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.
The global mobile VoIP market 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.
Depending on operating system, the android segment holds the largest mobile VoIP market share, owing to rising need for smartphones with improved features such as augmented reality, flexible screens, and holographic displays. However, the iOS segment is expected to grow at the highest rate during the forecast period, owing to increased demand for luxury smartphones.
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Segment Review of the Mobile VoIP Market:
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.
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 U.S. and other major regions across North America. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 23.7% from 2022 to 2031.
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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The Key Players in the Mobile VoIP Market:
Cisco Systems, Inc, Microsoft Corporation, Citrix System, Inc, Rakuten, Facebook, Inc, Zoom Video Communications, Inc, Ribbon Communications Operating Company, Inc, 8×8, Inc, 3Cx, Mitel Networks Corp, Jive Software.
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 every market player.
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