VoIP software for business remains incredibly popular and is expected to undergo massive growth in the future. A 2019 study on the VoIP market by Global Market Insights forecasted the industry to hit the $55-billion mark by 2025 from $20 billion back in 2018. That’s an impressive growth rate of 175% in just seven years.
Significant cost savings, speed of deployment, excellent quality of calls, and mobility are among the major advantages of VoIP systems. They are also its main drivers for adoption and implementation.
Because they are cheaper than traditional telephony systems and provide users with a more stable platform for all sorts of voice-based communication, businesses still find VoIP systems the best alternative when it comes to corporate-related communications. Many companies now enjoy the advantages of a virtual call center and can now communicate to customers, partners, and stakeholders with ease and speed.
Applications of VoIP are found in almost all aspects of business communication, including customer service, B2B (business to business), B2C (business to customers), and internal interactions. As 2020 looms, VoIP phone systems will still be a crucial component in business operations.
That said, the fast and relentless advances in modern technologies will impact the VoIP sector. VoIP providers need to keep abreast of the following trends if they are to develop and deliver VoIP solutions that meet the demands of the changing business landscape.
1. 5G Will Become Mainstream
No other technology will banner the biggest VoIP trends 2020 than 5G. Tech experts describe 5G technology as a catalyst that will revolutionize global communications. Others heap praises and high expectations on 5G, predicting it to become the gold standard for mobile real-time communication.
But how does 5G technology impact VoIP? Three words: low network latency.
5G will lower network latency to 9ms or milliseconds. The average network latency for LTE and 4G technology is 16ms. According to an April 2019 article by Acrobits, 5G will be over 20 times faster than 4G. With lower network latency, mobile devices, desktops, laptops, and other communication tools can connect to the internet faster.
5G technology will increase the quality of video chats and internet-based voice calls. It reduces, if not eliminates, instances of bad call quality due to poor internet connection. There are no instances of skipping, stuttering and dropped calls. Faster, clearer and more productive communications spell good for any business organization and 5G can provide it.
VoIP service providers will have to scale up their VoIP products and make them 5G ready as soon as possible to meet the surging demand. Even the best business VoIP phone system will fail to meet expectations if it’s not built for 5G.
2. Increased Demand for VoIP Security and Compliance
The number of corporate enterprises opting for hosted and cloud-based VoIP phone systems is increasing. These systems are no longer reserved for startups and small yet adventurous companies that are not fazed by risks. With large corporations entering the VoIP market in recent times, the demand for better security and compliance has grown tremendously.
Players in major sectors such as healthcare, banking, and financial services, retail, and more now require VoIP companies to develop VoIP products that meet company standards, security requirements, and industry compliance regulations. VoIP providers are expected to respond by developing and delivering high-quality VoIP systems that ensure the highest level of security for their communications and information.
One particular VoIP company achieved this by having their best VoIP phone system hosted on the Google Cloud Platform. The set-up enabled users to access and utilize the resources of one of the world’s biggest tech firms while enjoying the strict security measures Google provides.
Implementation of better VoIP security and compliance should be among the best practices when utilizing VoIP. For other tips to maximize your VoIP investment, check out FinancesOnline business VOIP best practices.
3. A VoIP-IoT Marriage Looms in the Horizon
The Internet of Things (IoT) has been impacting many businesses and industries, disrupting business processes, and redefining business standards. Said technology connects Internet-ready devices to each other, enabling them to communicate, capture, receive, and share data without any human involvement.
IoT has introduced changes in various sectors but is commonly implemented in manufacturing, transportation, warehousing, and logistics. But how does IoT figure in the future of VoIP?
IoT makes it possible for Internet-capable devices to connect with each other and create a smart working environment. Because most Internet-ready devices, sensors, and gadgets utilize Internet Protocol (IP) to deliver functionality and information, IoT crossing paths with VoIP technology is bound to occur, according to Yeastar.
VoIP has the potential to become a crucial component of IoT mechanisms and help users achieve full control and automation. VoIP phone systems become smarter and can be utilized to automate certain tasks and command devices near it to perform particular functions such as adjusting the thermostat or connect to a printer.
A VoIP-IoT marriage is certainly happening and such a union will make the world a whole lot interesting.
AI Isn’t Far Behind
2018 was certainly a year for the books, as far as artificial intelligence, or AI, concerned. The rise of AI startups was definitely unprecedented, as well as the widespread adoption of the technology across multiple sectors.
In the future, AI will change the way call centers operate. With its intelligent algorithms, language processing, and machine learning capabilities, AI can be embedded into VoIP systems to answer calls and engage customers as a human agent would. It will certainly improve efficiency and productivity while bringing down operational costs.
But will AI displace conventional VoIP users and replace them with smart bots? Or will there be a balance that allows for the perfect incorporation of AI and VoIP systems where human involvement is not only still required but also enhanced?
The answers can be downright exciting and frightening. Such is the future of VoIP.