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The global mobile VOIP [MVOIP] market size is estimated to be USD 58.13 billion in 2021 and the market is projected to touch USD 198.3 billion by 2028, exhibiting a CAGR of 18.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with mobile VOIP [MVOIP] experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
The addition of mobility to a Voice over IP network is known as Mobile VoIP, or mVoIP. In general, cordless/DECT/PCS protocols for short-range or campus communications when all base stations are connected to the same LAN and 3G/4G protocols for wider-area communications are supported. A trade-off between mobility and affordability will be necessary for mobile VoIP. The majority of VoIP services, as well as a growing number of cordless phones and mobile devices, employ SIP, which is the foundation of mobile VoIP.
Voice over Wi-Fi is a potentially cost-free service, but it can only be used in the vicinity of a single Wi-Fi access point. The handoff protocol is typically not supported by carriers or the majority of devices, despite the fact that cordless protocols offer good voice support and even enable base station handoff. As a result, all base stations must communicate on a single LAN. Smartphones were able to send and receive email, browse the web, and more as device manufacturers took advantage of more potent processors and less expensive memory.
COVID-19 IMPACT : Lockdown Increased Demand Significantly
COVID-19 had a life changing impact globally. The global mobile VOIP [MVOIP] market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for mobile VOIP [MVOIP] experienced a hike in demand.
As lockdown was imposed across the world, this led to a shutdown of all offices and academic institutions. Due to the shut doors, there was a massive loss recorded by the corporations. As for the student life, it hampered the academic schedule for all students. Hence to avoid further loss of time and resources; there was a transition to online mode of studies and work. The work and academics were held online over internet. This enabled usage of voice and video over internet for better experience. This boosted the global mobile VOIP [MVOIP] market share.
However, mobile VOIP [MVOIP] also proved crucial in the healthcare sector. As patients were admitted to the hospital, they were forbidden to meet their family and close ones. With the help of mobile VOIP [MVOIP], they were able to communicate with them. It was also used by doctors to communicate with other specialists to seek guidance regarding patients and assess their health conditions. Hence the market for mobile VOIP [MVOIP] saw a surge in usage.
"Technological Developments to Broaden Market Aspects"
Finances Online have listed the latest developments in the field of Mobile VoIP. The fifth generation of wide-area wireless networks, 5G networks is designed to eliminate call jitter and packet loss during data transfer. Thus enabling quicker communication speeds and response times. Internet customers will therefore be able to enjoy faster surfing speeds, a better mobile broadband connection, and larger network capabilities. Due to these advantages, more organizations will undoubtedly adopt VoIP, and those who have already done so will increase their usage.
Virtual assistants would become even more intelligent as language processing technology continued to progress. You can automate a number of tedious tasks with the aid of these virtual assistants, including calling voicemail or directing calls to agents. These virtual assistants can gather data about your customers because AI is used to power them. In other words, it can automatically record earlier conversations to make it simpler for agents to start up calls where other agents left off. As a result, employees may give customers more individualized service.
"Global Digitization to Boost Market Size"
The pandemic had a significant impact on the way the global population went on with their daily life. Several corporations and academic institutions have adapted to online mode of work or a rather hybrid mode of work. According to Statista in 2022, the spending on digital transformation is projected to reach 1.8 trillion U.S. dollars; By 2028 it is expected to reach 2.8 trillion dollars. This is a result of the growing digital pace in businesses around the world. These factors are estimated to boost the global mobile VOIP [MVOIP] market share.
"Business Advancements to Boost Market Size"
This area of the voice solution industry has been a driving force because a lot of firms are switching from outdated business phone equipment to premium VoIP business phones. Enterprise session border controllers (SBCs), which may protect VoIP systems from attacks and provide improved session quality, and voice application servers (VASs), which operate with VoIP business phones, have both received sustained investment from business owners. These factors are estimated to boost the global mobile VOIP [MVOIP] market size.
"Lack of Reliability to Hamper Market Growth"
Mobile VOIP [MVOIP] relies extensively on external servers for a strong connection. The dependency on these servers and towers for a good internet connection pose as a limitation to their reliability. Mobile VOIP [MVOIP] also has security issues. These signals can be breached and tapped into; invading privacy of users. Hence these factors pose as a restraint for the growth of the global mobile VOIP [MVOIP] market share.
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"Asia Pacific Dominates the Market as Major Consumer"
APAC countries are the largest market shareholder for mobile VOIP [MVOIP]. This is due to the growing population using internet. This is also owing to the diverse end use sectors mobile VOIP targets. Due to its abundant end-use sectors and sophisticated manufacturing facilities, APAC is also thought to serve as a global hub for manufacturers. North America is the second major shareholder of the global mobile VOIP [MVOIP] market.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- BigAnt Office Messenger [China]
- Cisco Jabber [U.S.]
- HipChat [U.S.]
- IBM [U.S.]
- Facebook [U.S.]
- Kakao Talk [South Korea]
- Line [Japan]
- Skype [U.S.]
- Viber [Japan]
- Vonage [U.S.]
- Tencent [China]
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
|Market Size Value In||US$ 58.13 Billion in 2021|
|Market Size Value By||US$ 198.3 Billion by 2028|
|Growth Rate||CAGR of 18.8% from 2021 to 2028|
|Historical Data Available||Yes|
|Segments Covered||Types & Application|
Frequently Asked Questions
What value is the mobile VOIP [MVOIP] market expected to touch by 2028?
The global mobile VOIP [MVOIP] market is expected to reach USD 198.3 billion by 2028.
What CAGR is the mobile VOIP [MVOIP] market expected to exhibit by 2028?
The mobile VOIP [MVOIP] market is expected to exhibit a CAGR of 18.8% by 2028.
Which are the driving factors of the mobile VOIP [MVOIP] market?
Global Digitization and Business Applications are drivers of this mobile VOIP [MVOIP] market.
Which are the top companies operating in the mobile VOIP [MVOIP] market?
BigAnt Office Messenger, Cisco Jabber, HipChat, IBM, Facebook, Kakao Talk, Line, Skype, Viber, Vonage, and Tencent are key companies operating in the mobile VOIP [MVOIP] market.