New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Session Initiation Protocol (SIP) Trunking Services Global Market Report 2023" - https://www.reportlinker.com/p06229771/?utm_source=GNW
, GTT Communications Inc., IntelePeer Inc., Level 3 Communications, Mitel Networks Corporation, Net2Phone, Nextiva Inc., NTT Communications Corporation, Rogers Communications, Tata Communications Ltd., Telstra Inc., Twilio Inc., Vodafone Group PLC, Vonage Holdings Corporation, Voyant Communications LLC., West Corporation, Allstream Inc., Plivo Inc., Ringcentral Inc., Sangoma Technologies Corporation, ShoreTel Inc., and Sprint Corporations.
The global session initiation protocol (sip) trunking services market grew from $14.69 billion in 2022 to $16.49 billion in 2023 at a compound annual growth rate (CAGR) of 12.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The session initiation protocol (sip) trunking services market is expected to grow to $26.82 billion in 2027 at a CAGR of 12.9%.
The session initiation protocol (SIP) trunking services market consists of revenues earned by entities that are engaged in providing services such as symmetrical trunking and asymmetrical trunking.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Session initiation protocol (SIP) trunking refers to a service offered by a communications service provider that uses the protocol to provision voice over IP (VoIP) connectivity between an on-premises phone system and the public switched telephone network (PSTN). SIP trunking service is used for call establishment, administration, management, and teardown.
North America was the largest region in the Session Initiation Protocol (SIP) trunking services market in 2022.Europe was the second-largest market in the SIP trunking services market.
The regions covered in the SIP trunking service report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of SIP trunking services are hosted and on-premise.A hosted private branch exchange (PBX) allows users to use PBX features including automated attendant, automatic call distribution, voicemail, and call transfer without having to own or operate all of the essential equipment on the premises.
Calls are routed to extensions through a PBX, which allows the VoIP service provider to manage all essential equipment and software.The different sizes of organizations include small businesses, mid-sized businesses, and large enterprises.
It is implemented in various verticals such as BFSI, healthcare, and life sciences, telecommunications & IT, government and public sector, manufacturing, consumer goods and retail, media & entertainment, and others.
The reduction in communication costs is contributing to the growth of the SIP trunking service market.Switching over to SIP (session initiation protocol) provides benefits to the businesses such as lower cost, flexible bandwidth allocation, better video and audio quality, and so on.
According to Atlantech Online, a US-based company offering telephone, internet, and data center services to business and government organizations, on average a company can save up to 20% to 60% of the communication cost by switching to SIP. The SIP call charges are lower which range from $1.67 to $15 per month per channel. Therefore, the reduction in communication costs is expected to drive the growth of the SIP trunking service market over the coming years.
Cloud-based SIP trunking service is a key trend gaining popularity in the SIP trunking service market.SIP trunking service providers offer cloud-based SIP or VoIP (Void over IP) that can be bought and maintained virtually without any hassle.
It has reduced service costs, the provider takes all the responsibility for SIP trunks, and bandwidth and the best part of a cloud-based SIP trunk is that the system can be accessed from anywhere at any time. For instance, according to Onsip, a unified communication service provider, small businesses that migrate to VoIP might save costs up to 40% on local calls and 90% on international calls.
In March 2021, Sangoma Technologies Corporation, a Canada-based voice, and unified communications solution provider acquired StarBlue Inc., from Star2Star Holdings, LLC for an undisclosed amount. This acquisition of StarBlue Inc., will allow Sangoma Technologies to broadcast a set of cloud-native Containers as a service (CaaS) and solutions to the industry. It will also enable Sangoma Technologies Corporation to grow and evolve in the group of leading cloud service companies. Star2Star Communications is a US-based company that offers communications services by providing telephone voice and data communications. It has been constantly delivering and innovating solutions for the betterment of business communications.
The countries covered in the SIP trunking services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The SIP trunking service market research report is one of a series of new reports that provides SIP trunking service market statistics, including SIP trunking service industry global market size, regional shares, competitors with a SIP trunking service market share, detailed SIP trunking service market segments, market trends and opportunities, and any further data you may need to thrive in the SIP trunking service industry. This SIP trunking service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06229771/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
