VoIP seems like it’s kind of taking over the world lately. With millions of workers transitioning from their offices to working on their couch in PJs, most have enjoyed the freedom of VoIP. However, despite its prevalence, not very many people know much about VoIP.
Businesses all over the world are turning to VoIP everyday, but just how much will it grow? Since VoIP (Voice over Internet Protocol) is the talk of the town, we looked into just that, and 11 other statistics you must know about VoIP!
We couldn’t keep you waiting for too long! Hosted VoIP is expected to see a rate of growth of at least 20% by 2027. This is largely due to communications and technology becoming more sophisticated over time, but there are several factors driving the growth of VoIP.
Source: Global Market Insights
There’s some of the money we said you’d find at the bottom. The good news is you don’t even have to jump off a bridge (really, that would be kind of weird). Users who switch to VoIP enjoy an average savings of about 40% per local call.
LogicMonitor predicted that 83% of workloads would be conducted in the cloud. This is a dramatic increase from just 3 years ago when only around 68% of workloads were conducted in the cloud. Public cloud use saw the largest increase with a 10% jump over 3 years.
Compound annual growth rate (CAGR) is a formula used to find what an investment yields on an annually compounded basis. Basically, it measures how much your investment earns you. If you’re not into finance, take our word for it, 16.8% is pretty good!
Source: Grand View Research
The unified communications market size, which includes VoIP, was valued at $56.33 billion in 2018, and expects to reach as high as $167.1 billion by 2025.
Source: Million Insights
Now more than ever, we’re taking VoIP on the go. 3 billion users are expected to take their unified communications on the run with them and access their business or personal VoIP features via a mobile phone or tablet.
Source: Hosting Tribunal
More than 75% of all small businesses in America have already switched to cloud computing. We know, we know.. “Would you jump off a bridge just because everyone else was doing it?” We would if there was a ton of money at the bottom.
Companies with a global presence can now make calls for literally pennies on the dollar. At this price, you might as well just make a few calls across the world just because you can. Get a pen pal or something.
The global VoIP industry earned $14.1 billion in revenue in 2020. Though it’s been around since the 90s, VoIP did not start to see any significant growth until about 2005. Since then, it’s been full speed ahead for VoIP.
There are almost 1,100 VoIP businesses and providers just in the United States. Be sure you do your research, and know what to look for when selecting the right vendor. After that, watch your company take flight with VoIP!
Source: Finances Online
82% of all companies who switch to cloud computing and VoIP discover that they save money. That’s more R&D, more engineers, a company trip, more cash registers.. Anything you want it to be! What would you do with all of your extra money?
Taking into consideration all of the different ways VoIP saves you money, it averages out to be about 35%. What would you do with 30% more money laying around?
Source: Finances Online
We weren’t kidding when we said that VoIP is taking over the world. Each day, more and more businesses make the switch to cloud telephony and experience proven, tangible benefits.
S-NET can provide your company with a perfectly tailored, custom-fit VoIP solution built to provide you a more reliable and affordable phone system. Contact us today to for a free evaluation of your current system, and to see where the power of VoIP can take your business.