A new report by business analysts, IBISWorld, claims that VoIP (voice over internet protocol) is the fastest growing sector in the US economy, and will continue to hold this crown until at least 2016.
According to the report, revenue generated from VoIP in 2010 stood at $12,498 million, a rise of 194% since 2000. The report predicts that revenue from VoIP will continue to grow by a further 17.4% between 2010 and 2016.
Although some other sectors covered in the survey – such as video games and penal correctional facilities – show higher overall revenue generation, VoIP comes top of the list in terms of percentage growth.
Whilst business VoIP currently amounts to only around 20% of the current VoIP market, IBISWorld Senior Analyst, Casey Thormahlen, comments that it will only be a matter of time before interest among companies takes off – ‘if they’re really looking to cut communications costs’.
The cost factor is known to be one of the strongest driving forces behind the increased worldwide take-up of VoIP and business VoIP; monthly phone costs diminish considerably among those switching from conventional telephone line use to internet-based phone communication channels such as VoIP and internet protocol (IP) telephony.
Thormahlen even goes so far as to claim that ‘the rise of VoIP is the death of the landline’.
Whilst this may sound dramatic, the findings of the IBISWorld report; the known advantages of using the services of a VoIP provider; and strong business confidence in the VoIP market – as evidenced by the recent purchase of consumer VoIP service Skype by Microsoft; do all seem to point to what IBISWorld describes as ‘significant growth potential for the VoIP providers industry’.
IBISWorld however does point to the need for the continued expansion of quality high-speed broadband facilities in order to help foster the growth of both VoIP and business VoIP.