VoIP Trends: Predictions for 2023 & Beyond
Analysts predict the global VoIP sector will experience massive growth over the next few years and hit a market value of US$108.5 billion by 2032. The industry is continually evolving and adapting to meet the demands of modern clients, which naturally comes with exponential growth. So, what’s next for the VoIP sector? Read on as we reveal the top VoIP trends for 2023 and beyond.
What is VoIP?
If you’re not familiar with VoIP, let’s take a moment to unpack the acronym. It stands for Voice over Internet Protocol, a new generation of technology that uses broadband internet to provide voice calls, as opposed to a traditional phone line.
There are many benefits of VoIP, including:
- Lower costs per call rates
- Accessible to both in-house and remote workers
- Fast and reliable connections
- Enhances the customer communication experience
- Superior sound and voice quality
- Easy to scale up or down, depending on business needs
- Flexible features for small, medium and large teams
Now you know more about how VoIP works and the benefits of the technology, let’s take a look at the VoIP trends set to shape the market over the next few years.
1. Widespread adoption of 5G and fibre
Governments and private enterprises around the world are investing heavily in next-generation wireless telecommunication technologies. This includes ultra-fast 5G and Fibre Broadband technology. This fifth generation of wireless network technology supercharges browsing and data transfer speeds. It also increases the capacity of the network and ensures connectivity remains fast and responsive, regardless of how many users are connected.
What does 5G adoption mean for the VoIP sector? Increased availability of 5G networks allows VoIP providers to offer lightning-fast connection speeds and superior voice quality. For businesses using the service, this means improved response rates and an elevated customer experience. Customers are at the heart of VoIP solutions, making the adoption of 5G one of the most important VoIP trends to watch in 2023.
Hosted VoIP services
An increasing number of businesses are taking advantage of the benefits of hosted VoIP services. From lower costs to increased scalability, hosted VoIP services are a great solution for growing businesses.
From ChatGPT to Soundraw, the AI craze has swept the globe. More than just a fad, it’s become an invaluable part of the customer experience. Netflix uses AI to cherry-pick show suggestions, Instagram uses AI to curate your feed and websites use AI to communicate with customers via chatbots. The VoIP sector is no different and has also embraced AI as a tool to improve the customer communications experience.
The use of automated customer service agents is one of the biggest VoIP trends set to shape the industry over the coming years. Already, we’re seeing advanced technologies like automated sentiment analysis being used to improve the customer experience.
The technique uses AI to analyse customer behaviour during VoIP calls and utilise data to improve interactions. Ultimately, the goal is to develop a better understanding of the unique needs of customers. If sentiment analysis identifies a negative response, data can be used to identify the root cause of the problem, generate solutions and achieve higher customer satisfaction rates. Other AI-driven VoIP trends include the use of automated sales processes and security technologies.
Integrating VoIP systems with cloud-based services will continue to gain traction over the next few years. An increasing number of VoIP service providers are using the cloud to improve the customer experience and meet the demands of modern businesses.
A new era for the Internet of Things (IoT)
From computers and smartphones to wearable tech and smart home solutions like automated locks, lighting and thermostats, the IoT is saturated with more devices than ever before. What exactly is the IoT? The term describes a network of interconnected, internet-enabled devices with the capacity to share, transfer and analyse data.
The technology isn’t just transforming day-to-day life. It’s also reimagining sectors like VoIP. Over the coming years, we expect to see the IoT driving VoIP trends like ‘smart offices’ equipped with a suite of internet-enabled devices.
Unified Communications (UC)
Voice is no longer the only medium being used to communicate with customers in the VoIP sector. Over the coming years, we expect to see an increase in the use of Unified Communications such as video and instant messaging. The ability to integrate these types of communication channels into VoIP systems will drastically improve the customer experience.
With the advent of UC comes another acronym – Unified Communications as a Service (UCaaS). This VoIP trend describes a full suite of communications mediums that operate within a centralised system. Channels include standard voice calls, as well as video calls and chat messaging.
As well as customer service, UCaaS has stepped up as an invaluable tool for internal communications. Investing in UCaaS services empowers businesses with tools designed to support collaboration and streamline workflows. Think features like enterprise messaging, video conferencing, dedicated team collaboration platforms and online meetings. Presence technology, a feature that allows network users to see if other users are connected to the network, is another VoIP trend gaining momentum.
The latest stats from MarketsandMarkets Research predict the UCaaS sector will be worth almost US$25 billion by 2024. This makes it one of the biggest VoIP trends to watch for 2023 and beyond.
From supporting remote workers to keeping employees connected on-the-go, mobile integration is one of the biggest VoIP trends of 2023. Today’s smartphones and tablets are incredibly sophisticated and often outperform fixed computer devices. Embracing mobile-ready VoIP offers businesses an opportunity to optimise efficiency and offer employees more flexibility.
As explored earlier, increased availability of 5G networks makes mobile communications faster and more reliable than ever. This means employees will be able to use mobile phones not only for voice communication, but also for UCaaS mediums like video calls and conferencing.
VoIP for SMEs
VoIP is no longer a service reserved for blue-chip companies. Rapidly advancing technologies combined with increased access to 5G infrastructure means VoIP is now a realistic investment for small and medium sized businesses. The features are often comparable or better than traditional phone systems, with improved scalability a huge bonus for growing businesses.
A renewed focus on security
Advances in technology often come with an increased security risk. A renewed focus on security is essential if businesses want to embrace VoIP trends while protecting the interests of customers. The cybercrime industry is expected to soar to almost US$24 trillion by 2027. This represents a huge jump from the US$8.5 trillion estimated in 2022.
Data breaches not only disrupt business operations. They can result in expensive legal action and jeopardise the reputation of a brand. In the long term, this can have a negative impact on growth, customer loyalty and profits. As a result, security should be front of mind when choosing a VoIP provider.
The demise of landlines
A decrease in the use of landlines isn’t a new VoIP trend, though it will continue to gain traction in 2023 and beyond. Telecommunications technologies like 5G combined with the launch of next-generation devices makes fixed phone lines more obsolete than ever. As a result, we expect to see an increasing number of businesses making the switch to internet-based VoIP solutions.
Not only is internet-enabled VoIP a more cost-effective option, but it also supports the needs of businesses operating in the digital age. VoIP allows businesses to embrace internet-based voice calls, along with a variety of other channels designed to streamline communication with both customers and employees.
Increased adoption of VoIP for charities
Small and medium sized businesses aren’t the only ones set to benefit from advances in VoIP technology. A new era of affordability makes the latest VoIP trends accessible to charities. Clever communication solutions are critical for charities and play an important role in connecting with existing patrons, as well as converting new patrons.
VoIP for schools
Applications for VoIP systems go far beyond a business context. As well as charities, we’re seeing an increasing number of schools and educational institutions investing in VoIP solutions. Students and parents take the place of conventional customers, though the need for fast, efficient and streamlined communication remains unchanged. Moving forward, VoIP trends can help schools:
- Improve the online learning experience
- Host parent/teacher meetings
- Digitally host supplementary classes
- Support collaboration between students
- Streamline communication between educators
Harness the latest VoIP trends with the VS Group
From Fortune Global 500 companies to local medical practices, dental clinics, schools and charities, the latest VoIP trends have wide-reaching benefits for enterprises of all shapes and sizes. At the VS Group, we’re dedicated to offering small businesses and charities tailored VoIP services designed to support exponential growth.
Want to discuss how the VS Group can help you harness the latest VoIP trends and take your communications to the next level? Get in touch with our friendly team today!