SIP trunking services saw an increase in demand from businesses during the pandemic, to maintain seamless business operations and customer interactions.
LONDON, March 8, 2022 /PRNewswire/ -- The impact of COVID-19 rise has been relatively low on the SIP trunking services market with demand for online video conferencing and remote working during the pandemic. Video calling over SIP is one of the important options that entrepreneurs chose during the pandemic, due to its seamless connectivity and ease of operations. The session initiation protocol (SIP) trunking services industry growth was strong during the pandemic due to perpetual transition to UCaaS solutions, coupled with Bring Your Own Carrier (BYOC) connectivity.
The global session initiation protocol (SIP) trunking services market size is expected to grow from $13.03 billion in 2021 to $14.75 billion in 2022 at a compound annual growth rate (CAGR) of 13.2%. The change in the SIP trunking service market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The SIP trunking service market is expected to reach $23.58 billion in 2026 at a CAGR of 12.4%.
Global Session Initiation Protocol (SIP) Trunking Services Market Report Segmentation
The session initiation protocol trunking services market is segmented by type into hosted and on-premise. The on-premise market was the largest segment of the SIP trunking services market by type, accounting for 74.7% of the total market in 2021. The hosted market is expected to be the fastest-growing segment going forward at a CAGR of 12.0% during 2021-2026 period.
The SIP trunking market is also segmented by end-user into BFSI, healthcare and life sciences, telecommunications and IT, government and public sector, manufacturing, consumer goods and retail, media and entertainment, and others, and by organization size into small businesses, mid-sized businesses, and large enterprises.
Key Players And Strategies In The Session Initiation Protocol (SIP) Trunking Services Industry
The global session initiation protocol trunking services market is moderately fragmented, with a large number of regional players operating in the market. The top ten competitors in the market made up to 13.16% of the total market in 2021. Major players in the market include AT&T Inc., Verizon Communications Inc., Lumen Technologies, Inc., Twilio Inc., and GTT Communications, Inc.
Player-adopted strategies in the SIP trunking services industry includes strategic collaboration with technology-players, additional developments towards existing products to increase flexibility and usability of the trunking services, and strategic acquisition of established or innovative companies in the industry.
COVID-19 Impact On Performance of SIP Trunking Service Providers
As demand and adoption of cloud-based SIP trunking services increased with increasing shift in work from home practices by the majority of the corporate institutions, the companies operating as SIP trunking service providers, especially in the field of hosted/cloud based deployed have seen a rapid surge in customer acquisition, as corporates across the globe investing in innovative and seamless communication solutions continue to offer seamless business communications.
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