Voice Over LTE (VoLTE) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Voice Over LTE (VoLTE) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global voice over LTE (VoLTE) market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 190.9 Billion by 2028, exhibiting a growth rate (CAGR) of 63.2% during 2023-2028.

Voice over LTE (VoLTE) is a high-speed wireless communication standard that routes voice traffic and transmits data across 4G LTE networks. It relies on an internet protocol (IP) multimedia subsystem (IMS) framework to offer advanced multimedia as data flows over a common IP interface without depending on a circuit-switched voice network. It is used in smartphones, data terminals, internet of things (IoT) devices, and wearables for high-speed wireless communications on account of better voice quality, faster call setup, and LTE or 4G data services, like web surfing and tethering during voice calls. As a result, VoLTE finds extensive applications in the commercial, residential and government sectors across the globe.

Voice Over LTE (VoLTE) Market Trends:
At present, there is a rise in the utilization of VoLTE by network operators for transmitting voice services in small-sized packets and increasing spectrum efficiency. This, along with the growing demand for VoLTE among operators to provide high-quality video, messaging, and voice services to customers, represents one of the key factors driving the market. Moreover, there is an increase in the employment of rich communication services (RCS) to reduce the time of connecting VoLTE calls, real-time language translation, instant messaging, and voice mails while improving the battery life of devices. This, coupled with the rapid call setup time due to reduced latency with decreasing maintenance and operational costs, is propelling the growth of the market. In addition, high definition (HD) voice offered by VoLTE to give enhanced audio output while reducing the background noise compared to standard voice calls is positively influencing the market. Besides this, the increasing adoption of the internet of things (IoT) in VoLTE technology is offering lucrative growth opportunities to industry investors. Additionally, the escalating demand for high-speed internet among individuals around the world is bolstering the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global voice over LTE (VoLTE) market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on technology, device type and end use industry.

Breakup by Technology:

Voice Over IP Multimedia Subsystem (VoIMS)
Circuit Switched Fall Back (CSFB)
Dual Radio/Simultaneous Voice and LTE (SVLTE)
Voice Over LTE Via Generic Access Network (VOLGA)
Single Radio Voice Call Continuity (SRVCC)

Breakup by Device Type:

Smartphones
Routers
Wireless Modems
Others

Breakup by End Use Industry:

Corporate
Commercial
Government

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Bell Canada (BCE Inc.), Bharati Airtel Limited, D2 Technologies, Huawei Technologies Co. Ltd., Mitel Networks Corporation, Nokia Corporation, Telefonaktiebolaget LM Ericsson, T-Mobile USA Inc. (Deutsche Telekom AG), TPG Telecom Limited and Verizon Communications Inc.

Key Questions Answered in This Report:
How has the global voice over LTE (VoLTE) market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global voice over LTE (VoLTE) market?
What are the key regional markets?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the device type?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global voice over LTE (VoLTE) market and who are the key players?
What is the degree of competition in the industry?