The scope of Voice over Internet Protocol (VoIP) is continuously growing and expanding with the emergence of new trends in the industry. It is now time for companies to welcome these trends with open arms and employ them to improve their performances and practices.
With the VoIP market expected to reach US$ 102480 million by the end of 2026, with a CAGR of 3.1% during 2021-2026, businesses must capitalize on this growing sector and make the most of it. To stay ahead of the competition and stay abreast with the latest on-goings in the industry, businesses must keep an eye out for the following trends in 2020-
1. 5G: The fifth generation of wireless communication and data connectivity, or 5G, is all set to transform the space for all VoIP providers and their customers. By promising faster data transfer speed, fewer or no dropped calls, high definition video calls, consistent and better-quality video streaming, as well as faster and better connectivity for wearables; 5G will provide a better quality of service (QoS) for VoIP.
Additionally, by guaranteeing lower latency, 100% network availability, and increased bandwidth; the VoIP space will continue to evolve and thrive.
2. Artificial Intelligence (AI): Businesses will likely observe the presence and implementation of artificial intelligence in VoIP in the coming years as AI will enrich customer experience and make call conferencing much easier and affordable. AI-powered bots not only help companies understand customer behavior and mood, providing insights into the industry and its developments, but also help to schedule and create meetings as well as organize processes. The importance of AI will also be observed when it will boost VoIP capabilities and capacities through call routing or auto attendants.
3. Unified Communication as a Service (UCaaS): MarketsandMarkets estimates that the global unified communications as a Service (UCaaS) market size is expected to grow from USD 15.8 billion in 2019 to USD 24.8 billion by 2024, at a CAGR of 9.5% during the forecast period. UCaaS offers deep collaboration and communication within the organization with features like document sharing and editing, and joint file space. It allows businesses to access essential services like video conferencing, instant messaging, and faxing services, at lower costs, allowing businesses to expand.
4. Security and Compliance: There has been a rise in various cyber crimes and attacks including phishing and intrusion, exposing companies to greater risks and vulnerabilities. Using multiple layers to provide security and compliance to its users, VoIP uses data encryption authentication protocol to protect companies from any eavesdropping or malicious activities by third party intruders. Several businesses trust VoIP with their sensitive data and transactions because it protects the data of the companies and their clients. By using firewalls, virus protection, spam filters, etc., VoIP ensures the reduced risk of security breaches.
5. Video Chat Services as Competitors: Many people now prefer using video chat services provided by popular providers such as FaceTime or WhatsApp because they are free, easy to use, and allow people to stay connected with their loved ones. According to a new research report by Global Market Insights, Inc. the video conferencing market size is set to exceed USD 20 billion by 2024. These statistics can be attributed to the behavior of millennials and Gen Z’s and the subsequent impact of their behavior on this market.
These are the challenges posed for VoIP solutions. While some VoIP solutions can integrate video chat services, the industry for VoIP as a whole and its services have a long way to go with a lot of room for the industry to grow.
6. In-App Communications: In-app communication facilitated by integrated systems allow users to access all the resources and data at one place. Users will now be exempt from the hassles of switching from one app to the other each time they have to perform tasks such as messaging a colleague or hosting a meeting. The easy accessibility of in-app communication will broaden the horizons of VoIP services by making it simpler and more convenient to use.
7. Cloud Telephony and the Decline of Traditional Phone Systems: As opposed to its traditional counterpart, the analog phone, cloud telephony is improving the communication space with lower costs, increased scalability, improved audio quality, and easy management. With the coming of cloud telephony, a sharp decline has been observed in the usage and popularity of traditional phone systems. Additionally, cloud telephony caters to the needs of companies and their customers, providing solutions to various business challenges. As a result, more firms are likely to invest in systems that can integrate and support numerous services such as SMS, video and audio calls, conference calls, etc.
8. VoIP and WebRTC: WebRTC is a technology that provides real-time communications from a web browser and mobile applications using APIs. It enhances the experience and services provided by VoIP by consolidating features such as live-video support, instant calls, and streaming services. Businesses can now transform their company’s communication by offering new methods of contacting their customers or creating new platforms of communication with WebRTC. With WebRTC, VoIP services can be integrated into web browsers and mobile applications, making them available and functional for users across the globe.
9. Increasing Mobility: VoIP’s increased mobility enables companies to avail of the services of VoIP from different locations without any difficulties. With features like call recording and call forwarding, employers and employees can stay connected even while working remotely. These services will improve team collaboration and sharing by facilitating virtual meetings and content sharing. Moreover, this trend is useful for the mobile or remote workforce since it will help them stay updated with the latest developments at the firm as well as stay connected with the organization and other employees.
10. Internet of Things (IoT) and Blockchain: Internet of Things or IoT refers to a network of physical devices connected through the internet, which allow the collection and transfer of data. IoT is revolutionizing the VoIP space by making interconnectedness of devices easier and smoother. With the collaboration between IoT and VoIP, calendars can be set to notify users about their upcoming meetings and messages sent on the smartphone can be easily dropped in emails.
Merriam Webster describes blockchain as, “a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network.” Blockchain, on the other hand, will improve VoIP authentication, improve call privacy, and increase scalability. Additionally, businesses are likely to see the emergence and prominence of Mobile Number Portability (MNP), Local Number Portability (LNP), etc.
With the changing landscape of VoIP, it has become a necessity for businesses to step their game up and adopt the latest trends in the market, helping them to improve their business processes and operations. The 2020 trends of VoIP will further, not only turn out to be beneficial for businesses but also enrich and enhance the customer experience.