The global Voice over Internet Protocol market experienced incredible growth within the last couple of decades. It is estimated that the market will grow up to a CAGR of 12% from 2019 to 2025, reaching the worth of USD 93.2 billion by 2024. With the rapid innovation, business adoption and government provision, the industry is bound to grow at a faster pace than other industries. The true potentials of VoIP were discovered during the pandemic as the whole world suffered a lockdown; the VoIP technology enhanced the importance of remote working.
With businesses now relying more on VoIP, it is important to harness the potentials of technology through new and better industry trends. Regardless of the business size and scale, VoIP technology offers competitive advantages of system expansion and increased communication. The recent technological developments have led to the emergence of new trends in the VoIP market. VoIP serves as an incredible tool for worldwide connectivity for businesses looking for global expansion and network building. The industry will experience the following shifts in the following years:
VoIP Trend 1. Mainstreaming of 5G
Gone are the days for slow-speed 3G; the 5G is the new communication process for the fast-paced world. With 5G transforming the internet connectivity landscape, the integration with VoIP will increase the bandwidth capacity and decrease the network latency. Twinned with 5G, the VoIP provides the businesses with reduced operational costs. A stable 5G system combined with VoIP is a cost-efficient alternative for POTS. The better data transfer speed and reduced instance for dropped calls ensure stronger communication. It is estimated that by 2020 there will be more than 218 million 5G subscribers globally, and the figure will triple up by the end of 2021.
VoIP Trend 2. AI-powered customer service
Be it the entertainment industry or the communication sector; AI has permeated every industry and sector while changing the dynamics. It is estimated that an automated agent for customer service is the top AI investment worth $4.5 billion. Employing the artificial intelligence of automated bot, AI can make an accurate prediction regarding customer behavior. The self-help options and quick solutions provide the customer service agents with invaluable insights to focus and deal with customer service challenge. Increased efficiency, reduced call handling times, and thorough order management are a few of the many benefits of AI-powered VoIP.
VoIP Trend 3. Mobile Unified Communications
Mobility has changed the way we perceive day-to-day communication. These smartphones have made the landlines obsolete, serving as hand-held mini-computer. Considering the impact of the pandemic, the global expenditure on mobility solution is estimated to reach $1.8 billion by 2022. With VoIP solutions experiencing the highest investment, mobility has opened up new opportunities with increased productivity and efficiency. VoIP combined with mobility solution optimizes interaction while ensuring effective customer accommodation and flexibility. The functionality of mobile-based VoIP systems will increase with the integration of the 5G network. The mobile embedded app support allows businesses to take advantage of app-based business calls and team conferences and meetings.
All in All
Without a doubt, VoIP provides businesses with tangible benefits. With the advancement of technology and rapid integration, the trend in VoIP is to become the standard of business communication. The industry innovators of 5G, UCaaS, and AI will change the dynamics in the coming years. If you want to learn more about the industry’s upcoming VoIP trends, you can visit us at cloudvisiononline.com for more VoIP solutions.