The Business Research Company’s Session Initiation Protocol (SIP) Trunking Market Report – COVID-19 Implications And Growth
LONDON, GREATER LONDON, UK, September 16, 2021 /EINPresswire.com/ — 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 cost is expected to drive the growth of the SIP trunking service market over the coming years.
The global session initiation protocol (SIP) trunking services market is expected to grow from $11.29 billion in 2020 to $13.03 billion in 2021 at a compound annual growth rate (CAGR) of 15.4%. The change in growth trend of the SIP trunking service market is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The SIP trunking service market size is expected to reach $20.67 billion in 2025 at a CAGR of 12.2%.
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Major players covered in the global session initiation protocol (SIP) trunking industry are 8×8 Inc., Verizon Communications, 3CX, AT&T Inc, Bandwidth, BT Group plc, CenturyLink, Colt Inc., Flowroute, Fusion Connect, Inc., 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.
North America was the largest region in the Session Initiation Protocol (SIP) trunking services marketin 2020. Europe was the second-largest region in the SIP trunking services market. The regions covered in the SIP trunking service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The global session initiation protocol trunking services market report is segmented by type into hosted, on premise, by organization size into small businesses, mid-sized businesses, large enterprises, by end user into BFSI, healthcare and life sciences, telecommunications and IT, government and public sector, manufacturing, consumer goods and retail, media and entertainment, others.
Session Initiation Protocol (SIP) Trunking Services Global Market Report 2021 – By Type (Hosted, On Premise), By Organization Size (Small Businesses, Mid-Sized Businesses, Large Enterprises), By End User (BFSI, Healthcare And Life Sciences, Telecommunications And IT, Government And Public Sector, Manufacturing, Consumer Goods And Retail, Media And Entertainment), COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provides session initiation protocol (SIP) trunking market overview, forecast session initiation protocol (SIP) trunking market size and growth for the whole market, session initiation protocol (SIP) trunking market segments, and geographies, session initiation protocol (SIP) trunking market trends, session initiation protocol (SIP) trunking market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire