Market Size of Vo5G Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 98.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Voice-over-5G Market Analysis
The Voice-over-5G (Vo5G) Market was valued at USD 2.15 billion in 2020, and it is expected to reach USD 145.99 billion by 2026, registering a CAGR of 98.9% during the forecast period (2021-2026). 'Voice over 5G' or 'Vo5G' refers to the voice services accessed through the fifth generation of mobile technologies. Although data services drive 5G evolution, voice/video communication-based solutions still account for a sizable portion of telecom operators' services. Apart from supporting the Internet of Things (IoT), cloud, and AR/VR services, the rising adoption of 5G network is also expected to redefine the voice services architecture for telecom service providers and their customers.
Vo5G is expected to help telecom service providers offer substantially improved voice capabilities, along with extra features, like ultra-high-definition (HD) voice communications, to their customers.
- The evolution of VoNR, the need for voice solution at the initial stage of 5G commercialization, and the accelerating VoLTE deployments are some of the major driving factors of the studied market.
- According to the Ericsson Mobility Report (November 2019), there are around 2.1 billion VoLTE subscriptions, and this number is expected to reach 6.4 billion by 2025, accounting for over 85% of combined LTE and 5G subscriptions.
- Many industry experts claim that due to more flexible and free OTT services, voice revenues for mobile operators may decline over the next five years. However, establishing a 5G-enabled IP Multimedia Subsystem infrastructure for VoLTE is likely to generate new revenue streams for mobile operators, thus, creating an opportunity for the studied market.
- With legacy networks shut down, circuit-switched voice networks are expected to be upgraded to all-IP core networks using the voice over LTE (VoLTE) technology. Developments in IoT-enabled voice assistant products are facilitating the development of voice communications with 5G commercialization.
