For SIP trunking you need a broadband internet connection sized to your busy-hour concurrent calls rather than to your total number of phones, with roughly 85 to 90 kilobits per second in each direction for every simultaneous call using the common G.
To use SIP trunking you need a SIP-capable phone system, endpoints for the people placing calls, an internet connection sized for voice, and a session border controller at the network edge, plus a gateway only if you are keeping analog or legacy equipment.
Yes, in most cases you can keep your existing phone system and connect it to a SIP trunk, though what that takes depends on the equipment you already run.
The number you need is the count of calls your busiest hour runs at the same time, not the number of employees, phones, or numbers you hold, and each of those calls occupies one channel, or SIP session, on the trunk.
A SIP trunk channel is the capacity to carry one phone call at a time over a SIP trunk, which is why a channel is usually described as a single concurrent call path or the digital equivalent of one traditional phone line.
SIP trunking and cloud PBX differ in what the provider actually gives you: a SIP trunk is a connectivity service that links a phone system you already own to the public telephone network, while a cloud PBX is a complete phone system that a provider hosts and runs for you over the internet.
The difference between SIP trunking and PRI is the technology that carries your calls: a PRI is a physical, dedicated digital circuit that uses time-division multiplexing over a T1 line, while a SIP trunk is a virtual voice service that sends calls as data packets over your internet connection using the Session Initiation Protocol.
SIP trunking works by splitting a phone call into two jobs that both travel over your internet connection: the Session Initiation Protocol sets up and later tears down the call, while the audio moves separately as Real-time Transport Protocol packets.
SIP trunking is a way to deliver phone service over an internet connection instead of over dedicated telephone lines, using the Session Initiation Protocol to set up and tear down calls between a business phone system and a provider that connects to the public telephone network.