USD 1805.61 billion
Report ID:
SQSG50A2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
90
|Figures:
76
Global Telecom Services Market size was valued at USD 1805.61 billion in 2022 and is poised to grow from USD 1917.56 billion in 2023 to USD 3102.73 billion by 2031, growing at a CAGR of 6.2% during the forecast period (2024-2031).
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 2019, the number of smartphone subscriptions worldwide was about 6259 million and this number is expected to reach 7690 million by 2031. Similarly, around 29 billion IoT connected devices are forecast by 2031, and it is expected to exceed 50 billion by 2031. 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 1805.61 billion
Largest Segment
Residential
Fastest Growth
Commercial
Growth Rate
6.2% CAGR
To get more reports on the above market click here to Buy The Report
Global Telecom Services Market is segmented by service type, transmission type, end use insights and region. Based on service type, the market is segmented into voice services (wired, wireless), data and messaging services (mobile data services, fixed data services) and OTT and pay tv services (over-the-top (OTT) services, pay tv services). Based on transmission insights, the market is segmented into wired (fiber optic, copper cable), wireless (cellular networks, satellite communication). Based on end use insights, the market is segmented into consumer (individual users, household users), business (small and medium enterprises (SMEs), large enterprises) and government (public safety, defense). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
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.
To get detailed analysis on other segments, Request For Free Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Telecom Services Market Drivers
Telecom Services Market Restraint
Request Free Customization of this report to help us to meet your business objectives.
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.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1805.61 billion |
Market size value in 2031 | USD 3102.73 billion |
Growth Rate | 6.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
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) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 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 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Telecom Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Telecom Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQSG50A2001
sales@skyquestt.com
USA +1 351-333-4748