The global Covid-19 Impact on IP Telephony Market is projected to witness a rapid growth during the forecast period, owing to increasing demand for IP telephony applications. Moreover, increasing demand for voice over IP solutions across various industry verticals and rise in demand for cost effective and highly secure phone communication are other major factors driving the growth of the global Covid-19 Impact on IP Telephony Market.
By geography, the global Covid-19 Impact on IP Telephony Market is segmented into North America, Europe, Asia Pacific, and Rest of the World. The North America market is expected to witness a significant growth and hold the largest share of the global market during the forecast period. The U.S and Canada are anticipated to drive the growth of the Covid-19 Impact on IP Telephony Market in North America region, owing to the presence of large number of established key players, such as Avaya Inc., Cisco Systems, Inc., Polycom Inc., and Grandstream Networks, Inc., among others in this region. Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. The growth of the market in North America region is also attributed to increased focus of business organizations towards better management of business processes and growing dependency of enterprises on web applications. In the global Covid-19 Impact on IP Telephony Market, Asia Pacific is anticipated to witness a relatively faster adoption at the highest CAGR during the forecast period as compared to other regions owing to increasing demand for voice over IP communications across different industry verticals such as BFSI, healthcare, retail, and IT & telecommunication, among others, across different countries in the region.
The Global Covid-19 Impact on IP Telephony Market is projected to reach USD 6 billion at a CAGR of over 9% by the end of the forecast period 2017-2023.
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Covid-19 Impact on IP Telephony Market Segmentation
The global Covid-19 Impact on IP Telephony Market is segmented on the basis of component, organization size, connectivity, and vertical. The vertical segment is classified into BFSI, healthcare, manufacturing, IT & telecommunication, retail, government and others. However, the IT & telecommunication sub segment is expected to grow at the highest rate during the forecast period. This is owing to the considerable technological shift of large enterprises towards adoption of voice over IP applications
Some of the prominent players in the global Covid-19 Impact on IP Telephony Market: Ascom Holding AG (Switzerland), Avaya Inc. (U.S.), Cisco Systems, Inc. (U.S.), Gigaset Communications (Germany), LG Electronics Inc. (South Korea), Mitel Networks Corporation (Canada), Panasonic Corporation (Japan), Polycom Inc. (U.S.), Yealink Inc. (China), NEC Corporation (Japan), and Grandstream Networks, Inc. (U.S.), among others.
Market Research Analysis
North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing a rapid growth due to technological advancements and rise in demand for IP telephony solutions across different industry verticals in this region. The U.S. holds the majority of market share both in terms of revenue as well as owing to the increased demand for IP telephony solutions in IT and telecommunication industry as well as growing demand for cost effective solutions for the same
