The telephone Answering Machine Market is forecast to reach $40.2M after growing at a CAGR of 1.51% during 2020-2025 owing to the broad usage of these systems in enterprises. The increasing use of VoIP (Voice over internet protocol) with automated/digital assistant is set to impose a significant challenge to market growth during 2020-2025. However, the growing adoption of Bluetooth and cordless answering machines in SMEs is set offset the challenge slightly, thereby driving the market. The report covers Telephone Answering Machine Market size by type and applications, Telephone Answering Machine Market share by top 5 companies and also the market share by start-ups during the forecast period.
Bluetooth based telephone answering machine is analyzed to hold the major market share owing to the remote accessibility.
North America dominates the market share due to the significant usage of telephone answering machines for enterprise applications.
Increasing demand for smartphones, VoIP and so on is set to challenge telephone answering machine market growth.
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Type – Segment Analysis
Cordless telephone answering machine held the major share in 2019 and Bluetooth cordless phone devices are analyzed to have the highest growth rate during the forecast period. The user can access this machine from anywhere staying within the range of the Bluetooth. In individual applications, the phone can be answered from anywhere in the house using these machines. Employment of telephone answering machines for management of calendar and diary software of the individual user for proper scheduling of meeting appointments improves the professional life of the customer thereby impacting the market. Therefore the benefits enabled through usage of the telephone answering machines is analyzed to impact the growth in the market for telephone answering machines.
Application – Segment Analysis
Enterprise is analyzed to hold major market share and is estimated to grow at a CAGR of 1.7% during the forecast period 2020-2025. Earlier the telephone answering machines acted as message machines employed magnetic recordings but with the advanced technology, different storage devices are employed for various applications including fax, record and so on. Telephone answering machines not only pick up the call, but also record it thereby assisting in customer engagement. Furthermore, the telephone answering machines help the enterprises in performing various tasks such as faxing, taking phone calls and transferring phone calls to appropriate people. Moreover, the telephone answering machines also provide personalized customer services to users. Hence these factors are analyzed to impact the growth of the telephone answering machines market.
Geography – Segment Analysis
North America dominated the market in 2019 with market share of 32%, however, Asia-pacific is analyzed to grow at the highest rate during the forecast period. This is due to the presence of many small, medium and large scale enterprises that employ traditional telephone answering machines over employees as telephone assistants to reduce operational expenses. Telephone answering machines’ growth is mainly attributed to the unified communications provided in various industries.
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Drivers – Telephone Answering Machine Market
Employment in Enterprises
The key factor driving the telephone answering machine market is the employment in many small scale enterprises owing to its low cost. Many small and medium scale enterprises opt for these machines to avoid hiring employees due to the expenses. Furthermore, it helps in maintaining strong customer relationships as the clients can leave a voice message during off-hours or events when the calls are missed by the recipient which can are accessed later on.
Challenges – Telephone Answering Machine Market
Increase in the usage of smartphones and VoIP
The usage of smartphones has increased rapidly in the past few years, which is hindering the usage of traditional telephones owing to wide range of advantages. Moreover with the development of VoIP the market for telephone answering machines has further declined as they provide the users with many communication services including voice, fax, and so on over public internet. The rise in the application developments for VoIP is further hampering the growth of telephone answering machines.
In 2018, the market of Telephone Answering Machine has been consolidated by the top ten players accounting including AT&T, Panasonic, General Electric, Motorola, Clear sounds, BT, Clarity Telecom, ATL Telecom, Uniden Corp., Technicolor among others holding the major share.
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