Global Voice over Long Term Evolution (VoLTE) Market Overview
VoLTE is a latest communication standard which provides high-speed wireless connectivity to mobile phones and data terminals. These arising technologies in telecommunication sector providing the ease to the population to communicate with high-speed connectivity feature. VoLTE technology is around 20 times faster than the earlier communication technology. Moreover, it provides the platform for voice call delivery to the consumers across the globe.
Growing urbanization is increasing the need for fast connectivity communication technology. Increasing processes of multi-national companies and their growing requirements for high-speed connectivity in today’s digital world can be fulfilled by this advanced communication technology. Rising popularity of VoLTE services on account of growing trend for video conferencing is the major contributor for the VoLTE market. Increasing number of IT enterprises digitization across the globe are the major factors which require advanced communication technology to run their business efficiently. Globalization leads to improve the technology and operations of industries on account of sharing technology and strategies. This sharing can be easily done by the emergence of VoLTE technology across the globe. The market of VoLTE is gaining popularity on the back of increased spectral efficiency which provides high-speed connectivity to the user and enhances the quality of voice calls and videos.
VoLTE technology optimizes the spectrum band by sending messages in small packets. The transfers of data in small packages reduce the maintenance as well as operational cost.
Market size and forecast
The global VoLTE market is expected to reach around USD 37 Billion by 2024 by registering a CAGR of 27% over the forecast period i.e. 2017-2024. The market is majorly driven by the rapid pace of globalization and rising need for advanced communication services for various commercial and individual purposes.
Geographically, North-America has witnessed extensive adoption of these advanced services in the past few years and is expected to showcase a tremendous growth in near future. The market will be driven by the growing adoption of advanced communication technology in various corporate and government sectors. Presence of large number of tech savvy population in U.S. region is expected to propel the growth of VoLTE market during the forecast period i.e. 2017-2024.
Likewise, Asia-Pacific and Middle East & Africa region offers potential opportunities to the key players of VoLTE market. Rapid urbanization in the regions and increasing expenditure of modern infrastructure are the major driving factors for the market of VoLTE. Growing trend towards video calling and penetration of smartphone users on account of rising personal disposable income is expected to bolster the growth of VoLTE market.
Our in-depth analysis segmented the global voice over long term evolution (VoLTE) market in the following segments:
By Technology Type
By Evolution Type
Global Voice over Long Term Evolution (VoLTE) Market is further classified on the basis of region as follows:
Growth Drivers and challenges
The market for VoLTE is majorly driven on the back of rising adoption of VoLTE services by the network operators. The VoLTE technology provides rapid call set up due to high activity of spectrum. The high band- and advanced spectrum technology enables the high-speed connectivity which is further gaining traction among the population across the globe. The features of VoLTE such as VoWi-Fi and access internet services at the time of calling are gaining traction among the population. Moreover, increasing tech savvy population and rising penetration of smartphone users are growing demand for advanced technology for internet access and communication. VoLTE technology provides ease to the consumers to access high-speed internet and enhanced voice call quality. Rising personal disposable income of the population and rising popularity of VoLTE services across the globe are expected to impact positively on the growth of VoLTE market in near future.
In addition to this, rising need for video calling and group discussions through visual interfaces in corporate sectors are swelling the market growth of VoLTE globally. On the other hand, up gradation of government sectors due to rapid pace urbanization and penetration of internet of things (IoT) are some of the major factors which require the VoLTE services. Emerging nations are working on advanced networking strategies which are further expected to boost the market of VoLTE technology.
However, high cost of network installation equipment is the major challenge for the key players of this industry. Likewise, cost associated with these advanced network services is likely to hinder the growth of VoLTE market. Lack of awareness and slow adoption in under-developed nations are hampering the growth of VoLTE market.
The key players of Voice over Long Term Evolution (VoLTE) Market as follows:
Scope and Context
Overview of the Parent Market
The Global Voice over Long Term Evolution (VoLTE) Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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