The digital voice field is expected to be the fastest growing industry in the U.S. over the next several years. In fact, Voice over Internet Protocol (VoIP) is listed among the top ten most dynamic industries, accompanying wind power, e-commerce and online auctions, environmental consulting, biotechnology, video games, solar power, third-party administrators and insurance claims adjusters, correctional facilities and Internet publishing and broadcasting.
Much of this huge increase can be seen in the residential market, which more consumers are familiar with. For example, many companies are offering bundled telephone, cable and Internet services, using the Internet to deliver calls via private cable networks. By picking up on this niche sector market, Time Warner, Comcast and Cox have seized approximately half of the residential digital voice industry.
Most experts synonymously agree that that vast popularity of VoIP will result in the death of the traditional landline. Currently, corporate markets account for approximately one-fifth of the VoIP industry; however, many companies are jumping on board and realizing the potential profit this business VOIP sector holds.
With a downturned economy, many employers are seeking to decrease communication costs and cut bottom line expenses. While cable-delivered VoIP is dominating the personal market, experts predict the future will see a shift in more residences and businesses switching to VoIP platforms.
In fact, experts predict that VoIP revenues will compromise 80-percent from small businesses and consumers and 20-percent from enterprises. While cable is dominating this market, experts predict that non-capable providers are poised to contribute sizeable growth to the mobile VoIP industry.
The value of VoIP not only includes lower overall operating costs, but a variety of features that are not available on traditional telephone lines. For example, Jive, a leader in the VoIP hosted industry offers the following features in their all-inclusive plans: auto attendants, voicemail, caller ID, music on hold, call routing, virtual extensions, Dial-By-Name Directories, call forwarding, call recording, call logs, call reports, unified messaging, message on hold, desktop integration, online fax, ring groups, Visual Dial Plan Editor, intercom, call queues, Find-Me Follow-Me, speed dial, custom schedules, remote access, LDAP integration, call transfers, online PBX controls and much more.
With technology becoming more cloud-based, the telephone industry is poised to shift from traditional, outdated technology to VoIP systems that offer the security, reliability and cost savings that companies require in today’s high-tech world.