Voice over Internet Protocol, or VoIP, has slowly started to replace traditional landlines and phone services.
As of 2022, VoIP’s market size in the US alone was already worth $17 billion. VoIP’s global market size is expected to grow to $102.5 billion by 2026.
To show how much of an impact VoIP has made around the world, check out the following VoIP statistics and facts from the past few years.
General VoIP Statistics 2024
- Last year, the VoIP market size in the US alone was worth $17 billion.
- 31% of businesses use a VoIP service. However, 55% of businesses still use a mix of VoIP and traditional phone services.
- Since the start of the pandemic in 2020, VoIP and video conferencing have grown by nearly 212% due to the increase in remote work.
- 77% of users say the biggest benefit of using a VoIP service is Find Me/Follow Me (the ability to receive or make calls from anywhere).
- Other reasons for switching to a VoIP service include conference calling (65%) and mobile IP PBX (58%).
- Businesses have claimed that VoIP has helped them to better handle phone calls (67%), increase message management (63%), and perform work remotely (57%).
- 85% of users who use a VoIP service experience issues with the software.
- 69.5% of businesses say the most important feature they look for when choosing a VoIP service is reliability.
VoIP Market Share Statistics 2024
- In the US, there are over 1,000 businesses in the VoIP industry.
- Android VoIP brings in over $90 million in revenue each year, making it the largest VoIP OS provider.
- 74% of businesses that use VoIP are doing so on mobile devices.
- The US has the largest VoIP user base controlling about 40% of the market. This is followed by France and Japan.
VoIP and Cost-Saving Statistics 2024
- Switching to a VoIP service can save personal users anywhere from $20 to $30 a month in operating costs.
- For businesses, the savings are between 30% and 50% compared to traditional phone lines.
- Companies can also save up to 90% on startup costs using VoIP (savings on installation, maintenance, and upkeep)
- Businesses using a VoIP service can see a reduction in call time by 32 minutes of calls per day per customer service rep.
Future of VoIP Statistics
- The projected market size of the VoIP industry is expected to reach $183.7 billion by 2027.
- The cost of using a VoIP service may decrease by 3% over the next five years.
- VoIP is growing at a compound annual growth rate (CAGR) of 15%.
- In the next ten years, artificial intelligence (AI) will power 95% of all VoIP customer interactions.
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FAQ
How many people are using a VoIP service?
It is estimated that at least 350 million people use VoIP services on a daily basis. However, only 31% of businesses currently use a VoIP platform, although this can increase due to lower service costs and a higher demand for remote work.
What are some disadvantages of VoIP?
One negative impact of using VoIP is that the call is completely dependent on an internet connection. A poor connection can also impact the quality of the call.
VoIP services can also be used by scammers and cybercriminals. It’s estimated that 46% of scam phone calls are made over VoIP.
What are the biggest VoIP companies?
There are over 1,000 VoIP companies based in the US, with even more located in other parts of the world.
Some of the biggest VoIP companies include Microsoft (Teams and Skype), Zoom, Nextiva, Dialpad, GoTo Connect, RingCentral, and 8×8.
Conclusion
The use of VoIP shows no signs of slowing down.
With more people and businesses adopting this growing technology, we can expect that VoIP services will become one of the most prominent communication players in the industry.
Source:
- Tech.co
- Finances Online
- Nextiva
- Fits Small Business
