We have been witnessing the gradual demise of the traditional landline phone system for a while now. And it seems that it’s not stopping any time soon.
In the United States alone, over 90% of households had operational landline phones in 2004. However, only half of that amount uses landlines at home today (Statista, 2020). On a grander scale, there has been a slow but steady decline in fixed telephone lines since the mid-2000’s. After all, with the internet within reach as well as the presence of increasingly advanced smartphones, there are all sorts of ways to communicate nowadays. As a result, businesses are trying to keep up by accommodating their customers via different channels. This demand for a holistic way to communicate with people has paved the way for more sophisticated VoIP platforms.
That’s why we can expect that in the coming years, more businesses will be investing in these systems that can support, chat, SMS, email, video calls, phone calls, and social media.
Growth Trends In The Global and Local VoIP Market
The global VoIP market has experienced exponential growth over the past 20 years. Gone are the days of traditional landlines, operators, and paying expensive fees for international calls. With the advances in technology, spurred by government support and private sector investment, the VoIP industry is showing no signs of slowing down anytime soon. According to a study by Global Market Insights, the industry is projected to grow from a market size of 30 billion in 2021 to a massive 95 billion in 2027.
5G Adoption Boosts VoIP Demand
The pandemic has not slowed down the growth of the market, in fact, it has actually sped up. With more people working from home and the growth in 5G adoption VoIP systems have never been in higher demand. As more businesses rely on VoIP service providers for their main communications today, it’s important to follow VoIP industry trends to see whether your company is harnessing this technology to its full potential. Businesses regardless of size and scope can take advantage of these industry shifts in the coming years and maximize their investment in this technology.
Governments and private companies are investing billions in 5G technology which is leading to faster data transfer speeds. The VoIP industry is keeping pace with the advances in speed with VoIP systems that take full advantage of the technology available.
VoIP Providers Are Embracing Artificial Intelligence
Artificial Intelligence is everywhere you turn. From Netflix recommending shows based on your viewing habits to Chatbots helping you solve customer service issues, we are already used to interacting with AI (even if we don’t realize it). Following suit, VoIP providers are embracing artificial intelligence. Software developers and hardware manufacturers have spent billions in research and development in areas such as:
- Automated Customer Service Agent Software
- Sales Process Automation
- Threat Prevention
In fact, it is stipulated that by 2025 the vast majority of online customer interactions will be handled by some level of artificial intelligence. One such industry that has embraced advancements in VoIP/AI is the call center industry. Companies such as Xfinity have invested in self-help solutions that allow customers to solve problems without long hold/wait times. Companies have implemented AI bots that are great at predicting customer behavior and provide solutions in a shorter time frame.
Save It To The Cloud
The present and the future of modern communication is cloud-based. With the advancements in internet speed and the expansion of coverage areas, it is now possible to run your entire company operations via cloud-based technology. It is not only more efficient but also more cost-effective for businesses than maintaining an in-house network. The adoption of UCaaS allows businesses to perform critical functions and have access to mission-critical data from any internet-connected device.
In addition, cloud-based UC platforms are less likely to be obsolete faster. They are more scalable as vendors can update these regularly. Moreover, because everything is stored on the cloud, disaster recovery and business continuity are much easier.
Mobile Is The Future of VoIP
VoIP systems are among the mobile systems being heavily invested in by technology companies.. With the launch of 5G networks, the functionality of mobile VoIP systems is expected to increase. As several VoIP providers now offer embedded app support systems, we can expect more businesses to take advantage of this mobile setup. That is to say, more professionals will soon adopt app-based virtual numbers for business calls, conferencing, and team meetings. VoIP devices are evolving beyond sending voice and video packets. So, we can expect VoIP will remain relevant by ensuring that all its endpoints such as cameras and speakers work to connect with other devices. This is where IoT and VoIP meet.
Car manufacturers are implementing more connectivity in cars. As technology advances, more cars are becoming “SMART” With integrated VoIP services in the center console, cars can now function as an office on wheels. This is great for companies that have road warriors who need to access data on the go. No more having to pull over and find a nearby Starbucks, when you can view the schematics for a job while onsite via your VoIP-connected in-car devices.
The Death of Landlines
We have not so fond memories of our mothers screaming at us to get off the internet so she can use the phone. Not to mention having to wait until 9 pm to make “free: long distance calls and being stuck with one carrier for the rest of your natural-born life because they “owned” your number. In 2004 almost 90% of US households had land-based telephones, fast-forward to 2021 and that number has dropped to 40%. This is a direct result f increase in internet connectivity and the massive growth in cellphone innovation and adoption.
Businesses have caught up to this trend by adopting more sophisticated VoIP technology as a means of communicating with their customers. Customers now have a plethora of options such as email, SMS, video chat, social media, chatbots as well as phone calls.
Get VoIP Services in South Florida
VoIP brings tangible business benefits. On one hand, small businesses can take advantage of VoIP as a cost-effective alternative to traditional phone and communication systems. On the other hand, large corporations can use it to optimize the way they handle business calls as well as sales transactions. If you are an SME looking to upgrade to VoIP services then CPT od South Florida is the company of choice. We provide VoIP services to cities in South Florida such as Coral Springs VoIP, Pembroke Pines VoIP, Miami VoIP, and much more. Contact us today to speak with a Florida VoIP specialist. Visit our contact us page or call us at 9549632775