Owing to the advantages offered by SIP trunking services in terms of cost and connection, their popularity is expected to gain momentum over the next couple of years. SIP trunking services are much more feasible as compared to traditional telephony systems. The competition in the market for SIP trunking services in North America, Asia Pacific, and Europe has been intensifying over the last couple of years as SIP vendors, network providers, and telecom companies focus on service expansion in various regions to explore opportunities in the untapped market.
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Based on end user, the prime revenue generator for the SIP trunking services market in Asia Pacific, North America, and Europe in 2015 was the IT and telecom sector. The healthcare and retail segments are expected witness promising growth during the forecast period. On the basis of deployment, in 2015, the on-premise SIP trunking services segment dominated the market with a share of approximately 67.0%. However, it has been projected that the hosted SIP trunking services segment will surpass on-premise SIP trunking services by 2024, accounting for a share of almost 51.0%. The hosted SIP trunking services is projected to display a promising CAGR of 25.3% from 2016 to 2024.
The Europe, North America, and Asia Pacific market for SIP trunking services is poised to touch US$20.70 bn 2024 from a valuation of US$4.47 bn in 2015. It is expected to rise at a promising CAGR of 18.6% between 2016 and 2024.
Deployment of SIP Trunking Services to Rise Significantly in Telecom and IT Sector
The various applications of SIP trunking services include manufacturing, transportation, education, media and entertainment, government, retail, healthcare, IT and telecom, and banking, financial services, and insurance (BFSI). The IT and telecom sector dominated the market in 2015 in terms of deployment of SIP trunking services and is likely to maintain a lead until 2024 owing to the substantial progress of the IT sector and the development of new business processing outsourcing units across these regions. Moreover, providers of SIP trunking services can expect to gain from growing demand in the education, retail, and healthcare sectors. The retail sector is projected to witness swift growth with a CAGR of 20.6% during the forecast period.
Browse the full Press Release of North America, Europe, and Asia Pacific SIP Trunking Services Market at :http://www.mrrse.com/sip-trunking-services-industry
Vendors to Seek Potential Growth Opportunities in Asia Pacific Market
North America has been a major consumer of SIP trunking services. The region dominated the market in 2015 owing to the rising adoption of SIP trunking services across several large- and medium-scale business enterprises. The growth of the SIP trunking services market in North America can be attributed to the rising concentration of telecom and IT organizations in the region and a well-established network infrastructure. However, Asia Pacific is expected to emerge as a high potential region for vendors operating in the SIP trunking services market to capitalize on. Japan is one of the leading countries contributing to the large-scale adoption of SIP trunking services in the Asia Pacific region. Likewise, the improvement of the current network infrastructure and growing investments in the commercial sector are further expected to boost the deployment of SIP trunking services in APAC.