Study Predicts the Market for High-Definition Voice to Touch $2.29 Billion by 2019
The market for HD voice or wideband audio is growing exponentially and this is proving to be a vital area for the IP communications industry. Currently, the technology is taking the power of voice communications to the next level covering all types of voice-based communications, including video conferencing, audio conferencing, web conferencing, multimedia conferencing, audio broadcast, and announcement services.
MarketsandMarkets, a global market research and consulting company forecasts the Global High-Definition voice market to grow from $815.5 Million in 2014 to $2,296.6 Million in 2019. According to the company, North America is likely to be the largest market in terms of market size, while Europe and Asia-Pacific are likely to experience an increase in market traction during the forecasted period.
The report titled, “High-Definition 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),” defines and segments the global High-Definition voice market into various sub-segments. The study covers an in-depth analysis and forecasting of market sizes.
The report analyzes global adoption trends, future growth potential, key drivers, restraints, opportunities, and best practices in the HD Voice .The report also examines growth potential market sizes and revenue forecasts across different regions as well as user segment.
The report also identifies the factors driving the market, various restraints and opportunities impacting it along with the adoption trends.
“The major factors driving this market are the increasing adoption of Voice over LTE, evidently changing voice usage models, growing popularity of softphone technology, and expansive on-going adoption by SMBs,” clarifies the company.
Increasing competition from Over-the-Top players and the lack of codec interoperability are quoted as the biggest challenge for the High-Definition voice market. The analysts also feel that cloud-based deployment services will prove to be more beneficial, and enable the operators to seize this opportunity by providing simpler solutions to enterprise users and consumers.
Edited by Maurice Nagle