A new report, issued by SNS Telecom & IT, predicts that revenues for VoLTE services will grow at a compound annual growth rate (CAGR) of 30 per cent between 2018 and 2021

The total value of the Voice over LTE (VoLTE) subscriptions is set to surpass the $280 billion mark by 2021, according to a new industry report. While traditional voice services will account for 84 per cent of the $280 billion revenues, the remaining 16 per cent will be generated by voice based Internet of Things (IoT) applications, as well as video calling and other supplementary services. 

While the vast majority of VoLTE growth is expected to occur on smartphones, the VoLTE is increasingly being integrated into other devices, such as IoT modules and wearables such as smart watches.

As of the second quarter of 2018, more than 140 mobile operators have commercially launched VoLTE services around the globe. 

VoLTE offers operators a host of benefits, including the ability to refarm legacy 2G and 3G spectrum while simultaneously offering their subscribers a differentiated service experience through services  such as HD voice and video telephony.