Global SIP Trunking Services Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global SIP Trunking Services Market: Overview
“The global Session Initiation Protocol (SIP) trunking service Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Session Initiation Protocol (SIP) trunking is a service in which the connectivity is achieved in public switched telephone network (PSTN) and on-premises phone systems by the use of protocol to provision voice over IP (VoIP).
In simple terms, the connectivity is used to operate by the use of internet connection instead of a traditional phone line. It is also called as Internet Telephony Service (ITS) which allow enterprises to benefit from enhanced communication services.
The trunking services offer reliable, centralized phone services to enterprises, hassle-free setup and maintenance costs. SIP trunking is replacing older Public Switched Telephone Network (PSTN) trunks which were used to provide voice calling functionality to enterprises with an on-premises Public Branch Exchange (PBX).
Global SIP Trunking Services Market: Dynamics
Easy integration with PBX systems and increasing adoption of cloud and unified communications (UC) are some major factors driving growth of the global SIP trunking services market. Moreover, increasing demand for SIP trunking services among small and mid-sized businesses is expected to create significant growth opportunities for in the market.
However, concerns regarding data security and complexities associated with long/broad range operations are some of the factors that may hamper growth of the global SIP trunking services market to a certain extent.
Global SIP Trunking Services Market: Segment Analysis
Among the organization size segments, the small businesses segment is projected to hold the largest market share in the global market. Several players operating in the target market are constantly adopting several strategies such as collaboration & partnership, mergers & acquisitions, expansion, and a joint venture to enhance market position and regional footprint.
For instance, in 2016, 3CX a Unified communication solution provider collaborated with Partner-Netwerk which is a VoIP provider. With this collaboration, the company focusing on various services like internet connectivity, SIP trunking and IPTV to the customers. Aforementioned are factor expected to fuel growth of the small businesses segment in the target market over the forecast period.
Global SIP Trunking Services Market: Region Analysis
The market in North America is projected to contribute a major share in the global SIP trunking services market and is expected to maintain its dominance in terms of revenue over the forecast period. High adoption rates of advanced technologies, major presence of key players along with increasing investments in SIP trunking services, especially in the US and Canada are some of the key factors expected to propel growth of North America SIP trunking services market in the near future.
In addition, growing adoption of emerging technologies among end users is another factor anticipated to drive growth of the SIP trunking services market in North America. Moreover, increasing research and development activities, established network infrastructure along with a rise in the number of contact centers across North America, are some factors expected to favor target market growth in the coming years.
Furthermore, the market in the Asia Pacific is expected to witness significant growth in the near future, due to increasing digitalization in emerging countries. Presence of large customer base and growing investments to boost high-speed data networks in various economies such as China and India are leading favorable demand for the target product in the Asia Pacific thus supporting growth of the SIP trunking services market in this region.
Global SIP Trunking Services Market Segmentation:
Segmentation by Organization Size:
- Small Businesses
- Mid-Sized Businesses
Segmentation by End-user:
- IT and Telecom
- BSFI (Banking, Financial Services, and Insurance)
- Others (Media & Entertainment, Transportation and Logistics)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- AT&T Inc.
- BT Group
- CenturyLink, Inc.
- Colt Technology Services Group Limited
- GTT Communications, Inc.
- Mitel Networks Corporation
- Rogers Communications Inc.
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