IP Multimedia Subsystem (IMS) Market Worth $3.71 Billion by 2023
PUNE, India, August 9, 2018 /PRNewswire/ --
According to a new market research report "IP Multimedia Subsystem (IMS) Market by Component (Product and Service (Professional and Managed Service)), Telecom Operator (Mobile and Fixed Operators), and Region (North America, Europe, APAC, MEA, and Latin America) - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 1.79 billion in 2018 to USD 3.71 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 15.7% during the forecast period.
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Low Capital Expenditure (CAPEX) and Operational Expenses (OPEX), increase in the Long-Term Evolution (LTE) mobile subscribers across the globe, and the growth of the network infrastructure are some of the major factors driving the IMS Market.
Services segment is expected to be the faster-growing segment during the forecast period.
Among components, the services segment is expected to hold the larger market share during the forecast period. The overall services segment has a major influence on the IMS Market's growth. IMS services assist enterprises in reducing costs, lowering operational costs, increasing the overall revenues, and improving the business performance.
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Mobile operator segment is expected to be a faster-growing segment during the forecast period.
Under the telecom operators, the mobile operators segment is expected to hold the larger market share and projected to grow a higher CAGR during the forecast period. Mobile operators face several challenges, such as updating the legacy systems to meet the current demands for end-customers, intense competition, high CAPEX and OPEX, and low Return on Investment (RoI). Hence, telecom operators seek scalable and cost-effective solutions. This is expected to be the key reason for the rapid adoption of IMS solutions and services by telecom operators.
North America is expected to account for the largest market size and Asia Pacific to grow at the highest CAGR during the forecast period.
Among all regions, North America is expected to account for the largest market size during the forecast period, followed by Europe. North America is the house of big telecom giants. Mobile operators are rolling out new use cases, such as Rich Communication Services (RCS), Private LTE and wireless broadband using their networks. The US government has planned to roll out the Citizens Broadband Radio Service (CBRS) band for private operators and enterprises, in 2018, which would act as a catalyst for the growth of the IMS Market. Hence, North America is expected to account for the largest market share in the global IMS Market during the forecast period.
The APAC region is expected to register strong growth in the coming years, as the majority of the mobile and fixed operators in the APAC region are still using traditional IMS solutions. However, this trend is expected to change, as operators would eventually shift toward virtualized and cloud-based solutions.
The key and emerging vendors in the IMS Market include Ericsson (Sweden), Huawei (China), NEC (Japan), Nokia (Finland), ZTE (China), Athonet (Italy), Cirpack (France), Cisco (US), CommVerge Solutions (China), Dialogic (US), Interop Technologies (US), Italtel (Italy), Metaswitch (UK), Mavenir (US), Oracle (US), Radisys (US), Ribbon Communications (US), Samsung (South Korea), and WIT Software (Portugal).
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