Telecom Services Market projects USD 625.5 billion growth during 2022-2027, Broadband demand to boost growth

NEW YORK, Feb. 16, 2024 /PRNewswire/ -- The telecom services market size is expected to grow by USD 625.5 billion from 2022 to 2027. The market's growth momentum will be progressing at a CAGR of 6.13%. The demand for broadband is boosting the telecommunications services market forward. With the internet's rising popularity, there's a greater need for high-speed connections. Telecom companies must upgrade their infrastructure to meet this demand, driven by remote work due to the COVID-19 pandemic and the widespread adoption of mobile devices. Streaming services like Netflix contribute to the increased data transmission over broadband networks. Factors like mergers, acquisitions, and the escalating global mobile data traffic also fuel market growth. The necessity for reliable, high-speed internet for remote work, entertainment, and daily activities drives the telecommunications services market's expansion. Discover some insights on market size historic period (2017 to 2021) and Forecast (2022 to 2027) before buying the full report -Request a sample report

The global telecom services market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer telecom services in the market are AT and T Inc., Bharti Airtel Ltd., BT Group Plc, China Mobile Ltd., China Telecom Corp. Ltd., Cisco Systems Inc., Comcast Corp., Deutsche Telekom AG, KDDI Corp., kt corp., Nippon Telegraph and Telephone Corp., Nokia Corp., Orange SA, Reliance Industries Ltd., SoftBank Group Corp., Tata Teleservices Ltd., Telefonica SA, Verizon Communications Inc., Vodafone Group Plc, and Juniper Networks Inc. and others. The global telecom services market is at its growing stage. 

• Bharti Airtel Ltd.: The company offers telecom services such as prepaid, postpaid, broadband.
• BT Group Plc: The company offers telecom services for mobile and broadband.
• China Mobile Ltd.: The company offers telecom services such as mobile voice and multimedia.
• For details on the vendor and its offerings – Request a sample report

Technavio has segmented the market based on type, End-user (Consumer/ residential and Business), Type (Wireless and Wireline), and Geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The consumer/residential segment will capture the highest revenue share in 2022 and is expected to remain the leader throughout the forecast period. A major factor in the significant growth of telecommunications services is the spread of smartphones. There will be about 6.6 billion mobile phone subscribers worldwide in 2022, and smartphones are used by over 60% of the population. Additionally, the growing popularity of OTT applications is driving customers to sign up for wireless Internet services. This is very useful for implementing large communication networks. Moreover, the growing popularity of online gaming and watching ultra-high-definition movies is expected to accelerate the growth of this segment. As more and more people work remotely, the demand for high-speed internet services is growing rapidly. Many commercial end-users require reliable, fast, and affordable Internet service to keep their daily business running smoothly. Demand for mobile services such as voice and data services continues to grow as more people use mobile devices for communication, entertainment and social media. The emergence of 5G technology is expected to further increase demand for faster and more reliable cellular services, which will have a positive impact on the growth during the forecast period. 

By geography, the global sector is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.

• APAC dominated gloablly in 2022 with a share of 33%. For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Technological advancements is a key trend. Regulatory compliance is a major challenge. Driver, Trend & Challenges are the factor of dynamics which states about consequences & sustainability of the businesses, find some insights from a sample report!

The global telecom services market continues to evolve rapidly with the advent of next-generation technologies such as 5G infrastructures. Smartphone devices are ubiquitous, driving exponential growth in mobile subscribers worldwide. This expansion demands high-speed data connectivity and value-added managed services to meet consumer demands. The backbone of this interconnected landscape is the global communication network, constantly propelled forward by technological advancements. From traditional voice and visual signals to modern facsimile and telegraphs, communication mediums have evolved, transitioning from wired infrastructure to sophisticated wireless infrastructures. These networks facilitate seamless transmission of audio, video, and text content, shaping the way individuals and businesses interact in today's interconnected world.

The industry is experiencing rapid evolution, driven by advancements in data speeds and the transition from Global System for Mobile communications (GSM) to Code Division Multiple Access (CDMA) networks. Third Generation (3G), Fourth Generation (4G), and Fifth Generation (5G) networks are revolutionizing data connectivity, expanding Over-The-Top (OTT) channels, and diversifying viewing options for consumers. Pricing strategies and OTT solution providers are crucial in this competitive landscape, catering to diverse preferences for video, audio, and other media content. Salesmen capitalize on smartphone display and sound quality to engage audiences effectively, leveraging open-source platforms for innovation. As technology continues to shape consumer experiences, telecom services providers navigate dynamic sectors, prioritizing customer satisfaction and technological advancement.

Global telecom operations management market is expected to increase by USD 24 billion from 2021 to 2026, and the growth momentum will accelerate at a CAGR of 6.73%.

Global telecom billing revenue management market is estimated to grow at a CAGR of 8.73% between 2022 and 2027. The size is forecast to increase by USD 6.99 billion.

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentation by End-User
7 Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED