VoIP is experiencing a lot of change. How prepared is your business for the new year? In order to prepare your customer experience strategy for 2022, we've gathered some of the most compelling statistics, VoIP use-cases, voice and cloud data, and future expectations for the industry.
With customers expecting more from the brands they work with, it's crucial that brands have a modern communication platform that can deliver the real-time support they need. Across most industries, companies of all sizes are relying on VoIP software to provide reliable voice connections for their customers and remote contact center teams as they navigate the economic shifts of the past two years.
As companies accelerate their digital presence while transitioning to a hybrid work environment, businesses must leverage every call feature, customer service channel, and number management tool to drive better productivity and satisfaction their customers expect. Discover why so many businesses are expanding their virtual number software in 2022 by reading the following VoIP trends.
Global VoIP Market Trends
Businesses around the world are improving customer experiences by transforming their communications. With contact centers adopting SIP-based integrations like Microsoft Teams for telephony needs and handling their customer interactions from home, it’s no surprise that the global VoIP market is changing too.
Demand for VoIP technology is hot. At $30 billion in 2020, the VoIP market is estimated to grow at a 15% CAGR from 2021 to 2027. (Global Market Insights)
The emergence of mobile VoIP is accelerating by region. Asia-Pacific is expected to lead mobile VoIP market growth through 2024, reaching $60 billion in global market share. (Statista)
Competition for mobile VoIP is changing. Android OS is estimated to be the dominating mobile VoIP with $90 billion in market share by 2024. (Grand View Research)
Sources: Global Market Insights, Grand View Research, and Statista
Cloud Migration Statistics
The cloud migration process is imperative for brand success since it keeps your business safe from unexpected disruptions, allowing you to continue doing business as usual. Furthermore, it provides scalable solutions for your business when you need them.
Companies are migrating to the cloud. 70% of contact centers operate on the cloud, with 44% being fully migrated and 31% operating as a hybrid. (8x8)
And COVID-19 quickened cloud adoption for those who weren’t. Nearly three-quarters of contact centers moved to the cloud did so because of the pandemic. (Calabrio)
Enterprises seek reliable cloud solutions. Reliability is the top factor for VoIP migration at 69.5%, followed by price (19%), features (5%), flexibility (4%), and scalability (2.5%). (Blueface)
Here are some cloud migration trends to consider if you're considering moving from on-premise to hosted.
Sources: 8x8, Calabrio, and Blueface
Top Features by Market Size
Typically, when you purchase a virtual number, you'll have access to a variety of call features. Some may be used more than others in your daily interactions depending on your business size and unique needs.
Easy-to-use call features deliver for small businesses. Small businesses will get the most use out of auto-attendant, call forwarding, call hold/transfer, call recording, and caller ID among others. (Fit Small Business)
Enterprises seek to unify communications. Auto-attendant, call holding, conferencing tools, hold music, and integrations are indispensable VoIP features for mid-to-large businesses. (Forbes)
Sources: Fit Small Business and Forbes
Virtual Number Statistics
Virtual phone numbers are more than just numbers. They are a way to increase your brand's visibility among customers. The right VoIP provider can help your business grow and increase customer satisfaction with call quality and a reliable network. A virtual number can have a significant impact on your brand.
New NAMP toll free numbers are coming. 822 is expected to be used in the future, followed by other reserved area codes including 880, 887, and 899. (Project Hatch)
Vanity numbers propel business marketing. 85% of people are likely to remember a vanity number after seeing or hearing it in an advertisement. (Number Barn)
Virtual mobile numbers enhance customer reach. More than two-thirds of the global population are mobile phone users, with smartphones accounting for 4 out of 5 mobile handset devices. (Datareportal)
Extended voice reach relies on direct routing. Upwards of 90% of enterprise companies using MS Teams for telephony will use Direct Routing for PSTN connectivity at the end of 2022. (Loopup)
The majority of businesses find value with direct routing. 70.4% of organizations with MS Teams are using direct routing now. (Metrigy)
Sources: Datareportal, Loopup, Metrigy, Number Barn, and Project Hatch
VoIP Use-Case by Industry
You might be wondering how VoIP could benefit your specific industry. No problem. Here are some ways that virtual numbers and cloud telephony systems help businesses succeed.
