$143 Billion Worldwide Voice Over LTE Industry to 2027 - Featuring Bell Canada, Bharati Airtel, D2 Technologies and Huawei Technologies Among Others
DUBLIN, Oct. 19, 2022 /PRNewswire/ -- The "Voice Over LTE (VoLTE) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global voice over LTE (VoLTE) market size reached US$ 5.61 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 143.77 Billion by 2027, exhibiting a CAGR of 71.71% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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.
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 industr investors. Additionally, the escalating demand for high-speed internet among individuals around the world is bolstering the market growth.
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.
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For more information about this report visit https://www.researchandmarkets.com/r/oec067
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