ALBANY, New York, June 13, 2019 /PRNewswire/ -- TMR anticipates the SIP trunking services market to witness robust growth thanks to shifting of network preference among key players globally. Key players operating in the SIP trunking services market belong mainly to North America, Europe, and Asia Pacific. They are trying to shift their existing customers to a complete IP network package, which is benefiting growth of the SIP trunking services market. North America dominated the SIP trunking services market in 2015 and is expected to drive market growth in coming years. This growth is attributable to the presence of established networks in the country and the highest concentration of IT and telecom industries in the region.
High Growth Potential in Asia Pacific Boosts Market Growth
The market in Asia Pacific is expected to witness growth with most lucrative CAGR in the coming future, owing to rising inclination of companies toward the technology. Presence of high potential growth prospects in the region for the SIP trunking services market due to large population coupled with rising penetration of the mobile phones in the region. These factors are estimated to remain same for couple of years and drive robust growth of the SIP trunking services market.
Growth of the business process outsourcing (BPO) across the region has led the robust growth of market and especially in the Asia Pacific. Moreover, vendors in the developed countries are increasingly tying up with the BPO industry in the developing countries such as China, India, Hong Kong, Australia, and Singapore.
Thanks to the benefits of Session Initiation Protocol (SIP) such as reduced overlapping networks, eliminating the interference of IP-PSTN gateways, and reduced costs of the local and long distance calls, the technology is gaining immense popularity. This is a key factor driving growth of the SIP trunking services market in the North America, Europe, and Asia Pacific. Thus, the market is expected to grab a value of US$20.70 bn by 2024 from a value of US$4.47 bn accumulated in 2015. The market is expected to exhibit a CAGR of 18.6% during 2016 and 2024.
Moreover, the key players in the market are estimated to witness significant rise in competition due to emergence of numerous players in the telecom industry. However, the current market for SIP trunking services features fragmented vendor landscape due to presence of several local players in the market. Flowroute, Inc., Nextiva, Inc., 3CX Ltd., XO Communications LLC, 8X8, Inc., Twilio, Inc., KPN International N.V., ShoreTel, Inc., Allstream, Inc., NTT Communications Corporation, and Level 3 Communications, LLC, are some of the prominent players in the SIP trunking services market. In order to grab a competitive edge in the SIP trunking services market, the key players are looking to widen their global presence and their customer base through tie ups, merger and acquisitions, partnerships, and collaborations.
However, requirement of large investment for adopting the SIP trunking services is a major factor restraining growth of the market to some extent. Nonetheless, widening application of the services across the sectors such as telecom and IT, BFSI, healthcare, government, retail, media and entertainment, transportation, education, and manufacturing are offering opportunities and creating the need for advanced technologies for the key players in the market. Additionally, robust development in the IT and telecom sector has led to create demand for the advanced SIPs and helped the segment to dominate the global SIP trunking services market in 2015. However, robust growth in healthcare, education, and retail segment is expected to exhibit growth rate of 20.6% during forecast period from 2016 to 2024.
This information is encompassed in the report by TMR, titled, "SIP Trunking Services Market (End-use type - Banking, Financial services and Insurance (BFSI), Telecom & IT, Health Care, Retail, Media & Entertainment, Government, Education) - North America, Europe, and Asia Pacific Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
For the study, the SIP trunking services market has been segmented as follows:
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