San Francisco, Aug. 12, 2016 (GLOBE NEWSWIRE) -- 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 mobile VoIP market.
The deployment of 4G/LTE is one of the key drivers boosting the 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 the industry growth over the forecast period.
Browse full research report with TOC on “Mobile VoIP Market Analysis By Services (Video And Voice Call, Video Conferencing, Instant Messaging), By Platform (Android OS, iOS, Windows OS), And Segment Forecasts To 2024” at: http://www.grandviewresearch.com/industry-analysis/mobile-voip-market
Further key findings from the report suggest:
- The video conferencing segment is estimated to grow at a CAGR of over 20% from 2016 to 2024. 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.
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Grand View Research has segmented the mobile VoIP market on the basis of services, platform and region:
Mobile VoIP Services Outlook (Revenue, USD Billion, 2014 - 2024)
- Video and voice call
- Video conferencing
- Instant messaging
Mobile VoIP Platform Outlook (Revenue, USD Billion, 2014 - 2024)
- Android OS
- Windows OS
Mobile VoIP Regional Outlook (Revenue, USD Billion, 2014 - 2024)
- North America
- Asia Pacific
- Latin America
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.
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Source:Grand View Research