VOIP Growth Remains Strong Despite Recession
A new survey shows Internet voice services topping the list of industries that are defying the recession. With a projected revenue growth of 20.1 percent, VOIP services easily outdistance e-commerce and online auctions.Recession? What recession? While the dismal economic climate cripples one industry after another, the prognosticators at industry research firm IBISWorld claimed March 30 that voice over IP services are still going strong and currently top IBISWorld's top 10 list of industries expected to have the largest revenue growth in 2009.
According to the rankings, VOIP services revenue is expected to grow 20.1 percent in 2009. E-commerce and online auctions placed second with a projected growth rate of 12.6 percent. The biotech industry finished third at 10.3 percent.
"Emerging industries remain well represented and continue to benefit from technological innovation and cost advantages," George Van Horn, a senior analyst with IBISWorld, said in a statement. "Unfortunately, the impact of the recession is equally pronounced among sectors directly benefitting from the social and financial stress associated with the downturn."
Placing fourth on the revenue growth list was engine, turbine and power transmission equipment manufacturing (10 percent), followed by scheduled bus service (9.2 percent), court reporting services (7.7 percent), community housing services (7.5 percent), search engines (6.5 percent), family counseling services (6.1 percent) and video games (5.8 percent).