The global voice over LTE market has reached a valuation of USD 18.4 billion in 2023, with a projected CAGR of 47.8% from 2023 to 2033. By 2033, the market is anticipated to reach USD 914.8 billion.
Voice over LTE services are being adopted as a result of the rising need for better voice and video quality and fast Internet.
Since there is an increasing need for high-speed data, there is more rivalry among operators to provide the finest mobile broadband service with the fastest speeds and the broadest coverage.
Key factors influencing the growth of the worldwide voice over LTE (VoLTE) market include features like enhanced voice and video quality and higher spectrum efficiency offered by LTE services.
| Attribute | Details |
|---|---|
| Voice over LTE Market Estimated Value (2023) | USD 18.4 billion |
| Voice over LTE Market Estimated Value (2033) | USD 914.8 billion |
| Voice over LTE Market Value CAGR (2023 to 2033) | 47.8% |
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The outlook for the voice over LTE market from 2023 to 2033 exhibits promising growth compared to 2018 to 2022. According to the FMI analysis, the voice over LTE industry grew at a rapid pace of 64.0% from 2023 to 2033 and amassed revenue of about USD 11.3 billion in 2022.
With the advent of 5G networks and increasing adoption of VoLTE services, the market is expected to substantially expand.
Factors driving this growth include the rising demand for high-quality voice services, improved network infrastructure, and the growing penetration of smartphones and mobile data usage.
The proliferation of VoLTE roaming agreements among service providers is also anticipated to boost market growth by enabling seamless voice services for users across different networks and regions.
The voice over LTE industry is poised for significant development in the coming years with a projected market size of USD 914.8 billion and a CAGR of 47.8%, transforming how voice communication is delivered over mobile networks.
Principal Consultant
As per FMI analysis, the voice over LTE market in the United States is likely to secure 46.3% CAGR from 2023 to 2033, touching USD 286.8 billion by 2033.
Several factors are driving the Voice over LTE (VoLTE) market surge in the United States of America. The widespread adoption of smartphones with VoLTE capabilities has increased demand for high-quality voice services and seamless integration with data services.
The ongoing deployment and expansion of 4G and 5G networks provide the necessary infrastructure to support VoLTE, ensuring faster call setup times, improved voice quality, and enhanced network capacity, thereby swaying the market growth.
The rising popularity of advanced communication technologies, such as HD voice and video calling, has further fueled the growth of the VoLTE market. Furthermore, the increasing need for efficient and reliable voice communication in business and personal settings, along with the benefits of cost savings and improved call reliability, have propelled the adoption of VoLTE among individuals and enterprises.
China is home to one of the world's leading mobile markets, and the adoption of 4G technology is already widespread. VoLTE, which enables high-quality voice calls over 4G networks, is gaining momentum as a viable alternative to traditional circuit-switched voice calls.
The continuous expansion of 4G networks and the ongoing development and rollout of 5G networks were expected to drive VoLTE adoption in the country further.
Chinese telecom operators were likely to continue investing in VoLTE infrastructure and services to meet consumers' demands for improved voice communication experiences.
The Chinese government's ongoing efforts to promote digital infrastructure and smart city initiatives have indirectly supported the growth of VoLTE services.
As the country invests in modernizing communication networks, VoLTE adoption is likely to benefit from overall technological advancements.
According to an FMI study, China's voice over LTE industry is expected to garner a revenue of USD 78.3 billion by 2033, moving ahead at 49.2% CAGR.
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The circuit switched fallback sub-segment is expected to lead the market by technology at a CAGR of 47.4% from 2023 to 2033.
Circuit-switched fallback allows for smooth integration with existing 2G and 3G networks, ensuring compatibility and easy fallback for voice calls, especially in regions where LTE coverage was limited, and legacy networks were still widely used.
Implementing CSFB required minimal upgrades to existing networks, making it a cost-effective solution for operators transitioning from 2G/3G to LTE, as they could continue using their existing circuit-switched infrastructure for voice services.
In some regions, regulatory restrictions or spectrum licensing issues might have limited the immediate rollout of VoLTE, making CSFB the preferred option for voice services over LTE networks.
FMI study projects that the smartphone sub-segment is to advance at 47.0% from 2023 to 2033 in the market.
One of the main drivers of this segment's growth has been the rising popularity of smartphones. With more people using smartphones, there is a growing need for advanced capabilities like VoLTE and Wi-Fi Calling, which are supported by these gadgets.
Smartphones are expected to provide higher sound quality over VoLTE as a result of technological advancements and the launch of new devices by numerous suppliers. During the forecast period, this is likely to surge the demand from end-use sectors like wireless communication & IT firms.
To establish a connection between a cellular network and a device that supports VoLTE, Voice over LTE (VoLTE) uses wireless communication.
The competition landscape in the Voice over LTE (VoLTE) industry is characterized by intense competition among telecom operators and technology providers.
Established telecommunications operators in various regions were expanding their VoLTE services to improve voice call quality and offer advanced communication features. At the same time, technology vendors were competing to provide VoLTE infrastructure solutions to meet the increasing demand.
The rise of Over-The-Top (OTT) applications offering voice and messaging services over the Internet posed further competition as they challenged traditional voice services provided by telecom operators.
The market's competitiveness was driving continuous innovation and improvements in VoLTE technology and services to meet consumers' evolving communication needs.
Recent Developments in the Market:
The carrier claims that while the service may reduce call setup times, the biggest benefit comes from now including phone services as part of its network slicing capabilities.
In 2023, the market is anticipated to be worth USD 18.4 billion.
The market is estimated to be worth around USD 914.8 billion by 2033.
From 2023 to 2033, the market is projected to develop at a consistent CAGR of 47.8%.
With a CAGR of 47.4% till 2033, the circuit switched fallback segment dominate the market by technology.
From 2023 to 2033, the market in the United States to accelerate at a 46.3% CAGR.
Soaring customer demand for clear voice calls fuels advancements in call security and audio quality.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2022 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Technology 5.1. Voice Over IP Multimedia Subsystem - VoIMS 5.2. Circuit Switched Fallback 5.3. Dual Radio or Simultaneous Voice and LTE - SVLTE 6. Global Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Device Type 6.1. Smartphones 6.2. Routers 6.3. Wireless Modems 6.4. Others - Laptops, Notebooks, Tablets, and Modules 7. Global Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2022 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Nokia Solutions & Networks 15.2. Huawei Technologies Co. Ltd. 15.3. Alcatel-Lucent 15.4. AT&T Inc. 15.5. Ericsson AB 15.6. LG Uplus Corp. 15.7. SK Telecom Co. Ltd. 15.8. T-Mobile US 15.9. KT Corp. 15.10. Verizon Wireless 16. Assumptions & Acronyms Used 17. Research Methodology
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