VoIP to take $479 billion from telecom industry by 2020

As this blog has pointed out in the past, the VoIP industry is taking bigger and bigger chunks of the telecom industry. With cheaper local and international calls, plus the incorporation of features like mobile, video conferencing and more, it is easy to see why adoption is increasing. Moreover, a closer look at the numbers show that the telecom industry could be in serious trouble.

A study from research group Ovum projects that $479 billion or 6.9 percent of voice revenue will be done via VoIP by 2020. This loss of funds for the telecom industry stems from the ease of use of VoIP, cost saving potential and issues from traditional providers, especially among mobile plans, among other factors.

A recent Digital Journal article by Andrew Moran, covered the shift in the market and mentioned that VoIP is becoming a staple of modern day communication.

"Indeed, the landscape of making a simple phone call has drastically changed from when it was first invented," Moran wrote. "From standing in your kitchen holding a candlestick phone to your ear to working a rotary phone to now speaking to a computer screen, the concept of making a phone call may become extinct in the next couple of decades."

The business community has been a proponent of VoIP phone systems, because they are also focused on the bottom line. While adoption in increasing, companies need to be sure they have the resources to deploy and manage a new communication system when it is installed. Organizations that do not have the internal resources should partner with an experienced IT consulting firm that is familiar with implementing a VoIP solution.

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