Ever wonder what makes a business successful while others struggle? Well, if we ask the professionals, they will say it all comes down to offering a service that no one else can offer. On the contrary, people who work in human capital will tell you that hiring the right people for the right job makes a business successful. Moreover, tech professionals will tell you that using advanced technology to minimize effort and increase productivity is the best way to increase productivity. However, investors say that maximizing profit but cutting down the operational cost to a minimum will work best.
When it comes to a cost-cutting strategy that helps in maximizing profit, switching to VoIP is one decision that every business owner can swear by. VoIP offers better handling, helps with saving money, cutting operational costs, and offers a better service. There are so many studies about the effective VoIP-based strategy and why it is important. After reading the results of the studies conducted and how effective it is, you will be able to make an educated decision according to the requirements of your business.
By the year 2021, mobile VoIP users will reach the benchmark of 3 billion. This will help the VoIP industry generate up to 90 billion in revenue making it one of the biggest niches in the tech industry. Studies also show that by 2024, the VoIP industry will stay dominated by android OS users.
Since VoIP is mainly being used by businesses and people within the office setting, more than 61% of the businesses have already made their switch from traditional phones to VoIP.
By the end of this year, the number of VoIP users worldwide will reach a whopping 204,8 billion and by the year 2024, the VoIP market will see immense growth reaching up to 194,5 billion dollars.
Just one year ago, in 2020 statistics were very different, however, with the pandemic, the need of the hour changed and that’s when companies with futuristic vision, especially tech businesses, turned to VoIP for better control.
In 2012, VoIP subscribers were as low as 98,9 billion and by the end of last year in 2020, VoIP users around the globe grew up to 204,8 billion and it is still growing with every passing day.
For the business industry, VoIP offers better control while helping them to enjoy cost-cutting strategies. Back in 2018, only 35% of the companies were using VoIP. The number has since grown and 2020 stats show that more than 61% of the companies are now using VoIP for better services.
The companies who have recently switched to VoIP from the traditional telephone system are claiming that they were able to cut their communication cost up to 30-50%.
VoIP has especially helped small businesses because they have reported a decrease of about 90% in their communication budget with the help of VoIP systems. Small food start-ups, cafes, food delivery services, online cab services, hospitality industry, health sectors, and emergency help providers have reported improvement in their services due to the use of VoIP. This means that it is not only helping businesses to cut the cost but also helping them improve their services.
VoIP conference call service has helped businesses to improve their productivity. Small businesses have reported a 65% improvement in their productivity. Find me follow me service that helps in reconnecting and forwarding the call has helped the companies improve their response time and increased their productivity up to 75%.
In 2018 a survey was held that concluded, around 89% of employees feel they are not satisfied with the communication channels that they use at their offices. Apart from this, around 71% of employees felt their communication with the team was not good enough. 2020 stats show that 67% of the employees feel it is much better and easier to handle a call via VoIP system as compared to any other system.
For remote workers, VoIP has reduced the overall task handling time by improving their productivity. With VoIP, more than 57% of the employees have seen improvement in their remote working capability.
Back in 2019, more than 83% of companies big or small reported major issues due to communication errors. Unreliable communication channels badly handled phone calls and distortion was ranked as an important factor behind overall miscommunication.
With the business industry as the leading way of building a stronger economy, countries are now fighting to become the biggest economy. Right now, in the manufacturing field, China is on top, but for technology, the US is in the lead. According to the stats of the last 8 years, it was noticed that the number of residential telephone lines has grown from 28 million in 2010 to 76.6 million in 2018. As a result, the telephone business saw a boom from 2.3 million in 2010 to 41.6 in 2018 making it one of the biggest industries. Experts claim that the main reason is the advancement in business that now allows people to order things that can be delivered to their doorstep. This can be linked with the boom in the e-commerce business and raising companies like Alibaba, Amazon, AliExpress, etc that are now becoming benchmarks for other businesses.
As the hub of tech development in Europe, France is following the lead of the US with 21 million. However, countries like Japan have recorded around 28 million VoIP users as well.
For ease of business, experts are endorsing VoIP for all kinds of industries. Since customer care is the core of every service, big tech companies and e-commerce businesses are relying heavily on the use of VoIP. Studies show that 60% of the users mainly rely on google for searching business numbers. With VoIP integration with the systems, call handling time can be reduced to a point that more users can easily communicate without spending too much time on the research.
As a leading industry, VoIP is predicted to grow 12% annually till 2015. This means more companies and businesses will be offering customers centred businesses with a focus on customer service.
As the tech industry is connected and highly doesn’t use the internet, the demand for 5G is on the surge as well. According to the prediction by the experts, the demand of 5G will double by the end of the year 2022.
As remote working is becoming a trend, mobility is becoming a necessity. T-Mobile reports that 7 out of 10 companies listed mobility as a top priority. So far, the cost of the mobile-based solution has reached a significant height and by the year 2022 it will reach up to 1.8 trillion.
As hosted VoIP is becoming a trend, companies are now switching to cloud-based solutions. According to an estimate, by the year 2025, hosted IP PBX will increase by 15%.
By the year 2026, the worldwide VoIP market will reach up to an estimated 102480 million dollars.
By the year 2025, computer to phone services are expected to grow by 17%. This will offer better service even if the customer is living in a far-fetched area.
For the selection of features, a study shows that companies with conference calling features have reported an improvement of more than 65%, whereas find me follow me has offered a boost of 77% in productivity. Apart from this, mobile IP PBX has helped in improving productivity by up to 58%.
For better service even on the move, more than 74% percent of people use mobile apps.
To reduce the response time, most businesses are taking help from chatbots and automatized messaging services. By the year 2025, chatbots are expected to increase by 95%.
For customer service representatives who find it hard to manage calls every day. It is estimated that each day, VoIP helps call centres and customer representatives