Infonetics Research has released a report showing that voice over IP service revenue roughly doubled in North America, Europe, and Asia Pacific from 2004 to 2005. The report added that the strong growth is expected to continue at least over the next five years.

A combined $120 billion will be spent on VoIP services between 2005 and 2009 in the three regions, according to the research. Stéphane Téral, principal analyst at Infonetics Research, said ina statement, "VoIP services continue to pick up fast in North America and in many parts of Europe, particularly in central and Eastern Europe, where small businesses have a strong appetite for business trunking, IP Centrex, and VoIP VPN services. In Asia Pacific, VoIP service revenue about doubled that of North America and Europe in 2004, and continues at a blazing pace. China will likely emerge as a major VoIP business market in the coming years because the Chinese government is encouraging carriers to accelerate the migration to IP Centrex and IP PBX from their existing TDM Centrex."

Between 2005 and 2009, VoIP service revenue will grow from $2.6 billion to $13.3 billion in North America; from $2.3 billion to $12.7 billion in Europe; and from $4.2 billion to $12.9 billion in Asia Pacific, the study said. Also, the number of worldwide VoIP subscribers is expected to almost double 2005 to 2006, when it will top 47 million.