For years now, the VoIP market has slowly but surely carved out its niche in the telecommunications world. Thanks to its cost benefits and service improvements over landline competitors, businesses everywhere can benefit from its adoption, and recent information shows that many are indeed doing so.

VoIP market expanding quickly
According to Channel Partners Online, the global business and residential VoIP market grew by about 8 percent from 2012 to 2013. With the year's growth, the market is now worth about $68 billion. That may soon increase further, as worldwide spikes are expected to help the market reach a new total of $88 billion by 2018.

One of the biggest aspects of this comes from SIP trunking, which rose by 50 percent last year. This process helps users gain better connectivity by combining public and private aspects of VoIP technology. North Americans were most likely to adopt this process, which is expected to see further growth in the near future in North America.

Globally, about 212 million people subscribed to at least one VoIP service in 2013, a number that is also set to rise in the coming years. Sales of unified communication services grew just as heavily, with 12 percent overall expansion in 2013 alone and 35 percent of businesses coming to the service because of its cloud-based potential.

Improved features added rapidly
WilmingtonBiz added that VoIP is also popular because of its rapidly expanding set of features, which is running circles around the competition. VoIP improvements in recent years have included cloud-based auto attendants that can guide callers to the people they plan on talking to, traffic shaping that guards bandwidth while ensuring a call remains high-quality and protective measures for disaster recovery. The latter allows for continued access to information from remote locations no matter what happens in the primary location.

Other improvements in the market have been noted to include a drastic reduction in costs. VoIP phone service can cut customer costs by up to 60 percent in some situations. The service can also increase the productivity of workers if used to allow work-from-home benefits. As many as 30 percent of workers perform better outside of the office, the news source said.

Telecom industry piece brought to you by Marlin Equipment Finance, leaders in telecommunications equipment financing. Marlin is a nationwide provider of equipment financing solutions supporting equipment suppliers and manufacturers in the security, food services, healthcare, information technology, office technology and telecommunications sectors.