Rise in usage of smart devices and reliable high-speed internet usage across the globe is propelling the growth of the market. Simultaneously, the growing popularity of innovative and user-friendly apps that improve smartphone communication and connectivity is driving the growth of the global mobile VoIP market.
PORTLAND, Ore., Feb. 2, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Mobile VoIP Market by Operating System (Android, and iOS), By Application (Video sharing, Screen sharing, File sharing, and others), By Model (Premium Model, and Enterprise Model): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global mobile VoIP industry generated $49.23 billion in 2021, and is estimated to reach $327.5 billion by 2031, witnessing a CAGR of 21.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Increase in penetration of smart devices along with high internet connectivity and surge in popularity of innovative and user-friendly applications boost the growth of the mobile VoIP market. In addition, the increase in advanced consumer electronics is positively impacting the growth of the mobile VoIP market. However, lack of awareness about mobile VoIP software and surge in security concerns hamper the mobile VoIP market growth. On the contrary, increase in adoption of cloud-based security application is expected to offer remunerative opportunities for the expansion of the mobile VoIP market during the forecast period.
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Covid-19 scenario
- The growing adoption of work from home culture across the developing nations and increase in penetration of mobile VoIP services across the employees, positively impacts the growth of the market. Lockdown had been imposed by governments all around the world to stop the virus from spreading owing to which the demand for mobile VoIP apps has surged to keep staff working remotely.
- Rise in usage of mobile VoIP apps in training and meetings has shown to be incredibly effective for many doctors and healthcare employees which positively impacts the growth of the market.
The android segment to maintain its dominance during the forecast period
By operating system, the android segment held the largest share in 2021, garnering nearly three-fourths of the global mobile VoIP market revenue, and is projected to maintain its dominance by 2031. The iOS segment would showcase the fastest CAGR of 22.4% during the forecast period. This is driven by the considerable increase in demand for luxury smartphones.
The Enterprise Model segment to rule the roost
By model, the premium model contributed to more than two-thirds of the global mobile VoIP market share in 2021, and is projected to rule the roost by 2031. The enterprise model segment would display the fastest CAGR of 23.2% throughout the forecast period owing to rise in adoption of enterprise model by various businesses to improve the productivity through effective routing based on skill set in developed and developing regions fuels the segment growth.
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North America garnered the major share in 2021
By region, North America held the major share in 2021, garnering more than three-fifths of the global mobile VoIP market revenue, and is expected to dominate by 2031. This is due to the high penetration of mobile devices and faster internet connections in the US and other major regions across North America. Asia-Pacificon the other hand, would showcase the fastest CAGR of 23.7% from 2022 to 2031.
Leading Market Players
- Cisco Systems, Inc
- Microsoft Corporation
- Citrix Systems, Inc
- Facebook, Inc.,
The report analyzes these key players in the global Mobile VoIP market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of each market player.
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