MarketsandMarkets forecasts the global Session Initiation Protocol (SIP) Trunking services market size to grow from USD 7.63 billion in 2018 to USD 12.70 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.7% during 2018–2023.
SIP Trunking service is an exceptionally advanced service facilitating connectivity between the business phone systems that are set-up on-premises and the Public Switched Telephone Network (PSTN) via internet. SIP Trunking allows companies to only pay for the number of lines they need and eliminates the requirement of excess analog lines or partially used Tier 1s and Primary Rate Interface (PRIs).
Major traditional and emerging market players in the global SIP Trunking market include AT&T (US), 8x8 (US), Bandwidth (US), BT Group (UK), CenturyLink (US), Colt (UK), Fusion (US), GTT Communications (US), IntelePeer (US), Mitel (Canada), Net2Phone (US), Nextiva (US), Orange (France), Rogers Communications (Canada), Sprint (US), Tata Communications (India), Telstra (Australia), Twilio (US), Verizon (US), Vodafone (UK), Vonage (US), Voyant Communications (US), West Corporation (US), and Windstream (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, acquisitions, and new product launches, to achieve further growth in the global SIP Trunking services market.
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8X8 is a market leader in the global SIP Trunking services market. The company has adopted a balanced growth strategy that includes developing new and innovative enterprise solutions, forming partnerships and collaborations, undertaking mergers and acquisitions, and conducting business expansions. For instance, in March 2018, 8x8 partnered with Itancia SARL, a Europe-based provider of communication solutions to enterprises, to expand its reach in France and deliver the X Series platform to a range of customers in Europe.
Tata Communications is a pioneer vendor providing SIP Trunking services and solutions. The company follows the horizontal integration strategy by launching new products and services. For instance, in January 2018, Tata Communications launched the Global SIP Connect service as a white-label flagship service for service providers to enable them to enhance their voice services.
Verizon offers its SIP Trunking services to medium-sized and large enterprises. The company provides a range of features in SIP Trunking services, such as interoperability, Service-level Agreement (SLA), communication on- and off-net, Quality of Service (QoS), and access to internet dedicated lines and private Internet Protocol (IP) networks. It is a pioneering provider of Voice over IP (VoIP) services. In February 2017, Verizon acquired XO Communications, the owner operating the largest IP and ethernet networks in the US, to strengthen its position in the SIP Trunking services market. Verizon offers cloud-based Session Border Collaboration (SBC) in collaboration with Ribbon Communications as a part of its virtual network services. Enterprise communications get simple and secure, as Verizon leverages Ribbon’s cloud-native session border controller for managed services offerings.
SIP Trunking Services Market by Organization Size (Small Businesses, Mid-sized Businesses, and Enterprises), End-user (Wholesale and Verticals (BFSI, Healthcare, Government, High-Tech, Retail, and Education)), and Region - Global Forecast to 2023
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