SIP Forecast Through 2024: Good News for Vendors, Customers
SIP demand is reaching new heights. In this piece, I will look at the 2018 SIP market size, forecast SIP growth for the next seven years, and discuss what's driving the forecast as we look out to 2024, based on a new Eastern Management Group SIP study, built on our 15 years of SIP research.
Last week, Eastern Management Group released a new SIP report "2018-2024 SIP Global Market 7-Year Forecast and Analysis." Based on interview data from 40,000 IT manager surveys, we analyzed SIP in companies ranging in size from one employee to more than 20,000 -- across 19 vertical markets, and in every world region. Selected data from the SIP study are discussed here.
Seventy percent of North American businesses use SIP today. In Western Europe, the figure is higher, at 82%. Latin America and the Asia Pacific region also have impressive SIP usage numbers. Worldwide, this represents a massive, reassuring base, on which vendors should expect to increase sales of SIP phones, SBCs, SIP trunks, and pull-through professional services.
Customer Support for SIP
End users don't just have SIP, they embrace the technology. SIP compound annual growth rate (CAGR) for the next seven years exceeds 7%. The chart below, based on thousands of IT managers surveyed by the Eastern Management Group, explains how IT managers value SIP today.
In our report, we note that IT manager spending on SIP products and services is growing 1.5 times faster than the overall growth of IT expenditures, and the spread is expected to remain through 2024.
Driving SIP Growth to 2024
Many sustainable factors will contribute to SIP growth through 2024. We will look at four from the SIP report:
There are clear advantages to having droves of suppliers in the market. Newer and better technology is regularly introduced, prices decline steadily, and customers flock to take-up more SIP.
Throughout 2018 to 2024, there's an open invitation to new SIP vendors. More can be counted on to enter the market, and the win-win flywheel for vendors and end users will endure.
This is Eastern Management Group's most recent worldwide SIP market forecast study. More information about the report "2018-2024 SIP Global Market 7-Year Forecast and Analysis" is available from Eastern Management Group. For questions about the study and report, please ask our researchers or email [email protected] directly.