VoIP Trends and Innovations to Embrace in Your Business
VoIP phone systems have become a business necessity in recent years, and the number of companies implementing VoIP to achieve the benefits of a reliable, flexible communication system is now growing more quickly as many companies explore the option of operating remotely for the foreseeable future.
In fact, according to Grandview Research, the VoIP industry reached a market size of $69.3 Billion in 2020. VoIP is expected to grow to an impressive 20.4% CAGR, reaching $145.8 Billion by 2024.
This growth rate is one of the fastest in the cloud software market, positioning VoIP as an even more dominant leader in the business software marketplace.
Alongside the rapid growth expectations for VoIP over the next 4 years, there will be new innovations and trends developing that help drive those increases and make VoIP more flexible, mobile, and dynamic than ever before. Embracing these changes and improvements can help improve business communications both internally and externally, and these are the main trends to watch and adopt in your business.
AI Brings Innovations to Smart Assistants and Customer Service Initiatives
Artificial Intelligence (AI) is a technology that has been swiftly making it’s way into mainstream SaaS systems, creating automations and boosting business intelligence across various sectors. VoIP is certainly no exception and in 2021 and the years to follow, we anticipate that AI will become integral in VoIP communication tools.
Some of the AI innovations taking shape for business communications already include:
- Smart assistants to help with scheduling, reminders, and tasks
- Intelligent, automated call routing options (Including routing options based on mood analysis, voice recognition, and agent skill level)
- AI chatbots and intelligent IVRs
- Intelligence for boosting system security and company efficiency
- And more…
APIs Make VoIP Systems More Custom Tailored to Business Needs
API stands for Application Programming Interfaces, which is a technology that allows different systems to communicate, pass data, and programmatically “talk” to one another.
There are several different types of APIs, and even more use cases for this functionality across all types of business activities. APIs can be used to:
- Pass data
- Facilitate communications
- Add new features and tools to your busines
- Securely create user accounts
- Improve customer engagement
- And much more
With APIs, a company can add customization to their systems, including communication platforms. APIs are highly advantageous for small to mid-sized businesses who want to leverage various types or programs or tap into technology, functionalities, and features for their company without investing in all the internal infrastructure or maintenance of creating or managing systems in house.
Some trending and popular APIs include:
- Voice APIs
- Video APIs
- Messaging APIs
- Chat APIs
- Email APIs
- Verify APIs
- Dispatch APIs
- Reporting APIs
Due to cost-effectiveness and level of customization, APIs are positioned to grow even more popular for companies that want to build their own communication system (without managing any of the systems internally) or add specific enhancements or features to their existing communication solutions.
Unified Communications (UC) Systems Gain Popularity
Cloud-based business communications are the future of the market, especially as so many companies are now working remotely and have realized the benefits of operating communications in the cloud.
While VoIP powers the majority of voice communications around the world, Unified Communications (UC) platforms are quickly growing in popularity among businesses that want to increase productivity and improve communication across all modes, including:
UC systems offer a robust selection of communication tools that are centralized in one platform. This means employees can easily communication across different mediums and stay connected no matter what the circumstance requires. UC software also provides reporting and visibility into communications so that companies can always look for ways to communicate better and increase efficiency.
Mobile VoIP Becomes a Business Necessity
In response to the safety precautions put in place for working during the COVID-19 pandemic, many companies had to figure out a way to work remotely while maintaining employee engagement and productivity. While most companies placed a high level of importance on mobility for their business already and were already putting initiatives in place, the pandemic increased the importance of mobile business access, functionality and success exponentially in 2020.
Business mobility is going to be a must-have for every business that wants to stay competitive and agile in the changing business landscape. Cloud-based software and remote-accessible systems that are secured and access-controlled can give businesses the tools they need to operate anywhere and maintain productivity levels and peace of mind.
Like what you just read? At Wheelhouse, we are passionate about all things software, and our specialty is connecting software buyers to a solution that perfectly matches their needs.
Please visit our Business VoIP software page to compare VoIP software from a complete list of all the solutions we have on offer.