In a recent email alert, ABI Research argues that the size of the instant messaging market will lead to acquisition of Vonage by Microsoft, AOL, or Yahoo:

Vamsi Sistla

[pointer from Om Malik]

Millions of people use the big IM services. Some use their voice capabilities. But the experience is pretty horrible. You have to sit at a computer, use a microphone and speak loudly. And it goes over the public Internet, so quality is poor and security is suspect. Why aren't they doing anything about it? They have an established presence: why don't they buy out a Vonage, an Avaya or a Voiceglo, integrate their technology and start offering packages to existing and new subscribers? Isn't that a huge revenue opportunity for them?

Microsoft, on the other hand, has designs to circumvent the traditional phone networks, just like Vonage is doing. That matchup seems made in heaven. We'll see, but Sistla may be onto something here.