Global Session Initiation Protocol Sip Trunking Services Market Size 2024, Forecast To 2033
11 Mar, 2024
The session initiation protocol (SIP) trunking services market has experienced rapid growth, increasing from $13.91 billion in 2023 to $15.31 billion in 2024, showcasing a compound annual growth rate (CAGR) of 10.0%. The growth during the historic period is attributed to the growing adoption of cloud-based applications in SMEs, cost-effectiveness in SIP trunking, technological development, and strong economic development in emerging markets. Looking ahead to 2028, the market is projected to see rapid growth, reaching $22.99 billion with a CAGR of 10.7%. This growth is linked to factors such as instant return on investment realization, increasing smart cities, exponential growth in VoIP, rising adoption of cloud-based SIP trunking services in developing regions, and the integration of IoT. Major trends in the forecast period encompass strategic collaboration with technology players, additional developments towards existing products to increase flexibility and usability of trunking services, and strategic acquisitions of established or innovative companies in the industry.
Global Session Initiation Protocol SIP Trunking Services Market Key Driver
The SIP trunking service market is witnessing growth driven by the reduction in communication costs. Businesses opting for SIP (session initiation protocol) experience various benefits, including lower costs, flexible bandwidth allocation, and improved video and audio quality. According to Atlantech Online, companies can save between 20% to 60% on communication costs by switching to SIP. The SIP call charges are lower, ranging from $1.67 to $15 per month per channel. The overall reduction in communication costs is expected to propel the growth of the SIP trunking service market in the coming years, with market sizes in 2023, 2024, and 2028 serving as crucial metrics for evaluating its ongoing expansion.
Get A Free Sample Of The Global Session Initiation Protocol SIP Trunking Services Market ReportGlobal Session Initiation Protocol SIP Trunking Services Market Segments
The session initiation protocol (sip) trunking services market covered in this report is segmented –
1) By Type: Hosted, On-Premise
2) By Organization Size: Small Businesses, Mid-Sized Businesses, Large Enterprises
3) By End-User: BFSI, Healthcare And Life Sciences, Telecommunications And IT, Government And Public Sector, Manufacturing, Consumer Goods And Retail, Media And Entertainment, Others
By Geography:The regions covered in the session initiation protocol (sip) trunking services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the Session Initiation Protocol (SIP) trunking services market in 2023. Europe was the second-largest market in the SIP trunking services market. The regions covered in the session initiation protocol (sip) trunking services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Session Initiation Protocol SIP Trunking Services Industry Players
AT&T Inc., Verizon Communications Inc., Lumen Technologies, Inc., Twilio Inc., GTT Communications, Inc., BT Group plc, Vonage, Mitel Networks Corporation, Bandwidth Inc., Sangoma Technologies Corporation, Calncall, SingTel, MyRepublic, Netpluz, AlienVoIP, Invite Communications, VoIP Unlimited, OBM Automation Private Limited, GoVOIP, OnSIP, RingCentral MVP, Sonetel, VND Solutions Limited, Insider Telemax, T-Max, Optimal Technology Ltd, China Mobile Limited, A-Z Telecom, Telnyx, Atos SE, Deutsche Telekom, Babble Cloud, Gamma, Spitfire, TalkTalk Business, Xinix, Zen, Mango Office, AstraQom, Beeline, MCN Telecom, Amazon Web Services, Inc., Microsoft, Apprenda Inc., Red Hat, Inc., Google LLC, Oracle Corporation, DISH Network, Salesforce.com, Inc., Direct Call, Datora, Nvoip, VIVO, Vono, Central IP, Convergia, AVOXI, Net2Phone, Switch2Voip, Cheap SIP Trunking Qatar, Blue lynx, Ooredoo Qatar, Hivoox, 3CX, DIDWW, Telkom Kenya Limited, PBX Kenya, CM.com, ipNX Nigeria Limited, MTN Business, Wanatel South Africa
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Session Initiation Protocol SIP Trunking Services Market Overview
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.
Session Initiation Protocol SIP Trunking Services Global Market Report 2023 provides data on the global session initiation protocol sip trunking services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The session initiation protocol sip trunking services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.