voice over LTE (VoLTE) Market to Big Hit US$ 940.1 Billion By 2030, Says Consegic Business Intelligence

New York, July 17, 2023 (GLOBE NEWSWIRE) -- According to the research report “Global Voice over LTE (VoLTE) Market” published by Consegic Business Intelligence, the market was sized at USD 37.8 Billion in 2022 and is expected to reach over USD 940.1 Billion by the year 2030, growing at a CAGR of 50.7%.

Voice over LTE refers to a technology that allows voice calls to be transmitted over a 4G LTE (Long-Term Evolution) network. LTE was originally designed as a data-only network, primarily for faster mobile internet access. However, with the introduction of VoLTE, voice calls are carried over the LTE network, eliminating the need for older circuit-switched networks, namely 2G and 3G. Additionally, VoLTE offers several benefits including high-definition (HD) voice quality, resulting in clearer and more immersive sound calls.

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The increasing demand for voice over LTE to offer high-definition voice quality compared to traditional circuit-switched networks is driving the growth of the market. In addition, VoLTE technology reduces background noise, resulting in improved voice clarity, thus enhancing the user’s call experience even in noisy environments. Moreover, the emergence of 5G networks provides ultra-low latency, reducing the delay in transmitting voice, thus felicitating real-time, high-quality voice communication over VoLTE. For instance, in April 2023, Ncell Axiata Limited launched Voice over LTE (VoLTE) technology for iOS operators to provide superior quality high-definition voice calls. Advanced technology reduces background noise, resulting in improved voice quality, thus contributing considerably in driving the market growth.

Moreover, the integration of VoLTE with voice-controlled virtual assistants, namely Amazon Alexa is expected to create future opportunities for the market growth. The integration allows users to make voice calls by giving voice commands to the devices along with providing improved call quality and reliability of VoLTE networks. However, regulatory and spectrum restrictions associated with LTE networks are limiting the adoption of voice over LTE technology, which in turn, is hampering the market growth.

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Voice over LTE (VoLTE) Market Growth Drivers:

• Improved high-definition voice quality offered by voice over LTE (VoLTE) is driving the market growth.
• Emergence of 5G networks offering seamless communication is accelerating the growth of the voice over LTE market.
• Increasing adoption of voice over LTE to offer superior voice quality and clarity, essential for corporate communication is propelling the market growth.

Restraints

• Limited network infrastructure of LTE in underdeveloped countries is restraining the growth of the VoLTE market.
• Regulatory and spectrum restrictions associated with LTE networks are limiting the adoption of voice over LTE technology.

Opportunities

• Integration of VoLTE with voice-controlled virtual assistants, namely Amazon Alexa is expected to create future opportunities for market growth.

Global Voice over LTE (VoLTE) Market Segmentation Details:

Based on Device, the smartphone segment contributed the largest shares to the market growth in 2022 owing to the widespread adoption of smartphones, with billions of users relying on smartphones as the primary communication device. In addition, modern smartphones are equipped with built-in VoLTE support features, eliminating the need to install additional hardware or software to access VoLTE services. Moreover, VoLTE offers superior voice quality leading to improved audio clarity, reduced background noise, and high-definition voice capabilities increases the adoption of VoLTE among smartphone users, valuing clear and reliable voice communication, further driving the adoption of voice over LTE devices enabling seamless communication.

Based on Technology, the Voice over IP Multimedia Subsystems (VoIMS) segment offered substantial shares to the market in the year 2022 as VoIMS is based on standardized protocols and architectures defined by organizations including 3GPP (Third Generation Partnership Project) and the Internet Engineering Task Force (IETF). The standardization ensures interoperability between different network elements and devices, enabling seamless voice communication across networks and vendors. Additionally, VoIMS offers advanced features namely seamless handovers, call routing, and enhanced service capabilities, thus becoming a comprehensive solution for voice services over LTE.

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Based on End-User, the commercial segment offered substantial shares to the global voice over LTE (VoLTE) market in the year 2022. The growth is credited to the ability of VoLTE to allow high-definition voice calls, providing improved call clarity for businesses including customer service centers, sales teams, and conference calls. In addition, VoLTE reduces call setup times compared to traditional circuit-switched networks, allowing for faster response times and improved customer service. Moreover, VoLTE supports RCS (Rich-Communication Services) which enables businesses to use enhanced messaging services, including group chat, file sharing, location sharing, read receipts, and video sharing, further promoting the market growth.

