Global Mobile VoIP Market to Reach US$ 67.8 Billion by 2027 with a CAGR of 12.47%

Strategic Insights -

The global mobile VoIP (Voice-over-IP) market has been witnessing substantial growth, driven by the increasing penetration of smart devices and high internet connectivity. The market size reached US$ 33.5 Billion in 2021 and is expected to reach US$ 67.8 Billion by 2027, exhibiting a compound annual growth rate (CAGR) of 12.47% during 2021-2027. The growing popularity of innovative and user-friendly applications, such as WhatsApp, Line, Skype, Viber, etc., for enhancing smartphone functionality regarding communication and connectivity is also propelling the market growth.

Key Takeaways:

  • The global mobile VoIP market size reached US$ 33.5 Billion in 2021 and is expected to reach US$ 67.8 Billion by 2027, exhibiting a CAGR of 12.47% during 2021-2027.
  • The increasing penetration of smart devices and high internet connectivity are the primary drivers of the global market for mobile VoIP.
  • The growing popularity of innovative and user-friendly applications, such as WhatsApp, Line, Skype, Viber, etc., is also propelling the market growth.
  • Significant growth in the corporate sector along with the emerging trend of Bring Your Own Device (BYOD) is also bolstering the market growth.
  • The COVID-19 pandemic has led to the implementation of lockdowns across several nations, thereby propelling the adoption of remote working models.
  • The report includes insights on the impact of COVID-19 on the global mobile VoIP market, key regional markets, breakup of the market based on platform, service, model type, and vertical, as well as a detailed analysis of the market structure and key players.
  • Apple Inc., Facebook Inc., and Google Inc. are some of the key players operating in the global market.

Statistics:

  • The global mobile VoIP market size is expected to reach US$ 67.8 Billion by 2027, exhibiting a CAGR of 12.47% during 2021-2027.
  • The growing popularity of innovative and user-friendly applications is expected to drive the market growth at a CAGR of 15.6% during 2021-2027.
  • The corporate sector is expected to propel the market growth at a CAGR of 14.5% during 2021-2027, driven by the emerging trend of Bring Your Own Device (BYOD).
  • The report highlights the key market statistics, including the market size, growth rate, market share, and key market drivers and challenges.

Sources:

  • ResearchAndMarkets.com
  • Apple Inc.
  • Facebook Inc.
  • Google Inc.
  • Citrix Systems Inc.
  • Kakao Corporation
  • Grasshopper Group LLC.
  • Microsoft Corporation
  • Tata Communications Ltd.
  • Tencent Holdings Ltd.
  • T-Mobile (Deutsche Telekom AG)
  • Vonage Holdings Corporation