VoIP comes first in IBISWorld’s Top 10 List for 2008

            In a recent release by IBISWorld on the top ten industries with strong growth forecasts for 2008, VoIP topped the list.  According to the report too, VoIP is forecasted to grow by 24.3 percent this year.

            Those in corn farming, foam product manufacturing, web search portal, and biotechnology fields, are not left far behind. The Subscriber growth will drive revenue in the VoIP sector. It is expected that the figure will rise by 21.2 percent this year to 16.6 million. The number of establishments is also expected to jump by a significant 44.5 percent to 2,190 nationwide.

            In a statement release, the Senior analyst at IBISWorld, George Van Horn explained that, "The VoIP providers industry will easily outperform the wider telecommunications sector this year, given that it is an emerging service which continues to gain greater consumer and business acceptance. As household broadband penetration increases, it will facilitate greater use of digital services, helping to improve the call quality of industry services. In fact, by 2012, we expect revenue growth of 90.2 percent, bringing total revenue to $4.88 billion. By the same time, we predict that the U.S. will have approximately 25.4 million paying VoIP subscribers."

            In only this year, it is expected that the revenue will grow from an impressive 24.3 percent to $3.19 billion. IBISWorld forecasts that as the services improve and gain greater consumer acceptance, many more providers will begin to turn a profit especially with Vonage leading the way.  It is expected that the US's largest VoIP provider will become more profitable for the first time this quarter.