MarketsandMarkets expects the Session Initiation Protocol (SIP) Trunking services market size to grow from USD 7.63 billion in 2018 to USD 12.70 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period.
The report segments the global SIP Trunking Services Market by organization size, end user (wholesale and verticals), and region. SIP Trunking services are based on session initiation protocol, which enables organizations to connect IP-based calls to Public Switched Telephone Networks (PSTNs) over the internet. SIP Trunking allows companies to only pay for the number of lines they need and eliminates the requirement of excess analog lines or partially used Tier 1s and Primary Rate Interface (PRIs).
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Major growth factors for the SIP Trunking services market include the reduction in the total cost of ownership by leveraging the pay-as-you-go model, increasing adoption of cloud and Unified Communications (UC), and easy integration with Private Branch Exchange (PBX) systems. An increasing demand for SIP Trunking services among Small and Medium-sized Enterprises (SMEs) and untapped potential markets are expected to create opportunities for vendors in the SIP Trunking services market.
The small businesses segment is expected to grow at the highest CAGR during the forecast period. Enterprises across verticals are adopting SIP Trunking services, as these services meet the critical communication requirements of enterprises by providing cost-effective and reliable centralized communication systems. Small businesses are also investing in the latest technologies to run their business more effectively. Due to low cost SIP Trunking services, small businesses do not face budgetary constraints and they are always ready to upgrade their technologies to boost business productivity and deliver customer satisfaction in real time.
In the global SIP Trunking services market by region, APAC is expected to record rapid growth during the forecast period. With the increasing pressure to achieve greater business agility, more IT organizations in the APAC region are planning to adopt SIP Trunking services to function properly, improve operational efficiency, and reduce cost. APAC has significant market potential for enterprises, and it can be leveraged to create better business opportunities. With the emergence of pay-as-you-go model, there has been a significant increase in the adoption of SIP Trunking services particularly among SMEs. It, in turn, acts as a major driving factor for the market in APAC.
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