Voice over long-term evolution (Voice over LTE/VoLTE) is a technology specification that defines the standards for high-speed wireless communication for mobile phones and data terminals. VoLTE works on IP-based networks and supports packet switching, which helps to increase spectrum efficiency and reduce maintenance and operational costs. In addition, VoLTE enables network operators to offer rich communication services (RCS) such as voice calling, video calling, video-voice mail, messaging, and real-time language translation.
Features such as improved voice and video quality coupled with increased spectrum efficiency provided by LTE services are major factors driving growth of the global VoLTE market. In addition, rising adoption of VoLTE services by several operators and in telecommunication and IT industry are other factors driving growth of the global VoLTE market. Increasing demand for mobile unified communication (UC) owing to faster network speed, reduced call drops, and better user experience are further propelling growth of the global VoLTE market. Moreover, operators are enhancing indoor network coverage by providing VoWi-Fi services and extend communication services with web real time communication (WebRTC).
Limited 4G coverage, lack of VoLTE compatible handsets, need of transmitter and receiver (i.e. communication devices) supporting VoLTE technology, and delayed acceptance in some countries are major factors hampering growth of the global voice over LTE market. Furthermore, voice and video calling, and internet surfing are offered under same data plan eventually leading to high data charges which is another factor hampering growth of the global VoLTE market.
However, increasing competition amongst telecom and network operators to acquire 4G space, growing demand for VoLTE supported devices, and comparative lower pricing are expected to drive the market growth over the next 10 years. For example, Indian telecom operator Reliance launched free Jio 4G services for a period of 6 moths, whereas Sprint a U.S based mobile network operator provided unlimited data plan for a year.
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The global VoLTE market is segmented into on the basis of technology, device type, and region.
North America dominates the global VoLTE market owing to early adoption of VoLTE technology and services and presence of major network providers. The U.S market accounts for largest market share. The market in Asia Pacific is expected to witness significant growth and is projected to register a CAGR of XX% during the forecast period. This growth is attributed to increasing adoption of VoLTE services in this region.
Key players in the global VoLTE market are Nokia Solutions & Networks, Huawei Technologies Co. Ltd., Alcatel-Lucent, AT&T Inc., Ericsson AB, LG Uplus Corp., SK Telecom Co. Ltd., MetroPCS Communications, Inc., KT Corp., and Verizon Wireless.