SANTA CLARA, California, April 14, 2017 /PRNewswire/ Korea IT Times -- The benefits of Voice over Internet Protocol (VoIP) access and Session Initiation Protocol (SIP) trunking services are prompting enterprise customers to transition to fully converged, IP-based networks, without having to overhaul existing IT networks. Businesses aiming to lower operational expenditure and obtain significant returns on investments (ROI) are being drawn to SIP trunking's attractively priced services, layered with value additions such as voicemail, mobility and collaboration tools. Disruptive pricing, packaging, feature/functionality and business models within the existing VoIP access and SIP trunking market, as well as the emerging Communications Platform as a Service (CPaaS) space, are accelerating adoption among enterprises and heating up competition among service providers.
New Frost & Sullivan analysis titled, Growth Opportunities in the VoIP Access and SIP Trunking Services Market, finds that market revenue is expected to grow at a compound annual growth rate (CAGR) of 21.5 percent from 2015 to 2020, and a user base at a CAGR of 18.1 percent.
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"There are significant opportunities for providers of IP-based voice access to build on current successes and branch out into the emerging CPaaS arena," said Frost & Sullivan Digital Transformation Industry Analyst Michael Brandenburg. "CPaaS offerings are emerging as an on-demand alternative to traditional communications services, prompting companies to build, buy or partner, to enable an application program interface (API)-level integration with voice services."
While the current adoption of CPaaS is largely limited to app developers and aggressive startups, customer demand for multiple ways to communicate with businesses, including voice, video and text messages will drive adoption among larger enterprises as well.
"This is the right time for service providers to penetrate the emerging CPaaS arena through mergers and acquisitions that add breadth and depth to the existing portfolio and customer base," noted Brandenburg. "Targeting competitors such as start-up CPaaS providers and API developers will provide complementary network footprint and service capabilities, helping the market grow significantly."
Growth Opportunities in the VoIP Access and SIP Trunking Services Market, a part of Frost & Sullivan's Conferencing & Collaboration Growth Partnership Service program.