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SIP Trunking Services Market Elevating Engagement Making Focus Groups a Catalyst for Insights | CenturyLink, Inc, AT&T Corporation, GTT Communications, Inc, Net2Phone

SIP Trunking Services Market Elevating Engagement Making Focus Groups a Catalyst for Insights | CenturyLink, Inc, AT&T Corporation, GTT Communications, Inc, Net2Phone

Report Ocean is a comprehensive analysis of the “SIP Trunking Services Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

Global SIP Trunking Services Market Surpasses USD 11.44 Billion in 2022, Foresees a Strong 10.7% CAGR Growth Until 2030

Refreshed Content:

SIP trunking, valued at approximately USD 11.44 billion in 2022, is poised for robust growth with a healthy CAGR of more than 10.7% over the forecast period from 2023 to 2030. Session Initiation Protocol (SIP) trunking technology facilitates the connection of a Private Branch Exchange (PBX) system to the Internet or a data network, enabling voice, video, and real-time communications over the Internet Protocol network. The SIP Trunking Services market is witnessing expansion due to the increasing adoption of cloud platforms and the rising demand for Unified Communications-as-a-Service (UCaaS). SIP trunking replaces traditional telephone lines with a virtual connection, utilizing the same protocols as Voice over Internet Protocol (VoIP) to transmit voice and multimedia sessions. This evolution propels the demand for SIP Trunking Services in the international market.

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Cloud platforms offer on-demand scalability, allowing businesses to quickly adjust their SIP trunking capacity based on changing communication needs. This is particularly beneficial for businesses with fluctuating call volumes or those experiencing growth. According to Statista,

Market Dynamics:

In 2021, the global market for cloud applications was valued at USD 133.6 billion, and projected to reach a value of USD 168.6 billion by 2025. Furthermore, in 2022, Amazon Web Services (AWS) held the dominant position in the cloud infrastructure services sector, commanding a significant 32% share of the overall market, followed by Microsoft Azure secured the second spot with a 23% market share, while Google Cloud claimed a 10% market share. Collectively, these three leading cloud service providers accounts 65% of the total expenditure during the same period.

Another important factor that drives the SIP Trunking Services market is the increasing demand for Unified Communications-as-a-Service. UCaaS often includes voice services as part of its offering. SIP trunking plays a pivotal role in enabling voice communication within UCaaS platforms. SIP trunks connect the UCaaS platform to the public switched telephone network (PSTN), allowing users to make and receive calls to and from traditional landline and mobile numbers.

In addition, as per Statista, the global unified communications & collaboration market grew by more than 9.8% year over year and reached a size of USD 59.3 billion in 2022 Moreover, increase in usage of Bring Your Own Device and a rising number of small and medium enterprises are anticipated to create lucrative growth opportunities for the market over the forecast period. However, growing concerns over quality of service and technical complexity are going to impede overall market growth throughout the forecast period of 2023-2030.

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Key Regions:

North America led the market in 2022, driven by the adoption of cloud-based solutions and SIP trunking services in large enterprises. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period, driven by the increasing demand for cloud-based SIP or VoIP and the expansion of the SME sector.

Major Market Players:

Key players in this market include CenturyLink, Inc, AT&T Corporation, GTT Communications, Inc, Net2Phone, Inc, Mitel Networks Corporation, British Telecommunications plc, Colt Technology Services Group Limited, Fusion Connect, Inc, IntelePeer Cloud Communications LLC, and Bandwidth Inc.

Recent Developments News:

  1. In July 2023, Nuacom and DIDWW announced an expanded strategic relationship. DIDWW, a global telecom operator, provides enterprises and telecom carriers with high-quality VoIP communication and SIP trunking services. Nuacom’s collaboration with DIDWW allows the Cloud Phone Systems supplier to use DIDWW’s two-way Voice and SMS services, along with their outbound SIP trunking solution, providing organizations with a reliable and effective communication option.

Objective of the Study:

The study aims to define market sizes of different segments & countries in recent years and forecast values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report provides detailed information about crucial aspects such as driving factors, challenges, potential opportunities in micro markets, competitive landscape analysis, and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

By Organization Size:

  • Small Businesses
  • Mid-sized Businesses
  • Large Enterprises

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By End User:

  • Verticals
  • Wholesale

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
  • Segments Covered: Organization Size, End User, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

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Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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