Market Size of IP Multimedia Subsystem (IMS) Services Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 3.14 Billion |
| Market Size (2029) | USD 5.88 Billion |
| CAGR (2024 - 2029) | 13.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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IP Multimedia Subsystem (IMS) Services Market Analysis
The IP Multimedia Subsystem Services Market size is estimated at USD 2.77 billion in 2023, and is expected to reach USD 5.19 billion by 2028, growing at a CAGR of 13.38% during the forecast period (2023-2028).
The increasing popularity of LTE and VoLTE, the emergence of 5G, and the increasing usage of various multimedia services are significant factors that significantly boost the market's growth opportunities.
- Network Management is a significant factor for any business and thus plays a critical role in business operations. In today's modern digital era, managing the network infrastructure is essential. By investing in various advanced network infrastructure technologies like cloud services, data centers, SDN, NFV, IP networks, fixed wireless broadband networks, enterprise mobility, and network orchestration, organizations are thus opening new opportunities in business systems and streamlining their daily operations.
- The surge in the Long-Term Evolution (LTE) technology in mobile networks has accelerated the overall implementation of IMS-based services worldwide. The technology has grown significantly across the United States, Europe, and Asia with LTE data as well as HD voice services, driving the market's growth opportunities significantly.
- Mobile network operators (MNOs) significantly leverage the IP Multimedia Subsystems (IMS) to modernize their existing services. For instance, in February 2023, Mavenir, the network software provider creating the future of networks with cloud-native solutions, and Virgin Media O2 declared the complete migration of O2 mobile customers to its virtualized IMS (IP Multimedia Subsystem) solution offering voice over Wi-Fi (VoWiFi) as well as voice over LTE (VoLTE).
- However, the lack of experienced and skilled network engineers for using and managing next-generation networking and virtualized solutions can restrict market growth throughout the forecast period.
- The telecommunications services industry is one of the crucial end-users of IMS services. From mobile to broadband to data center operators, a broad spectrum of telecom players benefitted from a significant rise in voice and data traffic during the COVID-19 pandemic. Hence, as a result, the telecom sector is performing well as compared to other industries amid the pandemic and is anticipated to do so during the post-COVID-19 situation.
