Global VoIP market approaches 30 billion pounds

The VoIP service market has survived the effects of the recession and thanks to increasing customer up take was valued at £31 billion in 2010 compared to £21 billion in 2008.

The domestic sectorremains the largest of the market at 69 per cent of total revenue, but business VoIP solutions are growing at a quicker pace, according to Infonetics Research.

It predicts predicts that the combined business and residential VoIP services market will grow to £46 billion in 2015 and IP PBX business VoIP service revenue is estimated to more than double in the next five years.

According to the research, the number of home VoIP phone subscribers increased 19 per cent in 2010 to 157 million globally.

Market research firm IBISWorld.com released a report this week which shows that US-based wired telecommunication carriers are generating lower returns each year as consumers switch to VoIP and wireless products, which would appear to back up the findings of Infonetics.