Technology market research firm Infonetics Research, now part of IHS Inc. (NYSE: IHS), today reported that the worldwide voice over IP (VoIP) service market hit just shy of $70 billion in 2014, a 3 percent increase over the prior year fueled by growth in business VoIP services, which offset a slowdown in residential VoIP services revenue.

 "Business voice services are the driving force within the VoIP services market as the move to IP positively impacts cloud, trunking and managed services across all business segments. Larger enterprises in particular continue to actively evaluate cloud unified communications while also migrating to SIP trunking for premises-based deployments. And there are no signs of it slowing down," said Diane Myers, research director for VoIP, UC and IMS at Infonetics Research, now part of IHS.

"On the residential side, subscribers continue to grow, but revenue has fallen off as VoIP services are included in triple-play packages for almost no cost in many parts of the world," Myers said.

Infonetics' VoIP and UC Services and Subscribers report tracks service provider residential and business VoIP and unified communications (UC) services.

VOIP AND UC SERVICES MARKET HIGHLIGHTS

Comprising 38 percent of overall VoIP services sales, business VoIP service revenue grew 9.7 percent in 2014 over 2013

There were 224 million residential VoIP subscribers worldwide in 2014, up 5 percent from the previous year

Managed IP PBX services will make up the largest segment of business VoIP services for the next several years, with new growth coming from dedicated cloud unified communication solutions

Owing to continuing demand for enterprise cloud-based services, hosted PBX and unified communication service revenue increased 8 percent year-over-year in 2014, and seats rose 30 percent.

Adapted from article on FierceTelecom.com

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