Voice over LTE Market Outlook 2031:
The global voice over LTE market size was valued at USD 34.8 Billion in 2022 and is projected to reach USD 1.34 Trillion by 2031, expanding at a CAGR of 50.1% during the forecast period 2023 - 2031. The growth of the market is attributed to the increase in the use of high-speed internet.
Voice over LTE (VoLTE) is a communication technology that enables voice and video call services using over an LTE network or a 4G network. The technology allows data transmission using IP-based network and ensures effective functioning of the data capabilities of LTE. It offers both voice and data service to merge that results in better quality and efficiency of communication.
Using this technology, network operators can offer various services such as a voice call, messaging, and video call. It also empowers the operators to use data network for transmission of voice services to increase spectrum efficiency that will result in reducing the operational and maintenance costs.
The technology further enables the operators to optimize their IMS infrastructure and allows to provide a new set of standards on the basis of services such as rich communication services (RCS). The RCS as a new technique has several advantages in assisting video calling, real time language translation, voice mail, and instant messaging. Additionally, it ensures faster connection time for VoLTE calls and enhances the battery life as compared to other VoIP applications.
VoLTE technology provides provisions for faster call setup times, true device interoperability, high definition (HD) voice and RCS. HD voice technology provides clear audio output and minimize the background noise much better as compared to standard voice calls. Furthermore, VoLTE technology uses IMS call control for LTE voice services. IMS provides voice services including calling line identification, call terminating, and other extended services such as advanced multimedia and value-added services. The requirement of a new spectrum is eliminated by the reuse of 2G & 3G spectrum. Moreover, optimization of network and simplification of service delivery help to reduce the overall cost.
Voice over LTE Market Drivers, Restraints, Trends, and Opportunities
- Rapid growth in spectrum efficiency and higher data transmission capacity are anticipated to fuel the voice over LTE market growth during the forecast period.
- Reduction of latency coupled with lowering the operational and maintenance cost are key factors driving the market growth.
- Increase in the adoption of VoLTE services by several telecom operators is projected to spur the voice over LTE market growth during the forecast period.
- Lack of carrier inter-operability and marginal availability of VoLTE enabled devices are projected to boost the VoLTE Market.
- Advancement of innovative technology in VoLTE create several favorable services for both subscribers and mobile network operators. This is expected to fuel the voice over LTE market growth during the forecast period.
- Rapid expansion of the telecom industry and wide introduction of higher bandwidth and greater speed communication networks are projected to boost the voice over LTE market expansion.
- The COVID-19 pandemic has adversely affected the appliances market. Shortage of manufacturing material, health safety challenges, and labor shortage are some of the challenges restraining the market growth.
Scope of Voice over LTE Market Report
The report on the global voice over LTE market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Voice over LTE Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology (Voice over IP Multimedia Subsystem, Circuit Switched Fallback, and Dual Radio or Simultaneous Voice and LTE)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Nokia Solutions & Networks, Huawei Technologies Co. Ltd., AT&T Inc, Alcatel-Lucent, Ericsson, Metro PCS, LG Uplus, Verizon Wireless, SK Telecom, and KT Corporation.
Global Voice over LTE Market Segment Insights
VoIMS segment is expected to represent a considerable market share
On the basis of technology, the voice over LTE market share is segmented into voice over IP multimedia subsystem (VoIMS), circuit switched fallback, and dual radio or simultaneous voice and LTE (SVLTE). The VoIMS segment is expected to represent a considerable market share during the forecast period.
The growth of the technology can be attributed to the wide use of the technology in several industry verticals across the globe. A shift towards network strategy, which includes network capacity and interoperability is expected to drive the segment growth during the forecast period. Emerging economies are shifting towards the LTE coverage and VoLTE is projected to improve a significant part of the network architecture.
Asia Pacific is projected to constitute a significant market share
In terms of regions, the voice over LTE market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to constitute a significant market share during the forecast period owing to the increasing number of mobile subscriptions in this region. According to a source, there are approximately 4.4 billion mobile subscriptions in Asia Pacific.
Additionally, this region has a large number of VoLTE subscribers and operators. The rising consumer spending and increase in need for high-speed data have encouraged the operators in the region to offer VoLTE services. The mobile network providers such as Vodafone, Airtel, Reliance Jio, Digi, U Mobile, Yes 4G, and Dialog have started offering the VoLTE technology and are heavily investing in this technology to enhance their services. Emerging economies such as China and India have a large number of consumers for the VoLTE market.
The global voice over LTE market has been segmented on the basis of
- Voice over IP Multimedia Subsystem (VoIMS)
- Circuit Switched Fallback
- Dual Radio or Simultaneous Voice and LTE (SVLTE)
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Some of the key players in the global voice over LTE market are Nokia Solutions & Networks, Huawei Technologies Co. Ltd., AT&T Inc, Alcatel-Lucent, Ericsson, Metro PCS, LG Uplus, Verizon Wireless, SK Telecom, and KT Corporation.
Companies are focusing on production innovation to improve their product offerings and expand their existing consumer base. For instance, Nokia VoLTE core, comprising IMS /TAS and SDM, provides next generation voice and messaging services.
Moreover, VoWiFi and fixed IP improves the consumer experience and enables the operator to bundle their services together. Voice over Wi-Fi & WebRTC uses the same IMS core as VoLTE and allows the transmission-reception of communication and multimedia services. This technology enables the operator to enhance their indoor coverage with the assistance of Wi-Fi and extended communication services with WebRTC.