Voice Communication Equipment Market Expected to Reach $13.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Voice Communication Equipment Market," The voice communication equipment market was valued at $7.4 billion in 2022, and is estimated to reach $13.1 billion by 2032, growing at a CAGR of 6% from 2023 to 2032.

Voice communication equipment refers to devices, systems, or tools that enable the transmission and reception of voice or audio signals for the purpose of communication. It encompasses a wide range of technologies and devices used for various applications, including telephony, broadcasting, public safety, military operations, and others.

Integrating of voice communication equipment with collaboration tools such as project management software or team messaging platforms allows for real-time communication and collaboration within a single platform. Users can seamlessly switch between voice calls, instant messaging, file sharing, and video conferencing, enhancing overall productivity and efficiency. Moreover, integration with customer relationship management (CRM) systems enables voice communication equipment to provide contextual information about callers, such as their purchase history or previous interactions. This integration allows for personalized and informed conversations, leading to improved customer service and sales effectiveness. It eliminates the need for manual data entry, saving time and reducing errors. Furthermore, integrating voice communication equipment with video conferencing platforms enables users to initiate video calls directly from their voice communication devices. This integration enhances collaboration by facilitating face-to-face interactions, screen sharing, and document collaboration, regardless of geographical locations. It streamlines communication and reduces the need for separate conferencing equipment.

However, integrating voice communication equipment with existing communication systems and IT infrastructure can be complex. Compatibility issues, interoperability challenges, and the need for extensive configuration and customization can hinder the adoption of new voice communication solutions, especially in larger organizations with complex IT environments. Moreover, voice communication equipment needs to interact effectively with various components of the existing infrastructure, such as Private Branch Exchange (PBX) systems, Voice over Internet Protocol (VoIP) networks, call routing systems, and collaboration tools. Achieving interoperability between different systems and protocols can be complex, requiring thorough testing and configuration. Some organizations may have legacy systems that are outdated or incompatible with modern voice communication solutions. Upgrading or replacing such infrastructure to accommodate new equipment can pose additional challenges and costs.

Cloud-based voice solutions offer businesses the flexibility to adapt and scale their communication needs according to their requirements. As businesses grow or experience fluctuations in their communication needs, cloud-based solutions allow them to easily add or remove users, features, and capacity. Providers can capitalize on this opportunity by offering flexible and scalable cloud-based voice communication equipment and services. Furthermore, cloud-based voice solutions can integrate with other cloud-based collaboration tools such as messaging, video conferencing, and file sharing. This integration enables seamless communication and collaboration across different channels and devices. Providers can develop voice communication equipment that integrates well with other cloud-based collaboration tools, providing a unified communication experience to businesses. Cloud-based voice solutions allow businesses to expand their communication capabilities globally without the need for establishing physical infrastructure in different locations. Providers can offer international calling features, virtual phone numbers, and localized voice services to support businesses' global communication needs. This presents an opportunity to tap into the growing demand for global communication solutions. These factors are anticipated to boost market growth in the upcoming years.

The voice communication equipment share is segmented on the basis of type, network equipment, enterprise size, industry verticals, component, and region. By type, it is classified into tablets, smartphones, IP phones, soft phones, and others. By network equipment, it is classified into router, private branch exchange, switches, and others. By enterprise size, it is classified into large enterprises and small & medium enterprises. By industry verticals, it is classified into BFSI, healthcare, hospitality, retail, transportation & logistics, IT & telecom, and others. By component, it is classified into solution and services. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America.

The key players profiled in the voice communication equipment market report include ADTRAN, Inc., MDS Gateways, Samsung, Electronics Co Ltd, Speedflow Communications, Apple, Inc., Microsoft Corporation, 8x8, Inc., Siemens Enterprise Communication, PanTerra Networks, and IBM Corporation.

The report offers a comprehensive analysis of the global voice communication equipment market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Key Findings of the Study

• Based on type, the IP phones sub-segment emerged as the global leader in 2022 and the soft phones sub-segment is anticipated to be the fastest growing during the forecast period.
• Based on network equipment, the private branch exchange sub-segment emerged as the global leader in 2022 and the router sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on enterprise size, the large enterprises sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
• Based on industry verticals, the IT & telecom sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
• Based on component, the solution sub-segment emerged as the global leader in 2022 and the services sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, North America registered the highest market share in 2022 and Asia-Pacific is projected to be the fastest growing during the forecast period.