The exponential growth of the Voice over Internet Protocol (VoIP) industry goes to show that businesses are transforming the way they communicate with their customers.
After all, VoIP enables you to communicate with customers via the internet rather than a traditional phone line. As a result, it becomes a far more powerful mode of communication and can ultimately speed up your sales cycle.
So, if you haven’t already implemented a VoIP solution, now is the time to do so.
If you still need convincing, here’s the list of the most important VoIP statistics you should know about. 👇
Consumer behavior is evolving, which is why businesses have begun to switch to VoIP systems. Your customers have higher demands and expectations that need to be met, and the lengthy procedure of communicating with leads in the past will no longer suffice.
According to a study, 32% of customers who call a business are not willing to be put on hold. Think about the opportunities you’re missing out on because you’re making them wait too long!
1. Customers prefer phone calls (62%), email (46%), and live chat (37%) over self-service (14%) or bots (13%). (Loyalty 360)
3. Over 60% of customers will hang up if they are being put on hold for 1 minute or more. (Velaro)
4. 47% of customers expect fast responses, (Loyalty 360) that’s why,
5. leads who are contacted within 5 minutes are 9 times more likely to convert (Inside Sales) and,
6. responding within the first minute increases lead conversions by 391%. 🤯 (Xoombi)
7. The VoIP services market is expected to be valued at $194.5 billion by 2024. (Persistence Market Research)
8. In 2020, the total revenue of the VoIP industry in the US is estimated at US$14 billion. (IBISWorld)
9. Cloud, hosted, and SaaS market revenues increased from $492.2 million in 2019 to $810.0 million in 2020. (DMG Consulting)
10. Small and medium businesses (SMBs) are projected to exhibit an accelerated growth of over 15% in the VoIP market by 2025. (GlobeNewswire)
11. 36% of software buyers go with VoIP than any other type of voice service. (Software Advice)
12. Companies mainly invest in phone (87%), email (77%), and text messaging (72%) technologies to streamline communication with customers. (Nextiva)
14. The top business tasks improved by VoIP systems are the handling of phone calls (67%), management of messages (63%), and performing remote work (57%). (Spectrum VoIP)
15. The top VoIP features that help to improve productivity for small businesses are:
16. 88% of business professionals use a mobile phone to communicate at work at least once per week. (Nextiva)
18. In 2019, 83% of companies lost a customer, missed a major deadline, or terminated an employee due to a communication issue. (Nextiva)
19. In 2020, 33% of businesses have lost a customer due to communication issues compared to 25% in 2016. (Nextiva)
20. 61% of businesses are switching from traditional phone lines to VoIP phone systems. (Blueface)
21. When choosing a VoIP business provider, the factors that influence a buyer’s ultimate purchase decision are:
22. Businesses are switching from traditional telecommunication and on-site phone systems to:
23. Many small businesses rely on auto attendants (57%) and automatic call distribution (29%) features in a VoIP software. (Software Advice)
24. 35% of businesses have already implemented VoIP technology. (Blueface)
25. About 31% of businesses use VoIP systems in their daily workflows. (Multicom)
26. 47% of small businesses already implemented SMS using VoIP systems. (Telzio)
27. 69% of employees use internet-based voice services such as VoIP systems or Unified Communications (UC) platforms. (Nextiva)
28. A business’s average savings are between 30% and 50% after switching to a VoIP system. (Telzio)
29. There will be an approximate 90% reduction in start-up costs for small businesses that use VoIP. (Startupanz)
30. Companies experience a 50% to 75% reduction in communication costs after adopting VoIP software. (Bullseye Telecom)
31. VoIP costs can be expected to decline as much as 5% annually. (Gartner)
32. Small businesses that switched to VoIP systems save up to 40% on local calls and 90% on international calls. (TechCo)
33. VoIP can help save about 32 minutes of call time per day per rep. (Startupanz)
Now that we’ve looked at the full list of 33 VoIP statistics, here are some key takeaways:
We hope that these statistics are enough to prove that you should be implementing a VoIP software right now (or at least think of adopting one soon).
To learn more about our software, get started with us today! 🤩
Subscribe to our blog
Get insights & actionable advice read by thousands of professionals every week.