Everything is about speed these days. With the coming of 5G, the fifth generation of wireless technology, the digital age shows no sign of slowing down. The need for this technology is at an all-time high, especially in the Voice over Internet Protocol (VoIP) industry. Here’s what’s in store for VoIP systems and how businesses would benefit from it.
Flexible Communication Systems
Businesses require cost-effective communication solutions. Forbes reports that 5G will open doors for new services, network operation, and customer experience for telecom operators.
Thanks to 5G, many types of communication can be made possible at a faster rate. For instance, this technology will help speed up accommodating calls, video conferences, emails, and SMS.
The two areas for VoIP that will benefit from 5G are quality of service and call latency. For call latency, VoIP services could take less than one millisecond with the help of 5G. With 4G, however, the services can take about 10 milliseconds to connect to the network.
As for the quality of service, 5G is expected to improve it particularly in several areas, which include more bandwidth for sensor devices, reduced latency, higher throughput, and a hundred percent network availability.
But the flexibility of 5G is not just about offering many options; it also helps lower phone bills. Say hello to reduced teleconferencing costs. With flexible communication systems, businesses can save up to 40 percent on local calls, and 90 percent on international calls.
A Booming VoIP Market Awaits by 2025
With cost-effective communication solutions paired with favorable government initiatives, research shows that the VoIP market is projected to go up to $55 billion by 2025. According to MarketWatch.com, the phone-to-phone market is expected to grow at a CAGR of more than 17 percent from 2019 to 2025.
The demand for IP phones, cheap call plans, and other VoIP products is also expected to go up. Businesses going global, with the need for better collaboration and communication with remote employees, are causing this increasing demand.
Additionally, MarketWatch.com reports that the international VoIP calling market is projected to show a growth rate of more than 11 percent brought by the great need for international calling plans.
According to the same report, the consumers’ segment is projected to grow at a CAGR of more than 14 percent, between 2019 and 2025. The demand for residential VoIP is also going up because if offers some services that landlines cannot provide, including unlimited calling and other free features like call forwarding, caller ID, and call waiting.
Private Companies and Government Agencies Team Up
Apart from this, both private companies and government agencies are investing a lot of money in wireless telecom, particularly in 5G. With such investments made, businesses are about to experience higher transfer speeds for high-quality voice and data services.
As Forbes explained, the shift in the role of telecom will require them to engage with enterprise customers, as well as government agencies. Moreover, telecoms will have to change their sales approach in a bid to help consumers leverage the power of 5G.
There is no stopping the VoIP industry from moving to lengths to improve its services and products. With 5G, these products and services are made better for medium and small businesses, and VoIP providers like Lingo Communications are about to experience greater demands.
