Mobile Voice Market Projected To Exhibit Robust CAGR of 5.6% For The Forecast Period From 2022 To 2028: Grand View Research Inc.

 

The global mobile voice market size is expected to reach USD 528.4 billion by 2028, registering a CAGR of 5.6% in the forecast period, according to a new report by Grand View Research, Inc. The global market has benefited from rising in smartphone, penetration of high-speed internet across the globe, and integration of 5G technology. Companies have started integrating wireline communication solutions to strengthen internal business communication, reduce operating costs, and increase revenues. Due to rising demand for business communication solutions from both major organizations and SMEs, expanding trends of mobility and BYOD, and the advent of cutting-edge technologies such as artificial intelligence and machine learning, the mobile voice industry will continue to grow post-COVID-19.

Owing to the constant technical up-gradation and adoption of 5G infrastructure, business communications are rapidly growing and enterprises are looking for advanced voice solutions to improve business communication, and manage complexity. This has resulted in increased adoption of communication solutions in recent years. Organizations are changing their business models in order to boost overall productivity while increasing agility and flexibility. Integration of real-time telephony systems, data, and video communications has become a necessary aspect of company activities in today's ever-changing business environment. As a result, businesses use these technologies to increase collaboration and communication both internally and externally with remote workers and clients. As the telecommunications business evolves, the mobile voice and VoIP industry experiences expansion and innovation. Advanced features that bring ease to the end-user are being sought by service providers. Meanwhile, poor internet access and power outages are two problems that might limit the global market growth.

The COVID-19 pandemic has highlighted the crucial role of telecommunications infrastructure in keeping companies, governments, and societies connected and operating. Companies across the world are relying on technology for information, and are working from home as a result of the pandemic's economic and social disruption. COVID-19 has also pushed companies including educational institutions, government agencies, and healthcare providers to implement powerful corporate communications solutions, which is projected to result in a paradigm change in communication approaches in the future.

In 2021, Asia Pacific captured the largest market share mainly owing to the growth of mobile smartphones, availability of fast-speed internet services, and a wide consumer base. Additionally, key players operating in the market are taking key measures to strengthen their market position which is further boosting the regional market. Additionally, due to the availability of communication infrastructure, China and Japan have emerged as leading players in the regional market.

North America is contributing significantly to the global market. Rising government initiatives and digital integration have contributed to the regional market significantly. Additionally, advancements in 5G technology have further contributed to the growth of the market.

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Over a couple of years, there is an increase in demand for mobile use cases in numerous vertical areas, such as healthcare, education, and financial services. Furthermore, market players can experiment with multiple approaches for obtaining market domination due to the rapid adoption of disruptive technologies such as the Internet of Things (IoT), 5G networks, and Artificial Intelligence (AI). Additionally, best practices such as solid network infrastructure, digital service innovation, and vertical industry collaboration are increasing revenue, assisting service providers in developing new business models, and enhancing end-user value.

The global market is predicted to witness significant growth over the forecast period due to the growing use of smart devices as means of communication and to establish real-time communication for individual and business communication. Consumer preferences are changing, and quick technical improvements have resulted in the creation of new operating systems and high-performance smartphones, which are projected to be a major driver of mobile voice market growth. Over the next several years, rising trends in online marketing and advertising are likely to fuel market expansion. Communication, data sharing, and transaction methods have all been changed by wireless communication technology, ushering in a new digital economy.

Mobile Voice Market Report Highlights

• Asia Pacific captured the largest market share in 2021. The growth of smartphones, increasing need for enterprise communication services, and fast deployment of 5G infrastructure in developing countries have contributed positively to the global market.
• In 2021, wireless transmission dominated the industry, accounting for 75% of worldwide market revenue. The industry's rapid growth has been assisted by technological advancements and growing consumer demand. The fast improvement of mobile wireless services from 3G to 4G, as well as the quick deployment of 5G services, has boosted the demand for wireless mobile voice services even more. 
• Consumer/residential segment captured the largest market share in 2021. The growing trend of working from home has contributed positively to the global market.
• Increased government efforts, developments in 5G technology, and enhanced communication infrastructure are expected to drive growth across Latin America, the Middle East, and Africa in the coming years.

Companies will need internet access and a gigabit or high-speed infrastructure to meet the increased demand for connection among businesses and consumers, resulting in an increase in investment for ubiquitous broadband access. Furthermore, the growing adoption of the Bring Your Own Device (BYOD) trend and other mobility solutions is projected to accelerate the use of communication solutions like VoIP. BYOD has emerged as a growing trend in the global market in this new era of network accessibility and flexibility for consumers and business employees working for diverse firms across the globe, making the workplace more productive as companies migrate their business communication to the cloud and invest in infrastructure improvements.

COVID-19's remote work objectives are providing service providers with an unprecedented chance to promote software-based communications as a major facilitator of business continuity while also demonstrating the flexibility of communication services in terms of capacity changes and modern communication service delivery. Furthermore, due to the weak demand for telecom services for corporate and business applications, some large telecom operators such as AT&T Inc., Verizon Communications Inc., and NTT have reported decreased revenue growth in 2020. Furthermore, the global economy's considerable decrease has resulted in a reduction in consumer per capita income. As a result, non-essential purchases and services have been reduced. Thus, the COVID-19 pandemic had a moderate impact on market growth.

List of Key Players of Mobile Voice Market

• AT&T Inc. 
• Verizon Communications Inc. 
• Nippon Telegraph and Telephone Corporation (NTT)
• China Mobile Ltd.
• Deutsche Telekom AG
• SoftBank Group Corp.
• China Telecom Corp Ltd.
• Telefonica SA 
• Vodafone Group
• KT Corporation