The global mobile VoIP market is expected to reach USD 145.76 billion by 2024, according to a new report by Grand View Research, Inc. The transition to packet-switched networks from circuit switch networks is propelling the growth of the mobile VoIP market.
The
deployment of 4G/LTE is one of the key drivers boosting industry growth. The
increase in the capability of wireless bandwidth services and growing
investment by telecom operators in the deployment of a high-speed network is
expected to enhance the usage of these services over the forecast period.
Moreover, mobile VoIP service eliminates the need for voice plans, text
add-ons, and achieves flexibility in making unlimited, inexpensive, or free
calls.
The
competition in the mobile VoIP market is intense as several new service
providers are focusing on increasing their market presence by offering low-cost
services enabling the use of internet-based communication. Mobile VoIP is
highly dependent on the reliable high-speed network. However, limited network
speed results in interrupted and disruptive communication, which is expected to
challenge industry growth over the forecast period.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/mobile-voip-market
Mobile VoIP Market
Report Highlights
- The video
conferencing segment is estimated to grow at a CAGR of over 20% from 2016
to 2024. The need for scalable communication methods and growing
globalization is driving the demand for video conferencing market. The
increasing trend of Bring your Own Device (BYOD) is also contributing to
the demand for video conferencing in the corporate sector.
- The Android
OS is estimated to be the dominating segment and is expected to account
for over USD 90 billion by 2024. The free availability of this OS is
attracting creators for developing low-cost smartphones. Moreover, Android
is an open platform, which is enabling application developers to modify
the OS as per their needs thereby, boosting the demand for Android-based
devices.
- The European
mobile VoIP industry is anticipated to remain the largest over the
forecast period. The region is expected to witness significant growth
owing to the increasing smartphone users using instant messaging services
such as Facebook and WhatsApp. The number of monthly active Facebook users
in the region increased from 233 million in September 2015 to 240 million
in December 2015.
- Asia Pacific
is expected to be the fastest-growing region, rising at a CAGR of over 23%
from 2016 to 2024. Increase in business activity, small and medium
enterprises, and rise in start-ups are driving the growth in Asia Pacific
market.
- Key players
in the mobile VoIP market include Microsoft Corporation, Facebook Inc.,
and Vonage Holdings Corporation. The competition in providing VoIP
offerings is intense, which is enabling the service providers to offer
differentiated products and services.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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