San Francisco, 29 July 2022: The Report Fixed Voice Market Size, Share & Trends Analysis Report By End-use (Consumer/Residential, Business), By Region, And Segment Forecasts, 2022 – 2028
The global fixed voice market size is expected to reach USD 121.2 billion by 2028, registering a CAGR of -2.3% from 2022 to 2028, according to a new report by Grand View Research, Inc. Fixed voice service revenue is predicted to decline in the next few years as a result of lower circuit-switched subscriptions among companies and consumers, as well as a drop in fixed voice ARPU. Due to a strong preference for mobile and OTT-based network communication services, fixed voice services revenues will be pulled down over the forecast timeline. Consumers and companies have shifted heavily towards mobile voice and internet voice communication platforms in recent years. As a result, the overall revenue streams for the worldwide fixed voice services industry have decreased.
With the widespread use of 5G technology, an increase in the number of internet-connected mobile smartphones, and consumer interest in next-generation technologies, there has been a significant shift in customer preference for VoIP and mobile voice communication platforms. Furthermore, governments all over the world are launching big campaigns to promote the use of mobile voice technology. The persistent loss in fixed voice service income is not compensating for the steady growth in fixed broadband service revenue, resulting in a drop in fixed communications services revenue.
The telecommunications services industry has shown to be one of the most resilient sectors of the global economy throughout the COVID-19 crisis. Anti-pandemic strategies in several countries have increased the usage of telecom services by forcing individuals to stay at home and reducing face-to-face interactions. The economic impact of company closures, growing unemployment, decreased tourist activities, and decreasing consumer expenditure on non-essential products and services, on the other hand, weakened the market. Fixed voice service spending will continue to decline and will be exacerbated by the pandemic, as consumers are likely to discontinue fixed call services and switch to mobile communication lines.
Fixed voice services revenues in the Asia Pacific have decreased significantly in a couple of years. The regional telecoms service business has seen significant changes in recent years as the region has evolved into a digital business center. To meet their communication and network demands, consumers and businesses in the region are turning to mobile voice services. Furthermore, fixed-mobile substitution and consolidation of various narrowband networks are principally responsible for the loss of voice lines in countries like China, Japan, and India.
In the last several years, the uptake of fixed voice services in North America and Europe has been slow. Since the ongoing 5G revolution in some countries, mobile phones have become the major mode of communication, further reducing the use of public telephone boxes and diminishing the need for businesses to adopt fixed internet connections and fixed-line telephones.
Access Research Report of Fixed Voice Market @ https://www.grandviewresearch.com/industry-analysis/fixed-voice-market-report
Fixed Voice Market Report Highlights
- North America witnesses a significant decline in the fixed voice services revenue. This revenue decline is majorly due to the consumer shift towards mobile and VoIP telephony services and immigration towards 5G technology
- The usage of fixed voice systems has decreased significantly in the consumer/residential sector. Consumers and companies continue to favor mobile voice communication services
- The Asia Pacific has witnessed a significant decline in a couple of years mainly due to consumer shift towards broadband and mobile voice services, availability of narrowband services for service providers, and growth of VoIP services
List of Key Players in Fixed Voice Market
- AT&T Inc.
- Verizon Communications Inc.
- Nippon Telegraph and Telephone Corporation (NTT)
- China Mobile Ltd.
- Deutsche Telekom AG
- KT Corporation
- Telefonica SA
- KDDI Corporation
- Orange SA
- Reliance Jio Infocomm Limited.
Access Press Release of Fixed Voice Market @ https://www.grandviewresearch.com/press-release/global-fixed-voice-market
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