The Global Mobile Voice Market size is expected to reach $496.5 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period
NEW YORK, Nov. 28, 2022 /PRNewswire/ --
The Global Mobile Voice Market size is expected to reach $496.5 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period.
Market Growth Factors
Increased Usage Of Vpn Networks And Investment In Networking Solutions By Businesses
Large enterprises viewed VPNs as an efficient solution for the rising WAN costs, connecting remote users and integrating partners, suppliers, and customers into their networks. Small enterprises utilized VPNs because they were the first affordable WAN or remote-access solution. VPNs are anticipated to save businesses between 30% and 70% in comparison to alternative remote-access methods. The encrypted connection ensures that critical information is sent securely.
Increasing Technological, Digital, And Automation Trends
There is an increase in the number of individuals adopting artificial intelligence and robots in every part of their lives due to the development of technology. Voice user interfaces boost productivity by allowing the user to simultaneously do numerous activities. For instance, using the Voice user interface, the user may simultaneously cook and compose an email. In addition, a sizable portion of the older population prefers the Voice user interface since it facilitates typing, as their visual and motor abilities make reading and typing on smart devices difficult.
Market Restraining Factors
Lack Of Precision In Speech Output Processing
Although the Voice user interface facilitates the day-to-day lives of its users by enabling contact with machines and gadgets, the technology does not process voice inputs with absolute precision. The user interface for Voice is built on artificial intelligence that utilizes a designated lexicon. This dictionary contains several terms with similar pronunciations. In rare instances, the computer conflates words, resulting in an incorrect answer to the userâ€™s input. Inaccuracy in the Voice user interface results in grammatical and spelling faults in the output.
Based on the Transmission, the Mobile Voice Market is segmented into Wireline and Wireless. The wireless segment acquired the highest revenue share in the mobile voice market in 2021. Increasing consumer and business usage of wireless communication solutions to manage enterprise communication infrastructure is the primary driver of the segmentâ€™s growth.
On the basis of End-User, the Mobile Voice Market is divided into Consumer/Residential and Business. The business segment recorded a substantial revenue share in the mobile voice market in 2021. It is due to the increased company operations, as well as an increase in cross-functional teams and remote workers, that have compelled businesses to integrate communication solutions at the organizational level to ensure efficient communication practices.
Region-wise, the Mobile Voice Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered the highest revenue share in the mobile voice market in 2021. The market is primarily driven by an emphasis on wireless network infrastructure, business use of cloud-based communication services, and a big consumer base. According to the poll, the region will likely acquire more than half of the mobile subscribers shortly, due to the regionâ€™s high consumer demand and regional technological viability.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AT&T, Inc., Verizon Communications, Inc., SoftBank Group Corporation, Deutsche Telekom AG, Telefonica S.A., Vodafone Group Plc, Nippon Telegraph and Telephone Corporation, China Mobile Limited, and KT Corporation.
Scope of the Study
Market Segments covered in the Report:
By End User
â€¢ North America
o Rest of North America
o Rest of Europe
â€¢ Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
â€¢ AT&T, Inc.
â€¢ Verizon Communications, Inc.
â€¢ SoftBank Group Corporation
â€¢ Deutsche Telekom AG
â€¢ Telefonica S.A.
â€¢ Vodafone Group Plc
â€¢ Nippon Telegraph and Telephone Corporation
â€¢ China Mobile Limited
â€¢ KT Corporation
â€¢ Exhaustive coverage
â€¢ Highest number of market tables and figures
â€¢ Subscription based model available
â€¢ Guaranteed best price
â€¢ Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06364618/?utm_source=PRN
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: [email protected]
Intl: +1 339-368-6001
View original content:https://www.prnewswire.com/news-releases/the-global-mobile-voice-market-size-is-expected-to-reach-496-5-billion-by-2028--rising-at-a-market-growth-of-5-4-cagr-during-the-forecast-period-301687666.html