Global 5G Voice over New Radio (VoNR) Market is projected to reach the value of USD 1.1 billion by 2030

According to the report published by Virtue Market Research in 5G Voice over New Radio (VoNR) Market was valued at USD 195 million and is projected to reach a market size of USD 1.1 billion by the end of 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 25.1%.

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One of the most influential long-term market drivers in the 5G VoNR market is the increasing demand for high-speed, low-latency communication. With the proliferation of smart devices, IoT, and the growing need for seamless connectivity, 5G technology has become crucial. Consumers and businesses alike are seeking faster and more reliable communication, and VoNR plays a pivotal role in providing crystal-clear voice calls over the 5G network.

The COVID-19 pandemic had a profound impact on various industries, including the 5G VoNR market. While the pandemic disrupted many aspects of daily life, it also accelerated the adoption of 5G technology. With the shift towards remote work, online education, and telehealth services, there was a surge in the demand for high-quality voice communication over the internet. This pushed the 5G VoNR market to adapt and innovate at an unprecedented pace, ensuring that people could stay connected effectively even during lockdowns and social distancing measures.

In the short term, a significant market driver is the growing investment in 5G infrastructure. Governments and telecom companies worldwide are heavily investing in building and expanding 5G networks to meet the rising demand for faster and more reliable communication. This investment includes the deployment of new towers, upgrading existing infrastructure, and the introduction of advanced technologies to support VoNR services.

An exciting opportunity in the 5G VoNR market is the expansion of VoNR services in the enterprise sector. Many businesses are recognizing the benefits of 5G technology, especially for communication within their organizations. This has created a potential for customized VoNR solutions that cater specifically to the business environment. VoNR can offer improved voice quality, enhanced security, and reliable communication for various industries, including manufacturing, healthcare, and finance.

One prominent trend in the 5G VoNR market is the integration of artificial intelligence (AI) and machine learning into VoNR services. AI-driven features can enhance the overall user experience by improving voice recognition, noise cancellation, and real-time language translation. These advancements not only make communication smoother but also enable the development of innovative applications in various fields.

Market Segmentation:
By Network: Standalone and Non-Standalone
The largest segment in this classification is the standalone network. Standalone 5G networks are complete and independent, capable of functioning without the support of existing 4G infrastructure. This autonomy makes them highly sought after for their reliability and performance. On the other hand, the fastest-growing segment during the forecast period is the non-standalone network.
Non-standalone networks are built upon existing 4G infrastructure, allowing for a smoother transition to 5G technology. This approach is gaining prominence as it offers a cost-effective solution to harness the benefits of 5G technology without a complete overhaul of existing infrastructure.

By End-User: Healthcare, Automotive, Agriculture, Telecommunication, Public Safety, Retail & Consumer, Industrial, and Others
Among these, the largest segment is telecommunication. The telecommunication industry is at the forefront of adopting 5G technology, as it plays a pivotal role in ensuring high-quality voice communication. The need for seamless connectivity and crystal-clear voice calls is a driving force behind the telecommunication sector's significant presence in the VoNR market. On the other hand, the fastest-growing segment in this category is healthcare. The healthcare industry is witnessing a remarkable surge in the adoption of 5G VoNR for telemedicine, remote patient monitoring, and enhanced communication within medical facilities. The high-speed and low-latency communication offered by VoNR are instrumental in providing quality healthcare services.

By Device: Smartphones and IoT Devices
Among these, the largest segment is smartphones. As the most common and widely used devices for communication, smartphones are driving the demand for VoNR services. Their compatibility with 5G technology makes them a natural fit for VoNR applications, offering users the convenience of high-quality voice calls and seamless data connectivity. Conversely, the fastest-growing segment in this category is IoT devices. The IoT ecosystem is expanding rapidly, with various applications in smart homes, smart cities, and industrial automation. These IoT devices require reliable communication, making them a key driver of the growing demand for 5G VoNR in this segment.

By Deployment: Cloud-Based VoNR and On-Premises VoNR
Cloud-based deployment offers scalability, flexibility, and cost-effectiveness, making it the preferred choice for many businesses. It allows organizations to access VoNR services from the cloud, eliminating the need for extensive on-site infrastructure. On the other hand, the fastest-growing segment is on-premises VoNR. Some businesses, particularly those with stringent data security requirements, opt for on-premises deployment. This approach provides them with full control over their VoNR infrastructure, ensuring data privacy and security. The increasing need for such solutions is driving the growth of on-premises VoNR.

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Regional Analysis:
Among these regions, Asia-Pacific (APAC) stands as the largest segment. The APAC region has been at the forefront of 5G adoption, with countries like China, South Korea, and Japan leading the way. The extensive deployment of 5G infrastructure and the rapid adoption of VoNR services make APAC a dominant player in the global market. On the other hand, the fastest-growing region during the forecast period is North America. The North American market is experiencing a surge in 5G VoNR adoption, driven by the need for high-speed and reliable communication. As 5G networks continue to expand, North America is poised to witness substantial growth in the VoNR segment.

Latest Industry Developments:
• Collaborative Ecosystems: A prominent trend is the establishment of collaborative ecosystems. Companies are forming partnerships and alliances with telecom operators, device manufacturers, and software developers to create integrated solutions. These collaborations enable seamless 5G VoNR services, enhancing the user experience and expanding market reach. Such partnerships are critical to stay competitive and provide comprehensive offerings.

• Vertical Integration: Many companies are adopting vertical integration strategies by taking control of various segments of the value chain. This allows them to have more control over the quality of services and products, reduce costs, and create end-to-end solutions. From network infrastructure development to the provision of VoNR services and devices, vertical integration is seen as a way to offer holistic 5G VoNR solutions and maintain a competitive edge.

• Innovation in IoT Integration: Given the growing importance of IoT in various industries, companies are focusing on innovative approaches to integrating 5G VoNR with IoT devices. This involves developing specialized IoT solutions that leverage the low-latency and high-speed capabilities of VoNR. By offering IoT devices and services that seamlessly integrate with 5G VoNR, companies aim to capture new market opportunities and expand their market share.

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This release was published on openPR.