Voice over LTE (VoLTE) Market

Global Voice over LTE (VoLTE) Market Size (2024 to 2029)

The global Voice over LTE (VoLTE) market is predicted to reach USD 22.23 billion in 2024 and USD 209.19 billion in 2029, growing at a CAGR of 56.57% during the forecast period.

Voice over Long-Term Evolution (VoLTE) is a service that mainly implements IMS technology for offering high-speed wireless communications for mobiles, data terminals, IoT devices, and others, distributed over IP over a network of LTE access. VoLTE was introduced to meet the requirement for a standardized LTE transfer system. The 4G LTE platform forms the basis for the development of VoLTE. VoLTE includes several technologies, including Voice over IP Multimedia Subsystem (VoIMS), Circuit Switched Backup System (CFBS), and Voice over LTE over Generic Access Network (VoLGA). The rising call for enhanced voice and video quality and high-speed Internet connectivity is majorly driving the demand for VoLTE services. The growing demand for high-speed data increases competition among operators for the best mobile broadband offering with the highest speeds and coverage.

MARKET DRIVERS

The global VoLTE market is growing enormously. The main driver of the Voice over LTE technology market is the evolution of the 4G LTE network with the advent of video calling and conferencing. Implementing VoLTE technology provides fast file transfer, increased efficiency, and time-saving, thus helping the market grow. On the other hand, the cost of LTE-enabled phones is higher than that of other devices, which can potentially hamper the market expansion.

Voice over LTE enables wireless operators to offer a new set of standardized services called Rich Communication Services (RCS). These services include video calling, file transfer, real-time language translation, voicemail, HD calling, and instant messaging. Consumers have started to depend on these services. The demand for high-speed internet has increased the exabytes of data transferred daily from various types of devices such as smartphones, tablets, laptops, and others, thus increasing the growth of VoLTE in major developing economies.

Technology providers are expanding the applications of VoLTE to support the continued adoption of IoT. For example, Ericsson is poised to expand the range of voice over LTE by incorporating the technology into LTE-M deployments. With this addition, IoT devices would be enabled to support voice and data. Growing demand in emerging regions of Asia, such as India, among other countries, is driving the market forward. Reliance Jio, followed by Vodafone, successfully promoted that VoLTE would become a standard service triggered by new phone sales in the future.

Impact of COVID-19 on the Global VoLTE Market

The COVID-19 pandemic is affecting markets in all segments of the economy, and smartphones are no exception. The smartphone industry has experienced production disruptions and substantial changes in procedure patterns, as social isolation affects how consumers use their phones and their purpose of using smartphones. This led to low smartphone subscriptions during the pandemic. Due to the coronavirus, annual mobile service revenues declined by about 4.1% by the end of 2020 compared to 2019.

REPORT COVERAGE

REGIONAL ANALYSIS

North America is expected to dominate the global VoLTE market during the outlook period. Besides dominating the VoLTE technology market demand, the region is expected to hold the largest share. Rogers Communication launched VoLTE technology in 2015 across Canada to provide its users with precise and fast video calling services. The highest CAGR in the VoLTE market is recorded for Asia-Pacific due to the large consumer base of VoLTE technology in China, India, and Japan. By 2023, VoLTE is expected to be the most dominant technology in India. After Asia-Pacific, Europe is contributing to the market share as the adoption of this technology is developing enormously in this area. Asia-Pacific has the most significant number of VoLTE operators and subscribers. Mobile network providers such as Vodafone, Airtel, Reliance Jio, Digi, U Mobile, and Dialog have all ventured into VoLTE technology. They are increasingly funding this technology to offer improved services. These factors will support the growth of this geographic segment in the years to come.

KEY PARTICIPANTS IN THE GLOBAL VOICE OVER LTE (VoLTE) MARKET

The major companies operating in the global VoLTE market include AT&T Inc. (United States), LG Uplus Corporation (South Korea), Nokia Corporation (Finland), Ericsson (Sweden), Verizon Wireless (United States), Alcatel-Lucent (France), KT Corporation (South Korea), Rogers Communication (Canada), Huawei Technologies Co. Ltd. (China) and SK Telecom Co. Ltd. (South Korea).

RECENT HAPPENINGS IN THE GLOBAL VOICE OVER LTE (VoLTE) MARKET

• In May 2020, Globe Telecom of the Philippines announced the launch of its Voice Over LTE (VoLTE) service with Voice Over Wi-Fi (VoWiFi) that aims to improve the voice calling experience for its customers. These services will be available initially at NCR and used to select clients this year. With VoLTE technology in place, Globe customers, instead of relying on the old 3G to handle their calls, can now take advantage of a 4G LTE network. Calls made via VoLTE are more apparent due to the high definition of voice quality, especially if both parties use VoLTE.

• In May 2020, Fibocom launched the world's first LTE Cat 1 wireless module integrated with blockchain technology. According to the UNISOC 8910DM LTE Cat 1 bis chipset and Aitos Blockchain of AI Things (BoAT) framework, the Fibocom L610 LTE Cat 1 cellular module innovatively blends IoT and blockchain, which is essentially valuable to the industry in terms of scalability and security.

DETAILED SEGMENTATION OF THE GLOBAL VOICE OVER LTE (VoLTE) MARKET INCLUDED IN THIS REPORT

This research report on the global voice over LTE market has been segmented and sub-segmented based on the device, technology, and region.

By Device

• Tablets

• Smartphones

• Routers

• Laptops

By Technology

• Circuit Switch (CSFB)

• Voice over IP Multimedia Subsystems (VoIMS)

• Simultaneous Voice and LTE (SVLTE)

• Single Radio Voice Call Continuity (SRVCC)

By Region

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus