Global Voice Over LTE (VoLTE) Market to Reach US$ 190.9 Billion by 2028, Impelled by the Rising Product Adoption by Network Operators

April 24, 2023 | Technology & Media

The latest report by IMARC Group, titled “Voice Over LTE (VoLTE) Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global voice-over LTE (VoLTE) market size reached US$ 9.3 Billion in 2022. Voice over long-term evolution (VoLTE) refers to an advanced wireless communication standard that employs fourth-generation (4G) LTE networks to transmit data and route voice traffic at high speeds to individuals. This standard uses an IP multimedia subsystem (IMS) framework to provide multimedia services over a common IP interface, such as wearables, smartphones, IoT devices, and data terminals. It also provides quick call setup times, superior voice quality, and the ability to support LTE or 4G data services like web browsing and tethering during voice calls. In addition, it eliminates the need for a circuit-switched voice network. As a result, VoLTE is extensively employed in residential, commercial, and government sectors across the globe.

Global Voice Over LTE (VoLTE) Market Trends:

The market is primarily driven by the rising demand for mobile enterprises for mobile and cloud solutions due to their faster network speed. In addition, the increasing use of VoLTE by network operators to transmit voice services in smaller packets and provide high-quality video, voice mail, messaging, and voice services among individuals is contributing to the market growth. Moreover, the widespread adoption of rich communication services (RCS) that allows faster connection times for VoLTE calls, instant messaging, and real-time language translation while improving device battery life represents another major growth-inducing factor. Besides this, the growing product demand to offer high-definition (HD) voice, which enhances audio output and minimizes background noise compared to standard voice calls, is accelerating the product adoption rate. Along with this, various governments are taking the initiative to improve connectivity in rural areas, which is propelling the market growth. Furthermore, the increasing use of VoLTE for high-speed wireless communications in several gadgets such as data terminals, smartphones, wearables, and the internet of things (IoT) is also creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 190.9 Billion by 2028, exhibiting a CAGR of 63.2% during the forecast period (2023-2028).

Market Summary:

Based on technology, the market has been categorized into voice-over IP multimedia subsystem (VoIMS), circuit switched fall back (CSFB), dual radio/simulations voice and LTE (SVLTE), voice over LTE via generic access network (VOLGA), and single radio voice call continuity (SRVCC).
On the basis of the device type, the market has been segmented into smartphones, routers, wireless modems, and others.
Based on the end use industry, the market has been classified into corporate, commercial, and government.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined in the report, with some of the key players being Bell Canada (BCE Inc.), Bharati Airtel Limited, D2 Technologies, Huawei Technologies Co. Ltd., Mitel Networks Corporation, Nokia Corporation, Telefonaktiebolaget LM Ericsson, T-Mobile USA Inc. (Deutsche Telekom AG), TPG Telecom Limited and Verizon Communications Inc.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Technology, Device Type, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Bell Canada (BCE Inc.), Bharati Airtel Limited, D2 Technologies, Huawei Technologies Co. Ltd., Mitel Networks Corporation, Nokia Corporation, Telefonaktiebolaget LM Ericsson, T-Mobile USA Inc. (Deutsche Telekom AG), TPG Telecom Limited and Verizon Communications Inc.
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Global Voice Over LTE (VoLTE) Market to Reach US$ 190.9 Billion by 2028, Impelled by the Rising Product Adoption by Network Operators

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