Research Identifies Market Outlook and Opportunities for Support of Next-Generation Apps and Services —
5G is poised to facilitate a fundamental shift in communications, applications, content, and commerce. This shift will include a massive transformation in terms of capacity availability as well as real-time communications and control. That said, voice will continue to be an essential component of virtually all solutions, which range from telepresence to tele-robotics.
Voice over 5G (Vo5G) will be realized through extensions of certain existing infrastructure, such as IP Multimedia Subsystem (IMS), and introduction of new hardware and software, such as millimeter wave based 5G radio frequency equipment, often referred to as 5G New Radio (5G NR). Vo5G will take advantage of Voice over New Radio (VoNR), ultimately replacing Voice over LTE (VoLTE) as the preeminent technology for voice communications.
VoNR infrastructure is anticipated to become a $13.6 billion global market by 2023, growing at CAGR 65% from 2018 to 2023. While much attention is placed on the new 5G radio frequency interface, the backbone IMS infrastructure remains a key component for 5G. Accordingly, IMS equipment will grow at a brisk pace. For example, the global market for Vo5G-driven Policy and Charging Control (PCC) solutions will witness incremental growth of $169.6 million between 2018 and 2023 at a 94.3% CAGR.
While Vo5G-related infrastructure and devices will be the largest global revenue components through 2023, the market for Vo5G-enabled applications and services will grow at a staggering 244.8% CAGR trough the period. These applications are wide-ranging and include Unified Communications (UC), Real-time Communications (including WebRTC), Telepresence, Augmented Reality, Virtual Reality (VR), and Mixed Reality, Tele-robotics control, and various Internet of Things (IoT)-enabled applications and services.
Additional highlights from the research include:
• The global market for Vo5G Application Security will reach $65 M USD by 2023.
• The North American market for Vo5G-supported UHD service will reach $259 M by 2023.
• Voice over New Radio (VoNR) overtakes Enhanced LTE (eLTE) as dominant global voice revenue service by 2022.
North America will be the largest overall regional Vo5G market through 2023 at $29.1 billion, growing at 70.8% CAGR through the period. The Asia Pacific and Europe regions will grow at 77.7% and 69.3% CAGR respectively through 2023.
The report includes detailed Vo5G market forecasts for all major equipment, application, and industry segments, for the 2018 to 2023 period.
Mind Commerce’s report Voice over 5G (Vo5G) Market: 5G Voice Support for Smart Phones, Wearable Technology, IoT, Virtual Reality, Robotics, and Teleoperation 2018-2023 evaluates the Vo5G market including companies, technologies, strategies, and solutions. The report assesses the market potential and outlook for many Vo5G supported applications and services including enhancements to existing solutions as well as completely new user experiences and use case scenarios. The report also evaluates how 5G will support various next-generation immersive apps and services such as Virtual Reality. For more information about the report, please visit https://mindcommerce.com/reports/vo5g-market/.
Kabir Ahmad is Senior Industry Analyst, Mind Commerce. He has over 11 years of experience in building digital businesses, architecting digital solutions, managing digital transformation projects, and developing cutting edge market research focused primarily upon emerging technologies of interest to Fortune 1000 companies. Expertise areas include Digital Application and Technology, AI, Virtual and Augmented Reality, IoT Application, Cloud Robotics, 5G Marketplace, FinTech and Blockchain technologies, and Gamification apps. For more information, please email [email protected] or visit www.mindcommerce.com. Follow Mind Commerce on Twitter: @MindCommerce.