VoLTE service revenue to grow at a CAGR of approximately 30% Between 2018 and 2021 & VoLTE subscriptions to account for over $280 Billion in annual service revenue by the end of 2021, according to the latest report from SNS Telecom & IT.
Powered by IMS (IP Multimedia Subsystem) architecture, VoLTE brings a host of benefits to operators ranging from the ability to reform legacy 2G and 3G spectrum to offering their subscribers a differentiated service experience through capabilities such as HD voice and video telephony. First deployed by South Korean operators in 2012, VoLTE is continuing to gain momentum globally.
As of Q2'2018, more than 140 mobile operators have commercially launched VoLTE services, and several roaming and interoperability agreements are already in place. The research estimates that VoLTE service revenue will grow at a CAGR of approximately 30% between 2018 and 2021.
Although traditional voice services will constitute a major proportion of this figure, more than 16% of the revenue will be driven by voice based IoT applications, video calling, and supplementary services, said the market research firm.