HD Voice Market is forecast to grow from USD815.5 million this year to USD2.2 billion in 2019. The growth in HD Voice Market is driven primarily by the need for high quality voice communications services over the internet, including over the mobile internet. With the accelerating growth in mobile data services that offer IP-based voice services and high quality audio and the increasing demand for mobile working solutions including virtual conferences, webinars and online meetings, HD Voice Market is set to grow at a CAGR of 23% over the next four years.
These estimates were published in a new report entitled "HD Voice Market by Application (Video Conferencing, Audio Conferencing, Web Conferencing, Multimedia Conferencing, Audio Broadcast, Announcement Services), by User Type (Enterprise User, Consumer) - Worldwide Market Forecasts and Analysis (2014 - 2019)" published by MarketsandMarkets, a global market research and consulting firm. MarketsandMarkets pointed to the increasing adoption of Voice Over LTE (VoLTE) as a key push for the HD Voice Market and highlighted the fact that service providers are nevertheless facing challenges from the proliferation of Over-the-Top players that are offering HD Voice and the lack of codec interoperability which makes it difficult for them to offer this service. North America is expected to be the largest market in terms of market size, while Europe and Asia-Pacific are expected to experience an increase in market traction during the forecasted period, added MarketsandMarkets.
According to MarketsandMarkets, the HD Voice Market is presently consolidated with big players such as Ericsson, Alcatel-Lucent, Orange, Polycom, Verizon Communications, AT&T, Avaya, Deutsche Telekom, Broadcom Corporation, and Cisco Systems making it difficult for new entrants and smaller players to penetrate the market.