Voice Communication Equipment Market to Gather $13.1 Billion, Globally, by 2032 at 6% CAGR: Allied Market Research
The rising demand for Unified Communication & Collaboration (UC&C) solutions is anticipated to drive the growth of the global voice communication equipment market during the forecast period from 2023 to 2032. The North America region is projected to hold the major market share by 2032.
Portland, OR , Aug. 30, 2023 (GLOBE NEWSWIRE) — Allied Market Research has recently published a report, titled, “Voice Communication Equipment Market by Type (Tablets, Smartphones, IP Phones, Soft Phones, Others), by Network Equipment (Router, Private Branch Exchange, Switches, Others), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Industry Verticals (BFSI, Healthcare, Hospitality, Retail, Transportation and Logistics, IT and Telecom, Others), by Component (Solution, Services): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global voice communication equipment market generated $7.4 billion in 2022, and is anticipated to generate $13.1 billion by 2032, witnessing a CAGR of 6% from 2023 to 2032.
Prime Determinants of Growth
Over the years, there has been a steady increase in the demand for Unified Communication and Collaboration (UC&C) solutions across the world. This has led to a growth in demand for voice communication equipment which is predicted to be one of the important factors driving the growth of the global voice communication equipment market in the forecast timeframe. However, concerns related to phishing attacks that can target users and trick them into revealing sensitive information may hamper the voice communication equipment market growth in the coming period. On the contrary, growing demand from businesses for voice communication equipment that can seamlessly integrate with unified communications (UC) platforms is expected to offer growth opportunities for expansion of the voice communication equipment market in the 2023-2032 forecast period.
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Report Coverage & Details:
|Market Size in 2022||$7.4 Billion|
|Market Size in 2032||$13.1 Billion|
|No. of Pages in Report||290|
|Segments covered||Type, Network Equipment, Enterprise Size, Industry Verticals, Component, and Region|
|Drivers||Increasing demand for Unified Communication and Collaboration (UC&C) solutions.
Rise of remote work and distributed teams which has necessitated use of robust communication and collaboration tools.
|Opportunities||Growing demand from businesses for voice communication equipment that can seamlessly integrate with unified communications (UC) platforms.
Increasing demand for voice communication equipment that supports mobility and remote connectivity.
|Restraints||Concerns related to phishing attacks that can target users and trick them into revealing sensitive information|
- The outbreak of the COVID-19 pandemic has had a significant impact on the growth of the global voice communication equipment market. The travel restrictions and lockdowns led to disruptions in production cycles of various companies manufacturing voice communication equipment. As a result, there was a decline in the growth rate of the market.
- However, as many organizations adopted remote work policies to ensure business continuity, the demand for voice communication equipment such as headsets, microphones, and speakerphones increased. Thus, the market was able to regain some of its lost ground.
- The voice communication equipment market is, further, projected to show steady growth in the future due to rising demand for voice communication equipment that supports mobility and remote connectivity.
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Type: IP Phones Sub-segment Projected to Gather a Huge Revenue During the Forecast Period
The IP phones sub-segment accounted for the highest voice communication equipment market share of 32.9% in 2022 and is expected to grow at a high CAGR during the forecast period. Compared to traditional phone systems, IP phones offer lower long-distance and international call charges. This advantage of IP phones is predicted to boost the sub-segment’s growth by 2032.
Network Equipment: Private Branch Exchange Sub-segment Projected to be One of the Most Profitable by 2032
The private branch exchange sub-segment accounted for the highest voice communication equipment market share of 35.1% in 2022 and is expected to grow at a stunning CAGR in the forecast period. In the past few years, private branch exchange has updated the business calling process, which is a significant improvement over the previous generation voice communication equipment. This has led to a growth in demand for PBX which is predicted to boost the sub-segment’s growth by 2032.
Enterprise Size: Large Enterprises Sub-segment To Flourish Immensely During the Forecast Period
The large enterprises sub-segment accounted for the highest voice communication equipment market share in 2022 and is expected to grow at a high CAGR of 6.1% during the forecast period. As several large enterprises move their operations to the cloud, there is a growing demand for voice communication technology that provides seamless collaboration across numerous platforms. This growing demand from large enterprises for voice communication equipment is predicted to boost the sub-segment’s growth by 2032.
Industry Verticals: IT & Telecom Sub-segment to be Highly Dominant by 2032
The IT & telecom sub-segment accounted for the highest market share in 2022 and is expected to grow at a stunning CAGR of 6.9% in the forecast period. Growing demand for cloud-based voice communication devices, such as softphones and IP phones, from IT and telecom industries due to various advantages like greater flexibility, scalability, and cost-effectiveness is predicted to boost the sub-segment’s growth by 2032.
Component: Solution Sub-segment to Grow Rapidly During the Forecast Period
The solution sub-segment held the major share of 54.8% in 2022 and is expected to grow at a high CAGR during the forecast period. Various industries are looking for comprehensive communication solutions including a variety of technologies, software, and services that enable smooth and effective voice communication. This growing demand for cloud-based and software-defined communication systems is predicted to boost the sub-segment’s growth by 2032.
Region: North America Market to be One of the Fastest Growing by 2032
The North America region accounted for the highest share of 39.9% in the global voice communication equipment market in 2022 and is expected to continue this growth trajectory during the forecast period. The increasing demand for seamless and effective communication from various businesses in this region is expected to be the main growth driver of the market in North America region by 2032.
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Leading Players in the Voice Communication Equipment Market:
- Samsung Electronics Co Ltd
- PanTerra Networks
- Microsoft Corporation
- Siemens Enterprise Communication
- 8×8, Inc.
- Apple, Inc.
- Speedflow Communications
- Microsoft Corporation
- ADTRAN, Inc.
- IBM Corporation
The report provides a detailed analysis of the key players of the global voice communication equipment market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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