Market 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 global VoLTE technology market share. 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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Global VoLTE Technology Market - Segments
The MRFR report throws light on an inclusive segmental analysis of the global VOLTE technology market share 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.
VoLTE Technology Market: Regional Analysis
North America region dominates the Global VoLTE Market with the largest share owing to the highest per capita in the region that is improving consumers’ lifestyle, enhancing their affordability. Moreover, the rise in application areas of the technology coupled with its large-scale adoption in telecommunications is driving the market in this region.
The Europe VoLTE market is increasing due to the resurging economy and the proliferation of smartphones in the region. Growing investments in the development of technology are paying off well driving the regional market growth. Also, the presence of prominent market players in the region and the investments put in by them in R&D activities, in turn, foster the market growth to an extent.
While the Asia Pacific region is growing steadily owing to the factors such as Technical expertise rendered by the existing key market players coupled with the rising demand for the technology in emerging countries like India, China & Taiwan, and increased industrialization are driving the market in this region.
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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), AT&T 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 Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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