IP telephony market accounted to US$ 25.26 Bn in 2017 and is anticipated to grow at a CAGR of 10.1% to account for US$ 63.47 Bn by 2027.
Within this market, various regions are observed to exhibit different growth trends. North America holds the largest share of the total market while the areas such as Latin America and APAC are expected to show high growth along with the increasing growth in the industrial and IT sector.
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IP Telephony Market to 2027 – Global Analysis and Forecast by component, which comprises of hardware, software, and services. The hardware segment further comprises of IP Desktop Phones, DECT Phones, IP Conference Phones, and other IP Phones. The softphone segment focuses on software based IP phones, whereas the services segment is grounded on installation & maintenance, and professional services. The market by the installation is segmented into wired & wireless, whereas by enterprise size it is segment into SME (having less than 500 employees) and large enterprises (More than 500 employees). In our research report, we have considered, end users segment which includes Residential, Corporate, and Government sectors, IP telephony market accounted to US$ 25.26 Bn in 2017 and is anticipated to grow at a CAGR of 10.1% to account for US$ 63.47 Bn by 2027.
The IP telephony, particularly cloud-based, provides the companies with a capability to access detailed information of the call or message, which makes the call management process far more straightforward and with the additional facilities of call recording and analysis of missed call, route calls and track time the IP phone enables the companies to enhance their customer response rate. This increases the user’s chances to retail its potential customers and built a robust brand image.
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In addition, the with IP telephony, the risk of agent unavailability, missed calls and downtime of lines is also negligible because a majority of these are taken cared by the IP phone service providers. Alternatively, else, because IP phones are also mobility wise flexible, it becomes more comfortable for the customer service center to provide support even from the remote locations. Therefore added the benefit of enhancement of quality of customer support, which is also a very vital success factor for the business is considered as a significant driving force behind the growth of IP telephones globally.
The top companies operating in the field of applicant tracking system include Microsoft Corporation, Cisco Systems, Inc., Avaya Inc., NEC Corporation, Mitel Networks Corporation, Yealink Inc., Panasonic Corporation, Toshiba Corporation, Polycom, Inc., and Ascom Holding AG among others operating in the market and are coming up with new technologies and offerings which is helping the market for applicant tracking system to expand over the years in terms of revenue and subscription.
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The report segments the global IP telephony market as follows:
Global IP Telephony Market – By Component
Global IP Telephony Market – By Hardware
IP Desktop Phones
IP Conference Phones
Global IP Telephony Market – By Service
Installation & Maintenance
Global IP Telephony Market – By Installation Type
Global IP Telephony Market – By Enterprise size
Global IP Telephony Market – By End-User
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