Voice over Internet Protocol, or VoIP, is a service that’s been around for two decades. The technology we use for business VoIP continues to improve, turning this low-cost phone communications tool into a highly popular service. With more employees working from home than ever before, VoIP services have been called upon over the past year to meet the needs of these new remote workforces.
Yet VoIP is about to evolve again. New trends are emerging in the business VoIP market, signaling that these tools are about to become even more sophisticated and intelligent. This blog will look at three of the hottest trends in business VoIP as well as the statistics that show rising usage among businesses today.
VoIP Statistics and Usage Trends
Business VoIP is an on-demand service that caters to our increasing desire for mobility and flexibility in our communications tools. VoIP service can travel with you for a fraction of the cost of traditional phone service. It’s imminently scalable and is as reliable as the internet you depend on every day for your business. Perhaps that’s why the market for VoIP services is predicted to grow to $55 billion by 2025.
Cheaper calling, service flexibility, and a high volume of features are all characteristics of business VoIP. Companies understand that traditional phone services simply cannot compete in today’s markets that demand more from their communications tools.
Finances Online recently published data on how VoIP is being used by consumers of the service. They found that the hype around VoIP isn’t just hype at all; consumers of the service are experiencing real benefits from these technologies. The study showed:
- 90% of VoIP users reported they saved on international calling.
- 40% saved on local calling.
- 30% reported phone bill and teleconferencing savings.
Hosting Tribunal shared some of the latest data on VoIP usage, including:
- The majority of businesses (61%) are switching to VoIP service.
- This trend is predicted to accelerate both for business and consumers. Three billion people are expected to become mobile VoIP users this year alone.
- New companies experience a 90% cost reduction after business VoIP is installed.
The data shows VoIP usage increased to 350 million subscribers last year. While the service was first created in 1995, the technology has continued to evolve into a must-have feature for businesses seeking better communications for their teams. But it isn’t done evolving yet. What’s next for the business VoIP market?
Three VoIP Trends to Watch
Unlike plain old telephone service, which is basically the same service it’s always been, VoIP continues to evolve at digital speeds. There are three big VoIP trends to watch in the next few years, which will increase the speed and efficiency of these tools yet again. This includes:
- 5G networks
- Artificial intelligence
- Smarter voice assistant apps
5G Networks and the Business VoIP Market
The fifth iteration of wide-area wireless networks is coming. This service will improve the speed of our internet connectivity while decreasing latency, packet loss, and call jitter during data transfers. This will help reduce or eliminate dropped calls, or any other reliability issues that still hamper efficient VoIP service. Better broadband means faster browsing, better communications, and bigger networks for all your streaming and calling needs.
What’s next for 5G? Watch for improved connectivity of your wearable devices as well as fewer dropped calls for VoIP service. Better data transfer speeds mean better service for HD video conferencing, too. One study showed the potential and perceived impact of 5G networks:
- Faster data transfer speeds
- Higher definition video content
- Better quality and more consistent video streaming
- Faster and better wearable device connectivity
- Fewer dropped calls
5G will help companies improve their communication tools. But this is just the beginning of what’s in store for business VoIP in the future.
Artificial Intelligence (AI) and VoIP Service
You’ve likely been hearing about AI for some time and the computer algorithms behind this technology have worked their way into services you use now every day. Chatbots, your social media feed, and eCommerce are all using AI-powered tools. But AI is now entering the VoIP market. The benefit for VoIP customers is smarter customer service automation, while behind the scenes, smarter security will help keep the service safer from hacker encroachment.
A new wave of business start-ups has been heavily investing in AI. This will change VoIP service in new ways. Some of the investments we’re seeing include:
- In 2019, companies invested $45 billion in automated customer service tools.
- $2.7 billion went into sales process automation, so these teams can work smarter.
- $2.7 billion was also invested into digital threat prevention, to keep our internet tools like VoIP just a little safer.
AI processes and tools will help optimize VoIP services in the future. Expect better service, smarter features, and a host of benefits due to these tools.
Voice Assistant Tools for Business VoIP
Virtual assistants, such as Amazon’s Alexa, Apple’s Siri, or Google’s Google Assistant (also known as “OK Google”) are hot right now. The trends show usage of these tools are increasing rapidly, with more than 111.8 million people using them today. Natural language processing, or NLP, is an AI-driven algorithm that makes communication with your favorite voice assistant possible. Not only can voice assistants talk with you and perform tasks, these devices also use machine learning, another AI-driven algorithm, to get smarter each time you interact.
For VoIP services, these smart tools can automate many of the mundane tasks associated with voice communications. For example, your voice assistant can make calls on your behalf while collecting information on various customer interactions. They can help route calls to voicemail or specific agents. Virtual assistants can answer customer questions in a call center setting, which frees up your operators to complete more important tasks. A VoIP assistant can even record and transcribe a meeting, completely eliminating this formerly tedious chore.
Business VoIP Now and in the Future
All of these trends signal the next evolution of business VoIP as part of unified communications as a service (UCaaS) tool. VoIP First Media is a proud UCaaS provider, offering team communication and collaboration tools centered around VoIP and its many benefits. We help companies like yours cut costs while taking advantage of the immediate connectivity and flexibility of Business VoIP services. Join the revolution. Call on us today.