Based on Region, North America has been a major contributor to the growth of the voice over LTE (VoLTE) market as the region, particularly the United States is at the forefront of LTE network deployments. In addition, the early adoption of 4G technology and significant investments in building robust LTE infrastructure is promoting market growth. Moreover, the high smartphone penetration rate and development of 5G infrastructure in the region are creating a large customer base for VoLTE services to enable effective and seamless communication. In conclusion, the aforementioned factors are collectively responsible in accelerating the growth of voice over LTE market in the region.

Recent Developments

• In May 2023, Airtel Kenya introduced VoLTE to improve the quality of calls on the 4G network on both Android and iOS devices. VoLTE automatically enables high-definition audio for a clearer voice call experience and also enables efficient multi-tasking by simultaneously browsing the web and answering the call.
• In June 2020, Grameenphone Limited launched VoLTE services all across Bangladesh to offer an enhanced call experience to users. Advanced technology enables the users to experience HD voice calls with approximately 50% enhanced call setup time between two VoLTE users.

Key Market Highlights

• The global voice over LTE (VoLTE) market size is estimated to reach USD 940.1 Billion by 2030 and grow at a CAGR of 50.7% during the forecast period (2023-2030).
• Globally, the voice over LTE (VoLTE) market is divided based on the device into smartphones, laptops, wearables, tablets, and routers.
• In the context of technology, the market is separated into Voice over IP Multimedia Subsystems (VoIMS), Circuit Switch Fall Back (CSFB), Simultaneous Voice and LTE (SVLTE), Single Radio Voice Call Continuity (SRVCC), and Voice over LTE via Generic Access Network (VOLGA).
• The end-user segment is classified into commercial, government, and corporate.
• The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin 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 over LTE (VoLTE) systems.

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List of Major Global Voice over LTE (VoLTE) 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 —

• AT&T Inc.
• Bell Canada
• Bharati Airtel Limited
• D2 Technologies
• Grameenphone Limited
• Huawei Technologies Co. Ltd.
• Mitel Networks Corporation
• Nokia Corporation
• SUMA móvil (Grupo Ingenium Tecnología)
• Telefonaktiebolaget LM Ericsson
• Vodafone Idea Limited

Global Voice over LTE (VoLTE) Market Segmentation: 

• By Device
  • Smartphones
  • Laptops
  • Wearables
  • Tablets
  • Routers
• By Technology
  • Voice over IP Multimedia Subsystems (VoIMS)
  • Circuit Switch Fall Back (CSFB)
  • Simultaneous Voice and LTE (SVLTE)
  • Single Radio Voice Call Continuity (SRVCC)
  • Voice over LTE via Generic Access Network (VOLGA)
• By End-User
  • Commercial
  • Government
  • Corporate

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Key Questions Covered in the Voice over LTE (VoLTE) Market Report

• What will be the potential market valuation for the voice over LTE (VoLTE) market by 2030?

- The market valuation for the voice over LTE (VoLTE) market is expected to be approximately USD 940.1 Billion by 2030 owing to the ability to deliver high-definition (HD) voice quality by reducing background noise. 

• Based on current market trends and future predictions, which geographical region will have the largest impact on the voice over LTE (VoLTE) market's growth in the coming years?

- Asia Pacific is anticipated to have the largest impact on the voice over LTE (VoLTE) market during the forecast period due to the large customer base and rapid digitalization in the region. 

• What specific segmentation details are covered in the voice over LTE (VoLTE) market report, and how is the dominating segment impacting the market growth?

- Commercial segment dominates the market as VoLTE enables high-definition voice calls, providing improved call clarity for businesses including customer service centers, sales teams, and conference calls that rely heavily on voice communication. 

• What specific segmentation details are covered in the voice over LTE (VoLTE) market report, and how is the fastest segment anticipated to impact the market growth?

- Corporate sector will register the fastest CAGR as VoLTE offers high-definition voice calls with superior voice quality and clarity, essential for corporate communication, ensuring clear and effective communication between employees, teams, and clients.

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About Consegic Business Intelligence Pvt Ltd.

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