USD 1.75 trillion
Report ID: SQSG50A2001 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 90 | Figures: 68
Telecom Services Market was valued at USD 1.75 trillion in 2021 and it is expected to reach a value of USD 2.55 trillion by 2028, at a CAGR of 5.5% over the forecast period (2022-2028).
Increasing expenditure on the deployment of 5G infrastructures because of the shifting consumer inclination to the next generation technologies and products is one of the major driving factors of the global telecom services market during the forecast period. An extensive rise in the numbers of smartphone users worldwide, soaring demand for high speed data connectivity, and the continuously growing demand for value added services are some other factors expected to boost the market growth over the forecast period.
According to our findings, in 2021, the number of smartphone subscriptions worldwide was about 6259 million and this number is expected to reach 7690 million by 2027. Similarly, around 29 billion IoT connected devices are forecast by 2022, and it is expected to exceed 50 billion by 2028. Thus, the rapid increase in the smartphone users and IoT connected devices across the globe is further expected to contribute to the growth of the global telecom services market during the forecast period.
Furthermore, the escalating consumption of digital media platforms such as OTT applications by global customers has led to the demand for higher bandwidths with high-speed data connectivity. Customers and service providers alike are getting more acquainted for OTT applications and their content. Furthermore, the government bodies of several countries are also helping the telecom service providers to ensure the smooth functioning of the data and voice carriers. For instance, Ireland’s commission for Communications Regulations has launched an extra radio spectrum with the 700 MHz to 2.6 GHz bands to enable the mobile operators for catering 3G and 4G technologies access to their customers.
US Telecom Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.75 trillion
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Global telecom services market is segmented on the basis of service type, end-use, transmission and region. By service type, the telecom services market is segmented into mobile data, mobile voice, fixed data, fixed voice, and others. By end-use, the telecom services market is categorized into residential and commercial. By transmission, the telecom services market is segmented into wireline, wireless. By region, the telecom services market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Telecom Services Market Analysis by Service Type
By service type, the mobile data segment dominated the market in 2021 accounted for over 34% market share and is expected to grow at a significant CAGR during the forecast period. A rapid growth in the number of smartphone users across the globe is the major factor driving the segment growth. Increasing demand for high-speed broadband data services for residential and commercial purpose is also projected to boost the market growth over the forecast period.
Moreover, an extensive growing demand for online 4K ultra HD videos and playing online cloud gaming is estimated to have a positive impact on the segment growth. For instance, in September 2021, Amazon announced the launch of their new fire TV Stick 4K Max, with 40% more powerful capabilities compared to the existing model. With Wi-Fi 6 support, the development has done for smooth and better 4K streaming experiencing.
Telecom Services Market Analysis by End-Use
By end-use, the residential segment accounted for the largest share of over 62% in 2021 and is expected to maintain its dominance throughout the forecast period. The growth is simply attributed to the proliferation of smartphones and IoT connected devices across the globe. According to our findings, the global penetration rate for smartphones have reached over 80% in 2021. This is based on an estimated more than 6.2 billion smartphone subscriptions worldwide.
Furthermore, the commercial segment is anticipated to have a significant growth during the forecast period owing to the deployment of next generation high-speed networks in several business applications. Various businesses across the world are installing 5G small cell networks and private LTE and 5G networks to get faster data bandwidth and avoid latency in their network. Thus, this is further expected to drive the growth of the global telecom services market over the forecast period.
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Globally, Asia Pacific dominated the telecom services market with a holding of more than 33% market share in 2021. The presence of several large players, increasing investments in telecom industry, and massive consumer base is key driving factors for the growth of the market during the forecast period. According to the International Telecommunication Union (ITU), China and India were ranked among the top internet users worldwide with around 854 million and 560 million users, respectively in 2020. Moreover, increasing government initiatives on digital integration through latest technologies are also projected to fuel the market growth in the region. For instance, Indian government spent more than USD 600 million on the development of 100 smart city projects, in which IoT plays a crucial role in those cities for qualifying as smart cities.
Furthermore, North America accounted for a considerable market share in 2021 due to the early adoption of advanced and digitized technologies couple with increasing consumer spending on smartphones. In addition, the launching of 5G networks in U.S., Germany, Canada, and others is further anticipated to drive the global demand for telecom services over the forecast period. According to our findings, more than 20% of communication connections across the globe are estimated to incorporate 5G networks by 2028, with a strong presence of North America in the global market.
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Telecom Services Market Drivers
Telecom Services Market Restraint
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The global telecom services market is highly competitive with the presence of many well-known international payers across the globe such as AT&T Inc., China Telecom Corporation, and Bharti Airtel Limited. Acquisitions, mergers, partnerships, collaborations, and forming strategic alliances are few major development strategies implementing by several key players. In addition, adoption of various advanced technologies such as artificial intelligence, machine learning, and IoT is enhancing their product portfolio and improved business performance.
Top Players in the Global Telecom Services Market
Telecom Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global telecom services market is witnessing a significant growth during the forecast period due to the growing population, rising demand for faster internet connections, increasing R&D investments by key market players, and technological advancements in the telecom industry. Furthermore, massive IoT deployment because of the mechanical design innovation, internet security, and sensors for air quality monitoring is also projected to contribute to the growth and demand for telecom services throughout the forecast period. However, the complications associated with the development of telecom services such as network security, leverage over-the-top players, and complex operational process are expected to hinder the growth of the global telecom services market over the forecast period.
|Market size value in 2021||USD 1.75 trillion|
|Market size value in 2028||USD 2.55 trillion|
|Forecast Unit (Value)||USD Trillion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Telecom Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Telecom Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG50A2001