VoLTE (Voice over LTE) will account for more than $280 billion in annual service revenue by the end of 2021, according to a new study on the technology.

VOLTE technology allows a voice call to be placed over an LTE network, enabling mobile operators to reduce reliance on legacy circuit-switched networks and has been rolled out across several market including Nigeria’s Ntel, the nation’s pioneer national operator.

The VoLTE (Voice over LTE) Ecosystem: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts by SNS Telecom & IT estimates that VoLTE service revenue will grow at a CAGR of approximately 30% between 2018 and 2021.

By the end of 2021, VoLTE subscriptions will account for more than $280 billion in annual service revenue, the report says.

By the end of 2021, VoLTE subscriptions will account for more than $280 billion in annual service revenue, the report says.

While traditional voice services will constitute a major proportion of this figure, more than 16% of the revenue will be driven by voice based IoT applications, video calling and supplementary services, according to the study.

VoLTE brings a host of benefits to operators ranging from the ability to refarm legacy 2G and 3G spectrum to offering their subscribers a differentiated service experience through capabilities such as HD voice and video telephony, according to the report seeing a growth-oriented future for the technology.

First deployed by South Korean operators in 2012, VoLTE is continuing to gain momentum globally. As of Q2’2018, more than 140 mobile operators have commercially launched VoLTE services, and several roaming and interoperability agreements are already in place.

The VOLTE forecasts covering 14 submarkets and six regions including Nigeria presents an in-depth assessment of the VoLTE ecosystem including market drivers, challenges, enabling technologies, applications, key trends, standardization, regulatory landscape, mobile operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies.

The report also presents forecasts for VoLTE-capable device shipments, subscriptions, service revenue and infrastructure investments from 2018 till 2030, according to its authors.