SIP Trunking Services Market Size, Share, Competitive Landscape and Trend Analysis Report by Organization Size and by End User : Global Opportunity Analysis and Industry Forecast, 2023-2032

SIP Trunking Services Market Insight

Session initiation protocol (SIP) trunking is a method of sending voice and other unified communications services over the internet. SIP works with an IP-enabled private branch exchange (PBX). SIP trunking replaces traditional telephone lines or primary rate interface (PRIs). SIP trunks are virtual phone lines that enable users to make and receive phone calls over the internet to anyone in the world with a phone number. SIP trunks utilize a packet switch network, in which voice calls are broken down into digital packets and sent across a network to the final destination. One of the most important  benefits is the reduced communications costs. Additional benefits include built-in business continuity features, network consolidation, and Unified Communication features such as video, presence, application integration, and instant messaging are encouraging the demand for SIP trunking services.

Impact of COVID-19 on SIP Trunking Services Market:

• The COVID-19 pandemic has acted as a catalyst for the development of automation technologies by global companies, especially in the area of drones for the purpose of surveillance and medicine delivery, IT industry. 
• The unprecedented economic impact of COVID-19 on demand and supply, along with implications on geopolitics, and globalization, will influence the future of automation. 
• The coronavirus pandemic may drive enhancement of automation, digitalization, and artificial intelligence (AI) in the automobile sector in post COVID era to improve resilience to future pandemics. 
• In a situation like this, automation and robotics could reduce dependence on human labor and increase productivity, preventing the chances of future plant shutdowns. In addition to this, IoT, AI, and digitalization will become extremely relevant going forward and are going to define the new way of working. This lockdown provides us an opportunity to adopt these new trends, thus increasing the opportunities for the global SIP trunking service market in the upcoming years. 

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Growing adoption of unified communication (UC) solutions in enterprise environments along with the significant reduction in telephony costs and a rapid Return on Investment (ROI) facilitated by the trunking services is driving the demand for SIP trunking services market. SIP trunking services eliminated the need for enterprises investing in additional public switched telephone network (PSTN) gateway, boosting the demand of SIP trunking services market. Increasing reliability of services by adding VoIP services and offering multiple digital streaming capabilities is encouraging the demand for SIP trunking services market. However, rising security concern among end users is a restraint for the SIP trunking services market growth. Contrarily, increasing adoption of SIP trunking services in industry verticals such as hospitals, hospitality, and restaurants is expected to offer various growth opportunity in the SIP trunking services market.

Growing adoption of unified communication in enterprises

SIP trunk is a service provided by the Internet Telephony Service Provider (ITSP) to set up communication between the ITSP and the enterprise Private Branch Exchange (PBX). Unlike traditional telephony services, where a service provider delivers bundles of physical wires to a business, SIP trunk allows companies to enable Public Switched Telephone Network (PSTN) connectivity through an IP network such as the internet. This is encouraging the enterprises to adopt Unified Communication (UC) solutions to reduce telephony costs and generate ROI facilitated by the SIP trunking service. this factor drives the growth of the global SIP trunking Service market globally.

SIP trunking services reduces use of public switched telephone network

A SIP trunking service edge device installed in an enterprise’s communication network offers a lower investment path for incorporating new lines as they are typically cheaper per line compared to the corresponding traditional PSTN gateway system. By delivering both voice and data over the same connection, SIP trunking services market significantly optimizes the bandwidth utilization enhancing the productivity of network. Using the SIP trunking service, an enterprise can make calls anywhere worldwide for the cost of a local call which is driving the demand for the SIP trunk service market.

Key benefits of the report:

• This study presents the analytical depiction of the global SIP trunking services industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global SIP trunking services market share.
• The current market is quantitatively analyzed to highlight the global SIP trunking services market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global SIP trunking services market analysis depending on competitive intensity and how the competition will take shape in coming years.

  SIP Trunking Services Market Report Highlights

Aspects	Details
By Organization Size	Small Businesses Mid-sized Businesses Large Enterprises
By End User	Verticals Banking, Financial Services, and Insurance (BFSI) High-Tech Government Others Wholesale
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players	CenturyLink, Bandwidth, Colt, GTT Communications, IntelePeer, Fusion, AT&T, Mitel, Net2Phone, BT Group