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IP Multimedia Subsystem (IMS) Services Market Report 2024 - IMS Services Market Share And Size
IP Multimedia Subsystem (IMS) Services Market
According to The Business Research Company's, The IP multimedia subsystem (IMS) services market size has grown rapidly in recent years. It will grow from $2.94 billion in 2023 to $3.42 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increasing demand for converged services, the proliferation of smartphones and mobile data usage, the deployment of long-term evolution (LTE) networks, the rise of OTT services, and the increasing demand for high-quality multimedia experiences.
The IP multimedia subsystem (IMS) services market size is expected to see rapid growth in the next few years. It will grow to $6.35 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The growth in the forecast period can be attributed to increasing adoption of 5G networks, rising demand for VoLTE, proliferation of Internet of Things (IoT) devices, shift towards cloud-based services, and demand for rich communication services (RCS). Major trends in the forecast period include the adoption of artificial intelligence (AI) and machine learning (ML) technologies, integration of IMS services with multi-access edge computing (MEC), AI-driven automation, and integration of IMS services with edge computing platforms.
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Market Drivers and Trends:
The rise of the remote work culture is expected to propel the growth of the IP multimedia subsystem (IMS) services market going forward. Remote work culture refers to the digital environment within a company that fosters connectivity among employees through shared experiences, interests, and priorities. The remote work culture is increasing due to changing employee preferences, cost savings for employers, and the need for greater flexibility in work arrangements. IP multimedia subsystem (IMS) services facilitate seamless communication and collaboration for remote work environments through integrated voice, video, and data functionalities over IP networks. For instance, in September 2023, according to the U.S. Bureau of Labor Statistics, a US-based government agency, in August 2023, approximately 19.5% of workers engaged in telework or paid work from home, consistent with a range of 17.9% to 20% observed between October 2022 and August 2023. Therefore, the rise of the remote work culture drives the growth of the IP multimedia subsystem (IMS) services market.
Major companies operating in the IP multimedia subsystem (IMS) services market are focusing on developing advanced solutions, such as MAPS session initiation protocol (SIP)-based IP multimedia subsystems (IMS), to gain a competitive edge in the market. MAPS SIP-based IP multimedia subsystem (IMS) is a framework for delivering multimedia services over IP networks, where SIP serves as the primary signaling protocol for initiating and managing communication sessions. For instance, in March 2022, GL Communications Inc., a US-based company offering telecommunications consulting services, announced the launch of the MAPS Session Initiation Protocol (SIP) IMS Test Suite. MAPS is a versatile emulation software supporting multiple protocols and interfaces for signaling and traffic generation, encompassing voice, tones, digits, fax, data, and video within a unified framework. The test suite offers a comprehensive network environment, allowing users to evaluate their applications, devices, and services before deploying them on a network.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Nokia Corporation, Ericsson AB, NEC Corporation, ZTE Corporation, Mavenir Systems Inc., F5 Inc., Genesys Telecommunications Laboratories Inc., Italtel SpA, Ribbon Communications Inc., Avaya Holdings Corp, Dialogic Corporation, Aviat Networks Inc., Genband Telecommunications Private Limited, Metaswitch Networks Ltd., Allot Communications Ltd., CommVerge Solutions Limited, Interop Technologies LLC, Unify Technologies Pvt Ltd, CommuniGate Systems Inc., Bradford Networks Inc.
IP Multimedia Subsystem (IMS) Services Market 2024 Key Insights:
• The IP multimedia subsystem (IMS) services market size is expected to see rapid growth in the next few years. It will grow to $6.35 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%.
• Remote Work Culture Driving Growth Of The IP Multimedia Subsystem (IMS) Services Market
• Shift Towards SIP-Based IP Multimedia Subsystem (IMS) Solutions For Enhanced Communication Services
• North America was the largest region in the IP multimedia subsystem (IMS) services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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