(IT-NEWSWIRE.COM, January 07, 2020 ) According to a new market research report "SIP Trunking Services Market by Organization Size (Small Businesses, Mid-sized Businesses, and Enterprises), End-user (Wholesale and Verticals (BFSI, Healthcare, Government, High-Tech, Retail, and Education)), and Region - Global Forecast to 2023" published by MarketsandMarkets™, the global SIP Trunking Services Market expected 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.
Major growth drivers for the market include the reduction in the total cost of ownership by leveraging the pay-as-you-go model, an increasing adoption of cloud and Unified Communications (UC), and easy integration with Private Branch Exchange (PBX) systems.
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Small businesses segment to grow at the highest rate during the forecast period
In the SIP Trunking Services Market by organization size, the small businesses segment is expected to record the highest growth rate during the forecast period. Small businesses are adopting SIP Trunking services over Time-division Multiplexing (TDM) circuits, as SIP Trunking services are available at a lower cost and with varied pricing models. The need to enhance collaboration among remote and mobile workers is a major driving factor for the growing adoption of SIP Trunking services among small businesses.
Healthcare vertical to grow at the highest CAGR during the forecast period
In the SIP Trunking market by vertical, the healthcare vertical is expected to grow at the highest CAGR during the forecast period. For hospitals, communication and collaboration among staff members are critical to deliver urgent care. It is also a major driving factor for the adoption of SIP Trunking services in hospitals and other healthcare facilities. Cloud-based telecommunication, in the form of Voice over Internet Protocol (VoIP) telephony, enables medical professionals to stay connected with their patients and centers of operations from heterogeneous locations, at any time of the day.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global SIP Trunking Services Market. The region is the mature market comprising the US and Canada. These countries dominate the global SIP Trunking market with developed economies, empowering them to strongly invest in Research and Development (R&D) activities for the development of new technologies.
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Key players in the global SIP Trunking Services Market include AT&T (US), 8x8 (US), Bandwidth (US), BT Group (UK), CenturyLink (US), Colt (UK), Fusion (US), GTT Communications (US), IntelePeer (US), Mitel (Canada), Net2Phone (US), Nextiva (US), Orange (France), Rogers Communications (Canada), Sprint (US), Tata Communications (India), Telstra (Australia), Twilio (US), Verizon (US), Vodafone (UK), Vonage (US), Voyant Communications (US), West Corporation (US), and Windstream (US).
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