While the telephone market may not seem like the most exciting or fascinating subject, there are many interesting trends that could affect its future. Understanding these trends can help investors know where to put their money in a potentially massive market. Just as importantly, it can help the average individual know what kind of service options may be available for their use in the near future.
Contents
More Users May Want to Combine Cell Phone and Landline Usage
While less than half of the population still has a landline, over 97% of the population has a cell phone. However, one interesting fact is that many people are considering finding an option that combines landlines and cell phones to make their communication easier and more affordable.
For example, some people are finding that cell phones can be less predictable than landlines, even with increasing coverage options. They are also enjoying the permanence of a landline, as many of the millennials who drive cell phone purchases are now settling down in homes.
However, many are also balking at the high prices that landlines may require, as well as the increasing expenses of cell phones. Buying $500 cell phones every few years is not something that everybody can easily afford. Does that mean that cell phones are going to disappear?
No: cell phones are going to stay the most prominent and effective communication method for a long time. That said, it’s also likely that voice over internet protocol or VoIP services may take an increasing hold of the market, as some believe they are now the future of communication.
Homeowners May Try VoIP Services
VoIP communication is a unique method that uses internet connections as a phone service. Rather than relying on expensive analog landline connections or sometimes shaky cell phone signals, you can use broadband internet to quickly and efficiently communicate with your friends and family.
This market is predicted to hit over $183 billion by 2027, though has mostly remained a business proposition. It’s popularity for businesses focuses on its ease of installation, its much lower operational costs, and the benefits it provides for video-based communication and chatting.
That said, it’s not hard to imagine that homeowners could buy into this service in huge numbers. For example, VoIP could combine the benefits of landline permanence and cell phone adaptability by letting users talk on their computer at home or on their cell phone using the same number instead of two separate ones.
Predicting These Trends
Will these predictions truly be the future of telephones, or are we off? That all depends on how things progress and what new trends emerge. While it is possible that VoIP will become just as popular as cell phones due to its low price margin and other unique factors, it is still too early to say that it will take it over any time soon. Pay attention to these trends to learn more about how they may affect you.
