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Sep 8, 2020 11:00 AM ET

Mobile VoIP Market is forecast to reach $146 billion by 2024, after growing at a CAGR of 19.8% during 2019-2024

iCrowd Newswire - Sep 8, 2020

Mobile VoIP Market is forecast to reach $146 billion by 2024, after growing at a CAGR of 19.8% during 2019-2024. Owing to the surge in the capability of wireless bandwidth services the Mobile VoIP Market is witnessing significant growth. Moreover, growing investments by telecom operators are further anticipated to provide a boost to the market growth during the forecast period.

Type of Platform – Segment Analysis

Android OS segment held the largest share in the Mobile VoIP Market in 2018. This is accredited to the free availability of this OS as it has motivated creators for developing low cost smartphones. In addition to this, android is an open platform, thereby enabling the developers to modify the OS as per their needs. Consequently, there is a surge in demand for android-based devices.
Application – Segment Analysis
Mobile Voice over Internet Protocol is being deployed in various applications including home consumer and enterprise sector. Enterprise is a major application estimated to grow at a CAGR of around 21.8% during the forecast period 2020-2025. This is attributed to the ever increasing need of uninterrupted communication in enterprise sector. Mobile VoIP provides many benefits to enterprises including efficient customer query handling, flexible work timings for employees, efficient telecommuting and many other advantages. These advantages are contributing significantly towards boosting the growth of mobile VoiP in enterprise industry vertical.
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Geography – Segment Analysis
Europe region has dominated the Mobile VoIP Market with a share of more than 35%, followed by North America. Growth in this region is due to increasing fascination towards instant messaging applications such as Facebook and Whatsapp among smartphone users. As per the stats of Statista, number of Facebook users in Europe has increased from 370 million in 2017 to 381 billion in 2018. Moreover, there has been a surge in number of start-ups and small and medium enterprises in this region further contributing towards boosting the market growth in this region.
Drivers – Fuel Additives Market
  • Growing demand from enterprise sector
With the booming number of startups, small & medium enterprises, the need for efficient and uninterrupted communication has increased. This is consequently driving the demand for mobile VoIP technology in the enterprise sector. This technology increases the overall productivity of the organizations by aiding their employees to multi-task without disruption.
  • Increased allure towards instant messaging apps
Apps such as Facebook and Whatsapp use Mobile VoIP instead of cellular phone service to make calls hence facilitating users to send contents such as photos, videos and links to contacts. This has made the Mobile VoIP technology quite popular among smartphone users, thereby contributing towards driving the growth of Mobile VoIP market.
Challenges – Fuel Additives Market
  • Limited Network Speed & Security
Use of Mobile VoIP requires the communication system to be efficient for uninterrupted sending and receiving of contents. Poor network speed is a major hurdle for this technology as it results in poor quality calls with jitters, delays and choppy voice.

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Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the mobile VoIP market. In 2018, the market of mobile VoIP has been consolidated by the top five players accounting for xx% of the share. Major players in the Mobile VoIP Market are Facebook Inc., Apple Inc., Google Inc., Microsoft Corporation, Skype, StarSSIP Ltd, Talk 360, Vonage Holdings Corporation, TATA Communications Ltd and MagicJack VocalTec. Ltd. among others.
Acquisitions/Technology Launches
  • In December 2019, Whatsapp has been updated on Android and iOS with a feature called Call waiting using mobile VoIP technology. Making it possible for user to view and jump to a new call.
  • In March 2019, Motorola Solutions has acquired VoIP dispatch provider AVTEC Limited aiming to expand its public safety services and software portfolio. Moreover, this acquisition is targeted at offering an end-to-end platform for customers to communicate coordinate resources and secure their facilities.
Key Takeaways
  • Europe dominates the Mobile VoIP Market attributed to the surge in number of smartphone users using instant messaging services such as Facebook and Whatsapp.
  • Moreover, increased business activities, small and medium enterprises and ever increasing rise in startups are contributing significantly towards boosting the market growth globally.
  • One of the major factors positively influencing the Mobile VoIP market is the need for scalable communication methods and growing globalization hence driving the demand for video conferencing in the corporate sector.
  • Limited network speed results in interruption and disruptive communication and hence posed a major challenge for the Mobile VoIP Market
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