NEW YORK , Nov. 13, 2023 /PRNewswire/ — 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%. Increased demand for broadband boosting the market – The popularity of the Internet has increased the demand for high-speed broadband connections. As a result, telecom companies must upgrade their network infrastructure to support faster speeds and higher bandwidths. As the world becomes more connected, the demand for telecommunications services is growing rapidly. People and businesses need fast, reliable connectivity to stay connected, access information and services, and perform their daily activities. Mobile devices such as smartphones and tablets are ubiquitous and are currently used by billions of people around the world. This has greatly increased demand for mobile data services such as Internet access and messaging. Broadband demand increased as COVID-19 pandemic increased remote work and employees needed reliable, high-speed internet connections to effectively work from home. The popularity of streaming services such as Netflix, Hulu, and Amazon Prime Video has led to an explosion in the amount of data transmitted over broadband networks. Hence, high demand for internet and broadband will drive the growth of the global telecommunications services market during the forecast period. Factors driving the growth of global telecom serivces include increased demand for broadband, mergers and acquisitions, and increase in global mobile data traffic.
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Global Telecom services market – Vendor Analysis
Vendor Landscape – 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.
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Vendor Offerings –
- 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.
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Global Telecom Services Market – Segmentation Assessment
Segment Overview
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 the global telecommunications services market 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 of the global telecommunications services market during the forecast period.
Geography Overview
By geography, the global telecom services market 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 of the global telecom services market.
- APAC dominated the global telecom services market in 2022 with a market share of 33%. APAC is the world’s most populous continent and its population is growing rapidly. As the population grows, so does the demand for communication services such as mobile phones and Internet access. Many countries in APAC are experiencing rapid economic development and increasing demand for telecommunications services. As people become wealthier, they are more likely to want access to mobile phones and high-speed internet. APAC is undergoing a major shift from rural to urban life. As people move to cities, they need more advanced communications services to stay connected and conduct business. Rapid technological change is changing the way people live, work and communicate. APAC is focused on digital transformation driving demand for telecommunications services. Population growth, economic development, urbanization, and digital transformation are boosting the demand for telecommunications services in APAC, which is likely to have a positive impact on the growth of the global telecommunications services market during the forecast period.
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Global Telecom Services Market – Market Dynamics
Technological advancements is a key trend prevailing in the market – Communication services have evolved significantly in recent years with the emergence of new technologies such as 5G networks, Internet of Things (IoT), and artificial intelligence (AI). These technologies enable new services, improve the performance of existing services, and facilitate the growth of telecommunications services. AI is being used to improve the efficiency and reliability of communication services, from network management to customer service. AI can help predict and prevent network problems, optimize network performance, and deliver personalized customer experiences. VR/AR technology is used in communication services to improve customer experience and enable remote collaboration. These technologies require high-speed connections to deliver high-quality, immersive experiences. The rise of digital services such as video streaming, cloud computing, and online gaming are rapidly increasing the demand for data. Telecommunications service providers are required to provide this data to their end users. Hence, owing to technological advances, the global telecommunications services market is expected to witness high growth during the forecast period.
Regulatory compliance is a major challenge in the market – Telecommunications services must comply with various regulations and standards, including those related to privacy, security and consumer protection. Communication service providers must comply with data protection regulations such as the European Union’s General Data Protection Regulation (GDPR) and the US’s California Consumer Privacy Act (CCPA). These regulations require telecommunications services to obtain user consent before collecting and using data and to implement appropriate security measures to protect data. Communication services must ensure network security to protect the network from cyber threats such as hacking and malware. Must comply with industry standards and regulations such as the Payment Card Industry Data Security Standard (PCI DSS). Telecommunications services must comply with regulations that protect consumers from unfair or deceptive practices, such as the US Federal Trade Commission Act (FTC Act). These regulations require telecommunications services to provide clear and accurate information about their services, prices and terms of use. Telecommunications services must obtain appropriate licenses and permits to operate in various jurisdictions. Among other things, it must comply with regulations regarding frequency allocation, interconnection, and number portability. Complying with these regulations can be complex, and telecommunications services may need to work with legal and compliance teams to ensure all requirements are met. Failure to comply could result in fines, legal action, and damage to the company’s reputation. Such factors may hinder the growth of the global telecommunications services market during the forecast period.
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What are the key data covered in this Telecom Services Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Telecom Services Market between 2023 and 2027
- Precise estimation of the size of the Telecom Services Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Telecom Services Market industry across APAC, North America, Europe, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Telecom Services Market vendors
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-User
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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