DUBLIN--(BUSINESS WIRE)--The "Voice Over LTE (VoLTE): Worldwide Market Growth, Trends and Forecasts (2019-2024)" report has been added to ResearchAndMarkets.com's offering.
The VoLTE market is expected to register a cagr of 56.57% over the forecast period of 2019-2024. The increase in trend of high-speed use of the internet to drive the VoLTE market in the forecast period.
- Although Voice over IP or VoIP created the market for sending voice over the internet, Voice over LTE is expanding, and carriers/telecom network providers are undergoing digital transformation to enable a better experience for users of the technology.
- The increasing demand for improved voice and video quality and high-speed internet is driving the adoption of VoLTE services. The growing demand for high-speed data is growing competition among the operators for best mobile broadband offering, with highest speeds and the best coverage.
- There are around 1500 models of VoLTE enabled devices, of which smartwatches are one of the latest models. The number of devices that are supporting VoLTE has seen a 7% increase compared to August 2018, according to GSMA.
- The major challenge for VoLTE market would be the lack of awareness due to which there is late adoption in the underdeveloped regions.
Key Market Trends
Increasing Demand for High-Speed Internet is Driving the Voice Over LTE (VoLTE) Market
- Voice over LTE(VoLTE) enables wireless operators to deliver a new set of standards-based services referred to as Rich Communications Services (RCS). These services include things like video calling, file transferring, real-time language translation, video voicemail, HD calling, and instant messaging. Since the consumers have started getting dependent on these services that the demand for high-speed internet have increased. Exabytes of data is been transferred every day from various types of devices like smartphones, tablets, laptops, and others.
- Technology providers are increasing the applications of VoLTE technology to support ongoing IoT adoption. For instance, Ericsson is set to broaden the reach of voice over LTE with the addition of the technology to LTE-M deployments. Through this addition, IoT devices would be empowered to support voice as well as data.
- Increasing demand in emerging Asian regions such as India among other countries is driving the market forward. Reliance Jio followed by Vodafone have been successful in promoting that VoLTE would become a standard service that is activated in new handset sales going forward.
Asia-Pacific to Account for Significant Market Share
- Asia-Pacific region has the highest number of mobile subscriptions in the world. The number of subscriptions is around 4.2 billion which accounts for close to 53% of the total number of subscriptions.
- In Q1 of 2018, China registered the highest number of internet penetrations in the world, which is around 53 million. The intense competition among the operators in China has driven the increase in the number of subscribers with multi subscriptions. The increasing consumer spending and growing need for high-speed data have been persuading operators in the region to enable VoLTE services.
- Asia-Pacific has the highest number of VoLTE operators and subscribers. The mobile network providers such as Vodafone, Airtel, Reliance Jio, Digi, U Mobile, Yes 4G, and Dialog have ventured into the VoLTE technology and are investing in this technology to provide better service.
- Countries such as China, Japan, South Korea, and India are the major contributors in this region. In fact, Japan and South Korea are among the very few regions (the US, and Canada) with most networks having more than 60% of voice calls on LTE smartphones provisioned using VoLTE. Ericsson reported that, in some networks, this figure was close to 80%.
The major players like AT&T Inc, Verizon Wireless, SK Telecom Co., Ltd., LG Uplus Corp., Bell Canada, Vodafone Group plc, Reliance Jio Infocom ltd., Bharati Airtel Limited, KT Corporation, Orange S.A. Since there is a very high competition in the market without any dominant players hence the market is fragmented and therefore, market concentration will be low.
- October 2018 - Verizon's 5G Labs crossed the milestone of 5G technology. They launched Verizon 5G Home, the world's first commercial 5G broadband internet service. The 5G connection provides high-speed data connection speeds that are 30 to 50 times faster than 4G.
- May 2018 - Nokia 7 Plus smartphone launched back in February, but was crucially missing 4G Voice over LTE support on its second SIM card. It is now receiving an update in India unlocking Voice over LTE on the two SIM card slots. The update is V2.22A version and along with the new functionality, it brings better system stability and some user interface tweaks.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
5 MARKET DYNAMICS
5.1 Introduction to Market Drivers and Restraints
5.2 Market Drivers
5.2.1 Increasing Demand for High-Speed Internet & Quality Services
5.2.2 Upgradation of Government Sectors due to Rapid Pace Urbanisation
5.3 Market Restraints
5.3.1 Lack of Awareness and Slow Adoption in Under Developed Countries
5.4 Value Chain / Supply Chain Analysis
5.5 Industry Attractiveness - Porter's Five Force Analysis
5.6 Technology Snapshot
6 MARKET SEGMENTATION
6.1 By End-user Industry
6.2.1 North America
6.2.4 Latin America
6.2.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 AT&T Inc.
7.1.2 Verizon Wireless
7.1.3 SK Telecom Co. Ltd.
7.1.4 Bell Canada
7.1.5 Vodafone Group plc
7.1.6 Reliance Jio Infocomm Limited
7.1.7 Bharati Airtel Limited
7.1.8 KT Corporation
7.1.9 Orange S.A.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ext56o