Voice Communication Equipment Market Size, Share and Trend Analysis Report : Global Opportunity Analysis and Industry Forecast 2023-2032
Allied Market Research published a new report, titled, “Voice Communication Equipment Market Reach USD 13.1 Billion by 2032, Factors behind Market’s Hyper Growth.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global voice communication equipment market size was valued at USD 7.4 billion in 2022, and is projected to reach USD 13.1 billion by 2032, growing at a CAGR of 6% from 2023 to 2032.
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Driving Factors Voice Communication Equipment Market
The rising demand for Unified Communication & Collaboration (UC&C) solutions is anticipated to drive the growth of the global voice communication equipment market during the forecast period from 2023 to 2032. The North America region is projected to hold the major market share by 2032.
Market Segmentation Voice Communication Equipment Market
The voice communication equipment market is segmented on the basis of type, network equipment, enterprise size, industry verticals, component, and region. By type, the market is divided into tablets, smartphones, IP phones, soft phones, and others. By network equipment, the market is classified into router, private branch exchange, switches, and others. By enterprise size, the market is classified into large enterprises and small & medium enterprises. By industry vertical, the market is classified into BFSI, healthcare, hospitality, retail, transportation & logistics, IT & telecom, and others. By component, the market is classified into solution and services. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players Voice Communication Equipment Market
The key players profiled in the voice communication equipment market report include ADTRAN, Inc., MDS Gateways, Samsung, Electronics Co Ltd, Speedflow Communications, Apple, Inc., Microsoft Corporation, 8×8, Inc., Siemens Enterprise Communication, PanTerra Networks, and IBM Corporation.
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The IP phones sub-segment accounted for the highest voice communication equipment market share of 32.9% in 2022 and is expected to grow at a high CAGR during the forecast period. Compared to traditional phone systems, IP phones offer lower long-distance and international call charges. This advantage of IP phones is predicted to boost the sub-segment’s growth by 2032.
The IT & telecom sub-segment accounted for the highest market share in 2022 and is expected to grow at a stunning CAGR of 6.9% in the forecast period. Growing demand for cloud-based voice communication devices, such as softphones and IP phones, from IT and telecom industries due to various advantages like greater flexibility, scalability, and cost-effectiveness is predicted to boost the sub-segment’s growth by 2032.
The private branch exchange sub-segment accounted for the highest voice communication equipment market share of 35.1% in 2022 and is expected to grow at a stunning CAGR in the forecast period. In the past few years, private branch exchange has updated the business calling process, which is a significant improvement over the previous generation voice communication equipment. This has led to a growth in demand for PBX which is predicted to boost the sub-segment’s growth by 2032.
The North America region accounted for the highest share of 39.9% in the global voice communication equipment market in 2022 and is expected to continue this growth trajectory during the forecast period. The increasing demand for seamless and effective communication from various businesses in this region is expected to be the main growth driver of the market in North America region by 2032.
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