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.
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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.
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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