According to a new report published by MarkWide Research, titled, “Voice over LTE (VoLTE) Market,” the global market for Voice over LTE technology is expected to experience significant growth. VoLTE enhances voice call quality and enables high-quality voice and video communication over LTE networks.
The report reveals that the global VoLTE market is projected to witness a robust CAGR of 10.5% over the forecast period from 2023 to 2030. This growth is driven by the increasing adoption of LTE networks, the demand for high-quality voice and video services, and the transition to 5G networks.
Key Findings from the Report:
- High-Quality Communication: VoLTE offers superior voice call quality and supports video calls, making it suitable for both personal and business communication.
- LTE Network Compatibility: It leverages LTE infrastructure, ensuring seamless integration with existing networks.
- 5G Transition: VoLTE is an integral part of the 5G ecosystem, enabling advanced communication services.
- Global Connectivity: The market aligns with the need for reliable and high-quality voice communication worldwide.
- Consumer and Enterprise Use: VoLTE serves both consumer and enterprise markets, enhancing communication options.
The report indicates that the global VoLTE market is currently valued at $19.8 billion in 2023 and is projected to reach $38.9 billion by 2030, with a CAGR of 10.5% during the forecast period. North America and Asia-Pacific are expected to be key regions for market growth, driven by 5G network deployments.
Key players in the global VoLTE market include Huawei Technologies Co., Ltd., Nokia Corporation, and Ericsson AB. These companies specialize in providing VoLTE solutions for network operators and service providers.
The global VoLTE market is set for significant growth, driven by the demand for high-quality communication services and the evolution of 5G networks. With a projected CAGR of 10.5% by 2030, this market offers opportunities for technology providers to support advanced voice and video communication.