Voice Communication Equipment Market to Hit US$5.5 Billion By 2030, Says Reports Insights

New York, May 17, 2023 (GLOBE NEWSWIRE) -- According to the latest research report titled Global Voice Communication Equipment Market published by Reports Insights, the voice communication equipment market demonstrated a significant worth of USD 3.2 Billion in 2022. With the escalating demand for efficient and reliable communication systems, the market is expected to expand even further and achieve a valuation of over USD 5.5 Billion by the year 2030. This projected growth indicates a robust compound annual growth rate (CAGR) of 6.2% during the forecast period.

Voice communication equipment are hardware devices that are capable of transmitting an analog or digital signal over the telephone, smartphone, laptops, and other consumer electronics devices. Voice communication equipment plays a crucial role in ensuring reliable communication between individuals or teams, especially in industries such as BFSI, transportation, and healthcare. Thus, voice communication devices such as routers, network switches, and Private Branch Exchange (PBX) are deployed to provide efficient and reliable communication medium.

The growing adoption of consumer electronic products such as smartphones, laptops, and tablets is increasing the demand for high data transfer speeds and a reliable communication system. Therefore, the advent of fifth-generation (5G) wireless technology is driving the growth of voice communication equipment market. Voice communication equipment including a modem, wireless access points, and Network Interface Cards (NIC) are required to support 5G connectivity in order to provide extended range and low-latency communications that further results in the growth of voice communication equipment market. For instance, in September 2021, LR-LINK Electronics Co. Ltd. introduced a new Network Interface Card (NIC) called M-12 to provide a reliable solution in railway communication network. Thus, the utilization of voice communication equipment to provide high data transfer speeds and a reliable communication system is propelling the growth of the market.

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The rollout of Wi-Fi 6/6E is expected to present significant growth opportunities for the voice communication equipment market. The emergence of next-generation technologies is expected to increase the demand for voice communication equipment such as routers, network switches, and adaptors in order the support high data transfer speeds and communication systems. However, the security concerns associated with wireless communication technology hinders the growth of voice communication equipment market.

Global Voice Communication Equipment Market Segmentation Details:

Based on Component, the solution segment contributed the largest shares to the market growth in 2022. The solution segment incorporates the hardware and software components that are essential to establish an uninterrupted communication system. The hardware components include routers, adaptors, and structured cabling systems to transmit information or messages from one device to another. Moreover, the solution segment includes software systems to provide call management, voice recording, and speech-to-text conversion capabilities that contributed to the growth of the market.

Based on Type, smartphones segment offered substantial shares to the global voice communication equipment market in the year 2022. The growing adoption of consumer electronic devices including smartphones is accelerating the growth of voice communication equipment market. Consumers are deploying smartphones due to its high portability and application in a wide range of tasks, including voice and video calls, messaging, email, social media, and web browsing. Furthermore, the application of smartphones for sending e-mails, voice mails, and text messages is accelerating the growth of the market.

Based on Network Equipment, the switches segment offered substantial shares to the voice communication equipment market. The network switches provide faster data transfer rates than other networking equipment due to the ability to route data directly to the intended recipient. Moreover, the ability of network switches to provide security features, such as VLANs to segregate voice traffic from other types of data on a network is further contributing to the growth of the market.

Based on End-User, the BFSI sector accounted for the maximum revenue share in the year 2022. Banks and financial institutions use voice communication equipment to manage customer inquiries, complaints, and requests for assistance that includes automated voice response systems and call center support. Voice communication equipment helps banks and financial institutions to provide necessary information to the employees about critical corporate initiatives, directives, procedures and policies. Furthermore, the deployment of voice communication equipment to safeguard their vast amount of data is contributing to the growth of the market.

Based on region, The North American region has been a major contributor to the growth of the Voice Communication Equipment market. The advancements in communication technology in the region is driving the growth of the market. The growing adoption of 5G technology in the region provides high data-transfer speeds and a reliable communication system. As a result, the growing demand for voice communication equipment to support 5G technology is propelling the growth of the market. Moreover, the growing adoption of voice communication equipment in the healthcare industry is further contributing to the growth of the regional market.

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Key Market Highlights

• Globally, voice communication equipment are divided based on the Component into Solution and Service.
• In the context of Type, the market is separated into Smartphones, Tablets, Soft Phones, IP Phones, and Others.
• On the basis of Network Equipment, the market is categorized into Switches, Router, and Private Branch Exchange (PBX).
• Based on the End-User, the market is segregated into BFSI, Healthcare, Retail, Hospitality, IT & Telecom, Government, Transportation & Logistics, and Others
• The market is geographically divided into five regions: Europe, Latin America, the Asia-Pacific, North America, and Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Voice Communication Equipment.

Voice Communication Equipment Market Growth Drivers:

• The advancements in communication technology such as the emergence of 5G is driving the growth of voice communication equipment market.
• The increasing demand for reliable and efficient communication systems in military operations to allow soldiers communicate seamlessly is accelerating the growth of the market.
• The growing adoption of cloud-based services to manage enterprise operations is propelling the growth of the market.

Restraints

• The network congestion in wireless communication systems is limiting the growth of the market.
• The security concerns associated with wireless communication technology is restraining the growth of the voice communication equipment market.

Opportunities

• The rollout of Wi-Fi 6/6E is expected to present significant growth opportunities for the voice communication equipment market.

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Recent Developments

• In October 2022, Cisco Systems, Inc. launched Wi-Fi 6 access points for small and medium businesses to provide faster data-transfer speeds and high density performance.
• In May 2021, Arista Networks, Inc. introduced 100ns Ultra-low Latency Switch for financial services featuring FPGA technology based on Arista EOS (Extensible Operating System) allowing customers to access financial markets with high data transfer speeds.

List of Major Global Voice Communication Equipment Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Microsoft Corporation
• 8×8 Inc.
• Ericson-LG
• Roc Tel International
• PanTerra Networks
• Outsourcery plc
• Nortel Networks Corp.
• MDS Gateways
• IBM Corporation
• ADTRAN Inc.

Key Questions Covered in the Voice Communication Equipment Market Report

• What is Voice Communication Equipment?

- Voice Communication Equipment are the additional devices that are required to support communication system by providing a seamless network for voice communications. The equipment required for an efficient and reliable communication system includes network switches, routers, modems, adaptors, and wireless access points. 

• What specific segmentation details are covered in the Voice Communication Equipment market report, and how is the dominating segment impacting the market growth?

- The report consists of segments including Component, Type, Network Equipment, and End-User. Each segment has key dominating sub-segment being driven by the industry trends and market dynamics. For instance, by type has witnessed smartphones as the dominating segment in the year 2022, due to the increasing adoption of consumer electronic devices such as smartphones among population. 

• What specific segmentation details are covered in the Voice Communication Equipment market report, and how is the fastest segment anticipated to impact the market growth?

- The report consists of segments including Component, Type, Network Equipment, and End-User. Each segment is projected to have the fastest growing sub-segment being fueled by industry trends and drivers. For instance, by Network Equipment segment witnessed routers as the fastest-growing segment during the forecast period due to its ability to provide wireless connectivity to transmit and receive data with ease, thereby improving the operational efficiency and productivity. 

• Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?

- The Asia-Pacific region is expected to register fastest CAGR growth during the forecast period due to the increasing demand for voice-communication equipment in the BFSI industry. Moreover, the rising trend of social media platforms is increasing the demand for high-speed internet that further contributes to the growth of voice communication equipment market.

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