Since the dawn of the 21st century, the VoiP market has exploded. From technology improvements to pandemics that have made people stay at home, this market continues to grow.
Of course, “VoIP is growing” is an obvious prediction. If you truly want to be in the business, there are several trends that you should check out. No matter how big or small your business is, it’s important to watch for the trends.
Nowadays, everything is on demand thanks to the digital age, and VoIP systems are here to allow you to save while make customer service on-demand. It’s easy to accommodate video conferences, email, communication, and SMS, all while reducing the costs. That’s right. VoIP can lower the price of the phone bill by a third, and almost eliminate the cost of international calls entirely.
By 2025, the VoIP market will surpass $50 billion easily. Every agency, from public to private, is investing in this technology. Who doesn’t want better speeds and video calls?
As you observe the market grow, it’s important to look at the trends. Therefore, we’ve compiled several of the biggest trends set to happen in the next couple years.
5G Will Happen
5G feels like it’s been taking forever to roll out. It’s supposed to be the solution to our fast-paced needs in the technology world. While your aunt may share a meme about how it causes COVID-19, mind control, and your favorite basketball team to lose the game, 5G is going to change how we connect to the internet.
Some features of 5G are obvious. It’s going to be faster with less loss in calls and web searching. However, the less obvious is that combined with the pandemic, VoIP networks are going to implement 5G. With fewer dropped calls, switching from the old landline to a softphone is too tempting. Once your local area gets it, give it a roll. So, the takeaway here is that 5G is going to improve VoIP by increasing speeds and dropping calls.
Customer Service AI
AI is not quite on the level of what sci-fi depicted it as, but it’s still quite amazing. It’s what recommends you shows to watch on Netflix, what influences the algorithm, and it can eliminate customer service with a human for many situations.
Billions of dollars are being invested into AI customer services. In fact, almost all interactions from customer services is speculated to be done without a person. In 2018, there was an AI startup boom, and it has continued since.
Obviously, there are going to be some things that only a human can answer, but you may be surprised with how much an AI can answer. This can lead to customer service agents focusing on more complicated issues and not the easy ones. These bots are always learning and they are improving how they serve the customer. For example, chat bots. They used to be quite rough, but they are learning fast.
The takeaway here is that AI is helpful for VoIP, and businesses should use it to their advantage. Having some form of AI in your business is no longer something of luxury, either. It can allow you to move past some of the basic customer service questions.
VoIP Assistants Grow Smarter
There’s been an increase in virtual assistance. One eMarketer study revealed that in 2019, nearly 40 percent used VAs. VAs are Siri, Alexa, and soon. Used to, language processing was rough, but now it’s quite accurate and it only continues to grow. It’s also supposed to improve VoIP, handling tasks like call routing. A VA can also answer easy questions, and it can collect customer data. This creates a more personalized customer experience.
The takeaway here is that VoIP VAs can handle tasks that are mundane, allowing you and your assistants to focus on tasks that demand more attention.
The Rise of UCaaS
United communications as a service, or UCaaS, continues to grow and cloud phone systems become the cheaper options. By 2024, this market may hit almost $25 billion. This is another service that allows businesses to focus on more complicated functions. These allow you to scale as well.
A cloud-based system also makes it easier to recover in case of a disaster and you can have a business continuity plan as well.
The takeaway here is that UcaaS solutions allows things to be backed up easier and with the cloud, you can worry less.
Mobile Unified Communications Continues to Grow
As you all know, phones have changed in the past decade. Nowadays, everyone carries a little computer in their pocket to do anything they want to.
Phones have been associated with a loss in productivity, but a business should look at it as a way to be even more productive. Communications are far easier and so is customer accommodation. Almost all enterprises say that mobility is not just optional, but a priority. Spending on solutions for mobility may push nearly $2 trillion by 2022.
Some OIP providers have app support systems embedded in them, and this number is slated to grow. More apps will be used for meetings.
The takeaway here is that the mobile VoIP will allow you to talk faster and make everything easily and efficient, increasing the advantage competitively. It’s much easier to make calls; VoIP devices are more than just small voice and videos packets.
IoT, or internet of things, connects every device to exchange data easily, and VoIP will play apart in that. From having a smart office that collects data to workspaces that are voice-activated, VoIP can do it all.
When it comes to IoT, check and see how other companies are using it. Then, figure out what you can do. The takeaway here is that IoT connects and syncs all devices with ease, and VoIP systems make it easier. You don’t have to worry about compatibility issues.
Analog Phones Are Dead
The analog phone system isn’t going to go out without a fight, but it has been dying slowly. In 2004, 90 percent of houses used landlines. Nowadays, that number is half. Same with fixed lines. Why have a home phone when your cell phone can do that?
Nowadays, businesses are also working to add smartphone capabilities, such as email, social media, phone calls, and other features to allow most businesses to communicate.
The takeaway here is that businesses need more communication systems that have flexibility. The digital age allows us to get in touch in much better ways, and much cheaper ways.
Numbers are Portable
It’s hard to build a customer base who cares. Opening the lines is important so that your clients can get in touch with you easier. However, when you switch phone service providers, that can be a hassle. Thanks to blockchain solutions, this is much easier. It can store information online indefinitely, allowing you to migrate numbers across providers. Because of this tech, there’s going to be an increase in MPN (mobile number portability), LNP (local number portability), and DNC (do not call.)
The takeaway here is that customers want to contact you, but sometimes that’s a hassle. It’s good to be consistent with having the same contact number, or series of numbers. Thanks to portability, that’s easier.
And there you have it. These are some powerful predictions. What other things do you predict will happen for the VoIP market? Let us know in the comments.