Asia-Pacific Session Initiation Protocol (SIP) Trunking Services Market, By Type (Hosted, On Premise), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises (SMEs), Application (Voice, Video, Streaming Media, Web Conferencing, and Desktop Sharing), Vertical (Banking, Financial Services and Insurance, Healthcare and Life Sciences, Telecommunication and IT, Government and Public Sector, Manufacturing, Consumer Goods, and Retail, Media, and Entertainment, and Others), Country (China, South Korea, Japan, India, Australia, Singapore, Malaysia, Indonesia, Thailand, Philippines, Rest of Asia-Pacific) Industry Trends and Forecast to 2029
Market Analysis and Insights : Asia-Pacific Session Initiation Protocol (SIP) Trunking Services Market
Asia-Pacific session initiation protocol (SIP) trunking services market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with the CAGR of 14.4% in the forecast period of 2022 to 2029 and expected to reach USD 6,734.29 million by 2029. Increase in the requirement of quick-decision making process in biotechnology is e expected to drive the growth of the market significantly.
The session initiation protocol (SIP) is an application layer protocol that allows the user to use their phone system over an internet connection instead of traditional phone lines. The backbone of phone lines used by various users that connects to a telephone network is referred to as trunking. SIP trunks connect an on-premise phone system to the public switched telephone network, often known as PSTN, via Voice over Internet Protocol (VoIP). For instance, an office may already have a PBX for phone service. SIP trunks give phone service to the entire office, allowing them to communicate with the rest of the world.
SIP trunking is mostly used to replace PRI technology. SIP trunking makes use of VoIP technologies to deliver voice and data. Other data, such as instant messages and video conferencing, is also supported by SIP. Thus, SIP trunking is used for call setup, management, and teardown. It is very flexible, reliable, and quite lightweight solution.
Growing focus on reducing operational cost and improving organizational performance is the major driving factor in the market. Lack of skilled work force and technological expertise can prove to be a challenge however increasing investment by government and investors prove to be an opportunity. The restraint is high cost of installation and maintenance. Also challenges faced due to the impact of Covid-19 on the supply chain of the raw materials are the restraining factors.
The session initiation protocol (SIP) trunking services market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the Session initiation protocol (SIP) trunking services market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Session Initiation Protocol (SIP) Trunking Services Market Scope and Market Size
The Asia-Pacific session initiation protocol (SIP) trunking services market is segmented into four notable segments which are based on the type, organization size, application and vertical.
- On the basis of type, the Asia-Pacific session initiation protocol (SIP) trunking services market is segmented into hosted and on premise. In 2022, on premise segment is expected to dominate the Asia-Pacific session initiation protocol (SIP) trunking services market due to its advantages like great control, flexibility and fast support.
- On the basis of organization size, the Asia-Pacific session initiation protocol (SIP) trunking services market is segmented into large enterprises, and small and medium-sized enterprises (SMEs). In 2022, large enterprises is expected to dominate the Asia-Pacific session initiation protocol (SIP) trunking services market due to high adoption of technologies for cost reduction.
- On the basis of application, the Asia-Pacific session initiation protocol (SIP) trunking services market has been segmented into voice, video, streaming media, web conferencing, and desktop sharing. In 2022, voice segment is expected to dominate the Asia-Pacific session initiation protocol (SIP) trunking services market due to rising demand for voice customer support in banking, retail, among other industries.
- On the basis of vertical, the Asia-Pacific session initiation protocol (SIP) trunking services market has been segmented into banking, financial services and insurance, healthcare and life sciences, telecommunication and IT, government and public sector, manufacturing, consumer goods, and retail, media, and entertainment, and others. In 2022, banking, financial services and insurance segment dominates the Asia-Pacific session initiation protocol (SIP) trunking services market due to higher demand of unified communication platforms.
Session Initiation Protocol (SIP) Trunking Services Market Country Level Analysis
The session initiation protocol (SIP) trunking services market is analyzed and market size information is provided by country, type, vertical, organization size, and application as referenced above.
The countries covered in the Session initiation protocol (SIP) trunking services market report are Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific. China dominates the Asia Pacific region due high rate of product development and distribution of APIs communication platform.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing in the Adoption of Cloud and Unified Communication Solutions is Boosting the Market Growth of Session Initiation Protocol (SIP) Trunking Services Market.
The session initiation protocol (SIP) trunking services market also provides you with detailed market analysis for every country growth in particular market. Additionally, it provides the detail information regarding the market players’ strategy and their geographical presence. The data is available for historic period 2011 to 2020.
Competitive Landscape and Session Initiation Protocol (SIP) Trunking Services Market Share Analysis
Session initiation protocol (SIP) trunking services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to session initiation protocol (SIP) trunking services market.
Some of the major players operating in the Asia-Pacific session initiation protocol (SIP) trunking services market are 3CX, 8X8, Inc., BT, CenturyLink, Colt Technology Services Group Limited, Fusion Incorporated, GTT Communications, Inc., Intelepeer Cloud Communications LLC., Mitel Networks Corp., NET2PHONE, Nextiva, ORANGE, Rogers Communications, TELSTRA, TWILIO Inc., Voyant Communications, Intrado Corporation, IBM Corporation, among others.
Many new product developments, business expansions, contracts and agreements are also initiated by the companies’ worldwide which are also accelerating the session initiation protocol (SIP) trunking services market.
For instance,
- In November 2021, Fusion Connect, Inc. had expanded service guarantee covering voice and data services, including Unified Communications (UCaaS) and SD-WAN. This had further helped the company to enhance its service portfolio in the premium market.
- In September 2020, Telstra had signed a strategic partnership with Microsoft to focus on accelerating the development and release of innovative and sustainable cloud-based solutions across multiple industries. This had further enabled the company to develop new industry solutions in the premium market.
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