VoLTE (Voice over LTE) Technology industry Analysis
The global VoLTE (voice over LTE) technology industry will grow at a healthy CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Voice over long-term evolution (VoLTE), put simply, is a computerized parcel voice administration which uses IMS innovation for high-velocity remote correspondence for cell phones, IoT gadgets, information terminals, and is conveyed over IP through an LTE access organization.
Various factors are fuelling the VoLTE (Voice over LTE) Technology industry growth. As per the recent MRFR market estimates, such factors include the growing smartphone penetration, rising internet speed, growing need for efficient voice call services in telecommunication sectors, increasing adoption of video conferencing, instant file transmission services by enterprises, increasing need for mobile enterprises for mobile and cloud UC, increasing need for more reliable and richer voice services, and declining revenue of SMS and traditional voice calling due to new upcoming technologies and cheaper internet packs.
On the contrary, high cost of calls, COVID-19 impact, lack of technical expertise, lesser availability of VoLTE enabled devices, and lack of carrier inter-operability may limit the global voice over LTE market growth over the forecast period.
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Key Players
The eminent players profiled in the global voice over LTE market report include LG Uplus Corporation (South Korea), Huawei Technologies Co. Ltd. (China), SK Telecom Co. Ltd. (South Korea), Rogers Communication (Canada), KT Corporation (South Korea), Alcatel-Lucent (France), Ericsson (Sweden), Nokia Corporation (Finland), ATT Inc. (US), and Verizon Wireless (US), among others.
The global voice over LTE market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global voice over LTE market based on device and technology.
By device, the global voice over LTE market is segmented into switches, tablets, cell phones, workstations, and others. Of these, the cell phones device segment will lead the market over the forecast period.
By technology, the global VoLTE technology market is segmented into single radio voice, circuit switch fall back (CSFB), voice over IP multimedia subsystems (VoIMS), simultaneous voice and LTE (SVLTE), and others. Of these, the voice over IP multimedia subsystems (VoIMS) segment will dominate the market over the forecast period.
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Regional Analysis
By region, the global voice over LTE market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (Row). Of these, North America will steer the market over the forecast period. Highest per capita income in the region that is improving the lifestyle of consumers, enhancing their affordability, rise in application areas of the technology, large-scale adoption in telecommunications, growing adoption of advanced communication technology in different government and corporate sectors, and presence of large number of tech savvy population in the US are adding to the global voice over LTE market growth in the region.
In Europe, the global voice over LTE market is predicted to have second-largest share over the forecast period. The resurging economy, proliferation of smartphones, rising investments in technological developments, the presence of prominent market players and the investments made by these players in research and development activities are adding to the global voice over LTE market growth in the region.
In the APAC region, the global voice over LTE market is predicted to have healthy growth over the forecast period. Technical expertise rendered by the existing key market players, increased industrialization, and the growing demand for technology in emerging countries such as Taiwan, China, and India are adding to the global voice over LTE market growth in the region.
In RoW, the global voice over LTE market is predicted to have sound growth over the forecast period. Rapid urbanization, increasing expenditure of modern infrastructure, growing trend of video calling, penetration of smartphone users, and growing personal disposable income are adding to the global voice over LTE market growth in the region.
