One of the key reasons behind the advance of the VoIP software market is the increasing focus of organizations on augmenting their productivity. Such solutions allow companies to redirect the funds otherwise set aside for hardware-based IP phones, called hard phones, and traditional phone bills to other important business aspects. Additionally, VoIP allows companies to conduct web conferences and virtual meetings, the trend of which is growing in COVID-19 times. Further, e-fax and e-mail can be integrated with this software, which makes the transfer of digital documents easy.
Similarly, the VoIP software market advance is also being propelled by the increasing adoption of this technology in SMEs. Because VoIP solutions are easy to install and troubleshoot, as well as cost-effective, they have given SMEs an alternative to traditional forms of establishing communication, which are expensive. Apart from allowing SMEs to make cheaper calls, this technology is also easy to maintain, which cuts down the requirement to pay hefty salaries to IT professionals. Therefore, to compete with established companies, while saving on operational costs, SMEs are adopting VoIP software.
Asia-Pacific (APAC) is the largest VoIP software market presently, and it is also expected to grow the most rapidly till 2030. This is because of the rapid digitization in the region, which is being reflected in the shift of enterprises from traditional forms of communication to computer-based ones. Additionally, the rising IT spending and presence of a huge number of contact centers have created a high demand for VoIP software in the region since the last 5–10 years. Another key market driver here is the increasing penetration of the internet and smartphones.
Hence, with more people purchasing computers and getting access to the internet, the demand for VoIP software is bound to surge in the coming years.