The world changed with the 2020 pandemic. Companies shut down and everyone started working from home. While companies and shops have reopened with many returning to the office, the remote model has become a permanent thread in the tapestry of modern business.
Businesses found they could get exceptional workers remotely when they weren’t available in the immediate area. People discovered that freelancing could be a permanent job that offered work/life balance. Corporations discovered that hiring freelancers can overall be cheaper than having full-time workers at the office. New technology allowed for it all.
Companies that had previously overlooked VoIP (Voice over Internet Protocol) services suddenly found it to be an important tool to connect remote workers with the office. Remote workers could use the office number no matter where they were or what device they were using. It increased communication security with encryption so all data, even those going to cell phones, was protected. It allowed companies to have a local presence in areas where they didn’t have an office yet.
Growth of VoIP
VoIP was growing before the pandemic with more than 35 million VoIP business lines added between 2010 and 2018. The total number of VoIP lines in 2018 was 41.6 million. The pandemic created a niche for VoIP services because of the increased need for video conferencing. The growth of video conferencing during that time was more than 212 percent. Most of that was to keep in touch with remote workers.
This new normal was the start of many significant trends and changes. That includes changes in technology, in how people work, communication, and expectations people have from work as well as expectations in the work done.
This year will prove that statistics and trends can change in the blink of an eye. Here are some of the things to look for in 2024 with VoIP.
Smaller Businesses Using VoIP
Small and mid-size businesses tend to be the most reluctant to change but are warming up to VoIP. Approximately 31 percent of all businesses use VoIP now and predictions are that future growth will be among the small businesses. VoIP for this group is expected to grow 15 percent by 2025.
The two reasons for small businesses are willing to make the change are pricing and using remote workers. VoIP service can save between 30 and 50 percent on communication costs. That’s huge for a start-up or small business.
Remote workers have tripped in the U.S. since 2019, going from 5.7 percent to 17.9 percent in employed workers. Another statistic shows that around 58 percent of U.S. workers are working from home at least one day a week. A key takeaway is that 67 percent of remote workers state VoIP systems increased their productivity and allowed them to resolve problems faster.
Security Will Gain More Importance
Most security experts will tell you that technological advancements also mean more ways criminals learn to scam and steal. VoIP services are looking to increase security and safety to top those using its services for illegal calls. That includes more evaluations of potential clients, more end-to-end security, and increased authentication methods.
Competition to Grow Among VoIP Services
VoIP is becoming more accepted and popular and that means more companies will enter the market. It also means current providers will need to offer competitive prices with the highest quality of services to maintain their share of customers and grow.
VoIP prices will likely be between $20 and $30 per user monthly when comparing some of the larger cloud-based systems. However, some services will likely look to offer better deals depending on the business, number of users, locations, and plans to grow.
Advancements are expected to result in a drop in VoIP costs. That drop is expected to be as much as 5 percent annually.
Expect More Features
New VoIP features will grow as technology and competition grows. Those offering business services like VoIP are always looking for the next big thing to offer clients so expect some interesting features to roll out.
North America Will Have the Most VoIP
It’s anticipated that North America will have around 40 percent of the VoIP market share by 2025. The U.S. VoIP market was valued at $13.7 billion in 2023, according to statistics. Most experts think it will certainly double, possibly triple, over the next few years.
AI Will Have an Impact
AI voice recognition software is already seeing a boom and is expected to grow more than $50 billion over the next few years. That will affect VoIP because there are plenty of uses of AI within a VoIP communications system. This includes analyzing security threats, powering chatbots for customer service, personalizing messages, and predicting or scheduling maintenance issues.
The voice recognition software will have the largest impact because it is used in virtual assistance that is built into VoIP systems. Voice recognition is predicted to grow 20 percent each year up to $50.16 billion in value by 2030. Research indicated that as much as 96 percent of all customer interactions will be done by AI before 2025.
Is VoIP Ready for Changes?
Overall, VoIP can easily adapt to these changes but it depends on the service provider. 4Voice has been at the forefront of new technology from the beginning so it is prepared to adapt to all these changes.
4Voice already offers the best in data security with private servers in a secured facility. It already employs engineers to aid in customer service calls and has an early detection system to root out threats before they become a problem.
4Voice has a ton of features and can implement an AI strategy easily. Features include real-time call monitoring, log monitoring, visual voicemail, and voicemail-to-type conversion so you can easily sort through messages wherever you are.
Our constant research and willingness to adjust to change has saved customers up to half of their communications costs already. That’s not something 4Voice is going to relax doing. 4Voice understands what the future holds and is prepared to utilize it for the good of its customers.
