Asia-Pacific Voice Over LTE Market to Hit $179.56 Bn, Globally, by 2030 at 47.7% CAGR: AMR
Increase in demand for improved video and voice quality along with high-speed internet and surge in investment in VoLTE have boosted the growth of the Asia-Pacific voice over LTE market.
PORTLAND, Ore., April 25, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Asia-Pacific Voice Over LTE Market by Technology, (Voice over IP multimedia subsystem (VoIMS), Circuit Switched Fallback (CSFB), Dual radio or Simultaneous Voice and LTE (SV LTE), Voice over LTE via Generic Access Network and Single Radio Voice Call Continuity), End User, (Corporate, Commercial and Government), and Countries (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific): Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the Asia-Pacific voice over LTE industry was pegged at $3.61 billion in 2020, and is projected to reach $179.56 billion by 2030, growing at a CAGR of 47.7% from 2021 to 2030.
Major determinants of the market growth
Increase in demand for improved video and voice quality along with high-speed internet, presence of leading VoLTE market players in Asia-Pacific, and surge in investment in VoLTE have boosted the growth of the Asia-Pacific voice over LTE market. However, delayed acceptance in developing economies hinders the market. On the contrary, the advent of 5G and surge in demand for mobile UC would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic had a limited impact on the market as several private companies and government worked together to speed up the development of 5G and VoLTE infrastructure during the pandemic.
- The pandemic encouraged companies and businesses to shift their business operations on the cloud and adopt work from home culture, which increased the demand for high internet speed. This favored market growth.
Get detailed COVID-19 impact analysis on the Asia Pacific voice over Lte market:
The voice over IP multimedia subsystem segment held the lion's share
By type, the voice over IP multimedia subsystem segment held the largest share in 2020, accounting for nearly two-fifths of the voice over LTE industry, as it is lower-cost network infrastructure as compared to other networks. However, the voice over LTE via generic access network segment is projected to register the highest CAGR of 50.7% during the forecast period, as it allows smooth transition of global roaming.
The commercial segment to manifest the highest CAGR through 2030A
By end user, the commercial segment is estimated to portray the highest CAGR of 49.8% during the forecast period. This is due to rise in awareness about improved customer services and quality of voice services. However, the corporate segment held the largest share in 2020, contributing to nearly two-thirds of the market, owing to rise in need to enhance customer satisfaction and provide solutions at lightning speeds.
China held the largest share
By country, the market across China dominated in 2020, accounting for nearly half of the market. This is due to the presence of high number of subscribers of mobile phones. However, the market across India is projected to manifest the highest CAGR of 52.0% during the forecast period, due to penetration of LTE smartphone makers such as Samsung and Huawei.
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Major market players
- Huawei Technologies Co., Ltd.
- SK Telecom
- LG Uplus Corp.
- KT Corporation
- Cisco Systems, Inc.
- Nokia Networks
- Ericsson
- Bharti Airtel
- Vodafone Group Plc
- China Mobile Limited
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