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IP Multimedia Subsystem market Size
The global IP Multimedia Subsystem market share was dominated by the product and is expected to maintain its dominance in the upcoming years.
PORTLAND, PORTLAND, OR, UNITED STATE, November 15, 2023 /EINPresswire / -- According to a recent report published by Allied Market Research, titled, Global IP Multimedia Subsystem Market“Component and Operators: Global Opportunity Analysis and industry Forecast, 2021-2030,” the global IMS market size was valued at $2.1 billion in 2020, and is projected to reach $7.29 billion by 2030, registering a CAGR of 13.5% from 2021 to 2030.
The worldwide COVID-19 pandemic has resulted in increased traffic on global telecommunications networks in the past year. This was due to business enterprises being forced to transition to remote working modes, as well as educational institutions being forced to transition to remote teaching/learning models to ensure people's safety and slow the spread of the virus during the period, resulting in a strong dependence on telecommunication networks.
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According to AMR, The Indian telecom market grew by more than 16% by the middle of 2020, and similar trends were observed in other parts of the world, as telecom consumers increasingly relied on telecommunication networks to continue their education/jobs requirements while maintaining the imposed home isolation.
These trends drove the telecommunication companies to increase their investments IP Multimedia Subsystem market analysis during the period.
In 2020, the global IP multimedia subsystem market share was dominated by the product and is expected to maintain its dominance in the upcoming years. This is due to mobile operators using a wide range of IMS solutions to provide a variety of applications, including Voice over LTE (VoLTE), Voice over Wireless Fidelity (VoWiFi), Rich Communication Services (RCS), and Integrated Communications-as -a -a -Service (UCaaS).
Within the IMS industry, service segment is estimated to emerge as a fastest-growing segment, the growing demand for VoLTE and LTE services and global standards for network infrastructure and services are the drivers for the IMS industry. Demand for music and video-on-demand services has also increased due to changes in customer preferences, improved internet speeds and the proliferation of smartphones. In addition, 5G is expected to launch new utility cases such as smart cities, smart agriculture, logistics and public security agencies.
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Rise in data traffic in global cellular networks and development in global cellular network infrastructure fuel the global IP multimedia subsystem market. On the other hand, longer deployment time for telecommunication infrastructure, high cost of installation, and maintenance of telecommunication equipment hinder the market. On the contrary, development in the field of telecom and rapid transformation of the telecommunications industry creates several lucrative opportunities.
Based on components, the product segment contributed to the highest market share in 2020, attributing to nearly four-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the services segment is expected to manifest the fastest CAGR of 14.6% from 2021-2030.
Based on operators, the mobile operators segment contributed to the highest market share in 2020, attributing to more than four-fourths of the total market share, and is anticipated to lead during the forecast period. The segment is expected to manifest the fastest CAGR of 13.7% from 2021-2030. The report also analyzes the fixed operators segment.
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Some of the key companies mentioned within the report are Athonet srl, Cirpack, Cisco Systems, Inc., Ericsson, Huawei Technologies Co., Ltd., International Business Machines Corporation, NEC Corporation, Nokia, Oracle Corporation, ZTE Corporation.
North America is expected to be the largest market share of the IP Multimedia Subsystem, during forecasted period. Major telecom giants are making North America home. Network companies are implementing new applications for their networks, such as RCS, private LTE, and wireless broadband. IMS services allow devices such as smartphones and laptops to access services across a wide range of networks, including mobile phones, broadband, Wi-Fi, and more.
People are embracing multimedia applications to improve their communication in response to the increasing use of smartphones in the United States. These factors are driving the growth of the market. Moreover, political authorities are emphasizing the development of current communication networks with the ability to access the 5G network, which provides opportunities for IMS market growth.
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