The SIP trunking market was valued at US$ 13.44billion in 2019 and is projected to reach US$ 30.22billion by 2027. The market is expected to grow at a CAGR of 10.8%during the forecast period of2020 to 2027.
The global SIP trunking market has been segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In 2019, North America led the global SIP trunking market with 36.7%revenue share. North America has strong penetration of advanced telecommunication networks offering fast Internet speed with the presence of diverse network services of 5G, 4G, and VoLTE. On the other hand, Asian market is witnessing massive growth in SIP trunking due to increased adoption of digital technologies and Internet services in developing economies of India and China, as there is a growing population of techno savvy youth in these countries. Therefore, the adoption of voice service based on SIP trunking is rising. China is one of the major countries which has a significant market share in the SIP trunking market due to increasing adoption of digital technologies and Internet. European countries, such as the UK, Italy, and France, are shifting toward digitalization and automation, which is driving the market growth.
In North America, the US is the most developed country.As North America is an early adopter of technologies, the scope of newly developed voice services is high in the region.
Compared to other North American countries, the adoption of IP based voice service witnessed in the US is more.This factor encourages SIP trunking service providers to provide advanced service offerings and service packages.
The Middle East region is projected to grow at a notable rate over the forecast period owing to the strong presence of traditional call switching technology and supporting government policies for foreign direct investment.The region has a strong dominance of the oil &gas industry; however, due to coniferous decline in sector growth, the focus is shifted toward industrialization and digitization.
The region is looking at new technologies and industrialization as an alternative support for economy which creates strong opportunity for the market.
The overall SIP trunking market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the SIP trunking market.
The process also serves the purpose of obtaining an overview and forecast for the SIP trunking market with respect to all the segments.It also provides the overview and forecast for the global SIP trunking market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, MEA, and SAM.
Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts and key opinion leaders specializing in the SIP trunking market.
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