Efficiency and cost-savings spur cloud adoption by government administration. Almost half of all government entities are actively using cloud services. (Gartner)
A customer-centric approach bodes well for financial services. IVR helped increase the call containment rate by 5%, improved CSAT by 25%, and saved a North American financial institution around $100 million. (McKinsey)
Digital experiences of connected customers drive API traffic. Retail, travel, and technology sectors accounted for 68.8% collectively for the largest share of API traffic, with financial and healthcare services posting significant YoY traffic spikes by more than 125% and 400% respectively. (Google)
Sources: Gartner, Google, and McKinsey
Unified Cloud Communications Trends in VoIP
Customer engagement with brands can be facilitated through unified communications (UC). VoIP providers with these capabilities discover opportunities for extended voice reach, improved agent productivity, the ability to tap into new markets to access new revenue streams, and more.
There’s a growing movement in modern workplace collaboration. 25% of 18-29-year-old respondents use video conferencing daily for work, compared to 15% of those 45-60 years of age. (Lifesize)
Mobile VoIP is rapidly accelerating the need for UC. BYOD is expected to drive demand for unified communications systems by 2023. (Valuates Reports)
Mobile video and CX go hand-in-hand. Mobile video is 2X more likely to improve customer experience. (Aberdeen)
Social media videos have revenue potential. 72% of consumers said they would rather learn about a product or service by video. Moreover, 84% of people say they’ve made a purchase by watching a brand’s video. (Optimonster)
Agents feel good about SIP-based efficiencies. 81% of employees feel that collaboration apps improve the overall productivity of the company. (Braidio)
Businesses are diversifying their communication channels. A majority of businesses (94%) rely on email and phone to communicate with their customers, with more than half (54%) anticipating adding channels like chat, WhatsApp, and social media into their mix. (AVOXI)
An exceptional CX starts with real-time interaction. 71% of consumers expect companies to speak with them in real-time. (Salesforce)
Customers want a connected experience. 72% of customers expect all agents to have the same information about them, but 66% say they often have to repeat information to different agents. (Salesforce)
Find out why unified cloud communications are vital for reaching a broader customer base below:
Sources: Aberdeen, AVOXI, Braidio, Lifesize, Optimonster, Salesforce, and Valuates Reports
Cost Savings VoIP Statistics
The cost of communication technology doesn't need to be a burden as it grows. VoIP solutions allow you to significantly reduce your telecom costs and reallocate those resources to other areas of your business. To prove that any growing communications tech stack can serve your bottom line, here are some current voice statistics:
VoIP greatly reduces contact center costs. Organizations using SIP trunking cut PSTN costs by an average of 16%, with unified communications reduced by 39%. (Nemertes)
VoIP cuts calling rates by a quarter of traditional telephony services. SIP trunking rates reduced per-minute rates upwards of 25%. (Gartner)
Consider billing strategies as a way to save. Usage-based pricing can save businesses 10-25% on telecom costs by optimizing their subscription and services. (CIO)
The software asset management process is working. 34% of businesses have reduced IT spending by an average of $16K a year by eliminating redundant apps and shifting to cloud-based unified communications as a service solution. (Nemertes)
Sources: Nemertes, Gartner, and CIO
VoIP Evolution in 2022 and Beyond
Brands and teams are interacting in a whole new way with VoIP software. Its adoption will continue to grow as more global businesses discover value in its reliability and high-definition call quality, ease-of-use platform with omnichannel capabilities, and scalable pricing models. Artificial intelligence (AI) and application programming interface (API) are making their way into the scene. Here’s what the future holds for the VoIP industry in 2022 and beyond:
AI adoption is coming, fast. AI projected growth rate usage is expected to grow 143% over the next 18 months, with 34% planning to implement it in that time period and 24% already using it. (Salesforce)
API will be critical to growth. 85% of the world’s leading companies feel that APIs are crucial to business growth. (Apigee)
Businesses look to analytics and security as top API factors. API analytics (68%) and security (59%) will continue to be the most valued management capabilities among enterprises. (Google)
Sources: Apigee, Google, and Salesforce
Better Voice Connectivity Awaits on the Cloud
There is no doubt about it - the VoIP industry is changing rapidly as more businesses seek reliable call quality for mission-critical communications with their global customers.
Even if your company already has an aging phone system, a hosted communication solution makes this possible. AVOXI's all-in-one cloud communication platform integrates seamlessly with your existing PBX to improve caller satisfaction, reduce errors, and automate tasks to keep your customers happy, no matter where they are.