Mobile Voice Market size is expected to reach USD 528.4 billion by 2028

 Mobile Voice Industry Overview

The global mobile voice market size was valued at USD 360.2 billion in 2021 and is expected to expand at a compound annual growth (CAGR) of 5.6% from 2022 to 2028.

 

The global market is primarily driven by increasing adoption of mobile communication services among various industry verticals such as IT and telecommunications, healthcare, and manufacturing. Technical advancements in Voice over Internet Protocol (VoIP) industry, and operator investments in fiber infrastructure across the globe. The proliferation of digital devices, enhanced interfaces for real-time communication, and apps have all contributed to a large growth in data use through wireless communication networks. As a result, people are increasingly likely to obtain real-time data via wireless digital devices rather than personal PCs. This is expected to drive the market in near future.

 

Gather more insights about the market drivers, restrains and growth of the Global Mobile Voice Market

 

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.

 

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.

 

Browse through Grand View Research's Communication Services Industry Research Reports

  • Telecom API Market: The global telecom API market was valued at USD 185.11 billion in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 21.3% from 2023 to 2030.
  • Unified Communications Market: The global unified communications market was valued at USD 113.48 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.4% from 2023 to 2030. 

 

Key Companies Profile

Some prominent players in the global mobile voice market include:

  • 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

 

Order a free sample PDF of Mobile Voice Market Intelligence Study, published by Grand View Research. 

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