprises segment is expected to hold a larger market size. SIP Trunking service providers offer reliable, centralized phone services to enterprises, without the hassle of onsite setup and maintenance costs. Enterprises across emerging countries are investing substantial capital in their core network infrastructure to cope with the growing business communication needs.
Among verticals, the Banking, Financial Services, and Insurance (BFSI) segment is expected to hold the largest market size during forecast period. BFSI companies are under significant pressure to offer anytime connectivity to value chain partners and customers. SIP Trunking services help simplify communication management and cost reduction. Hence, the BFSI vertical is expected to witness the rapid adoption of SIP Trunking services during the forecast period.
North America is the overall leader in the adoption and implementation of SIP Trunking services, followed by Europe. Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America are also increasingly adopting SIP Trunking services owing to the advancements in the network infrastructure. SIP service providers have an immense potential in these untapped markets. Wholesale carriers and enterprises in these regions are adopting SIP Trunking services as a cost-effective and reliable alternative to traditional phone systems to achieve reliable connectivity within organizations, irrespective of the location. Globally, businesses are utilizing the SIP trunk services to minimize operational cost, streamline business operations, and enhance the network efficiency.
An increasing demand for SIP Trunking services among Small and Mid-sized businesses and untapped potential market are expected to create significant growth opportunities for vendors in the market. However, growing concerns over Quality of Service (QoS) and difficulties in implementing SIP trunks may restrain the market growth, but for a specific period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the SIP Trunking Services Market 4.2 Market Share of Top 3 Verticals and Regions 4.3 Market Investment Scenario
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 126.96.36.199 Reduced TCO By Leveraging the Pay-As-You-Go Model 188.8.131.52 Rising Adoption of Cloud and UC 184.108.40.206 Ease of Integration With PBX Systems 5.2.2 Restraints 220.127.116.11 Security and Privacy Concerns 5.2.3 Opportunities 18.104.22.168 Increasing Demand for SIP Trunking Services Among SMEs 22.214.171.124 Untapped Potential Markets 5.2.4 Challenges 126.96.36.199 Increasing Concerns Over QOS 188.8.131.52 Difficulties in Implementing SIP Trunks 5.3 SIP Trunking Services Architecture
6 SIP Trunking Services Market, By Organization Size 6.1 Introduction 6.2 Small Businesses 6.3 Mid-Sized Businesses 6.4 Enterprises
7 SIP Trunking Services Market, By End-User 7.1 Introduction 7.2 Verticals 7.2.1 Banking, Financial Services, and Insurance 7.2.2 High-Tech 7.2.3 Government 7.2.4 Healthcare 7.2.5 Education 7.2.6 Retail 7.2.7 Transportation and Logistics 7.2.8 Manufacturing 7.2.9 Travel and Hospitality 7.2.10 Others 7.3 Wholesale
8 SIP Trunking Services Market, By Region
9 Competitive Landscape 9.1 Overview 9.2 Competitive Scenario 9.2.1 Partnerships, Agreements, and Collaborations 9.2.2 New Product/Service Launches and Product Enhancements 9.2.3 Mergers and Acquisitions 9.2.4 Business Expansions