VoIP in the US - Industry Market Research Report

VoIP in the US - Industry Market Research Report

VoIP in the US

Voice over Internet Protocol, more commonly known as VoIP, has historically offered individuals and businesses low-cost telephone service by leveraging existing internet connections; nonetheless, growing competition is drowning out VoIP's core benefits. Industry growth within the VoIP space has been limited, first as cell phone popularity exploded and then as lockdowns encouraged transitions to video calling services. While COVID pushed adoption of VoIP services, the economic effects also devastated small businesses, a substantial customer base. During the current year, weakening reliance on all telephony services and inflationary concerns have more than halted growth as industry revenue is expected to decline 0.8% during 2023. Industry revenue has been decreasing at an annualized 0.1% over the past five years, and is expected to reach $13.7 billion in 2023, when profit is projected to account for 8.5% of revenue.

Industry participants provide Voice over Internet Protocol (VoIP) services to consumers, businesses and government organizations. VoIP technology converts voice signals into digital data that is transmitted using the internet. This industry also includes VoIP providers that bundle their services with internet, cable-operated VoIP and operators that resell VoIP services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.