A number of factors, such as the increasing demand for voice over internet protocol (VoIP) software among small and medium enterprises (SMEs), surging focus of organizations on enhancing their productivity, and rising penetration of smartphones, are expected to drive the growth of the VoIP software market at a CAGR of 13.4% in the foreseeable period (2020–2025). At this rate, the market size will increase from $15,114.3 million in 2019 to $30,441.5 million by 2025.

Moreover, the market is witnessing the shifting preference toward hosted cloud-based VoIP solutions and development of 5G technology. One of the prime factors aiding the VoIP software market is the surging focus of organizations on enhancing their productivity. VoIP software enables businesses to allocate funds, which are else disbursed on traditional hardware and phone bills, to other important areas of the businesses.

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It also allows video conferencing, through which virtual meetings can be conducted; users to integrate other solutions, including e-fax and e-mail; and digital transfer of documents, which make the software an effective solution for businesses across the globe. The industry segment of the VoIP software market is categorized into information technology (IT) telecom, government, retail, healthcare, residential, education, and banking, financial services, and insurance (BFSI).

Among these, the IT telecom category accounted for the largest share in 2019 in the market. This is ascribed to the surging need for high internet speeds and increasing adoption of advanced technologies, such as voice over long-term evolution (VoLTE) and 5G, for proper management of bandwidth in the growing IT telecom industry.

This market research report provides a comprehensive overview of the market

• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings