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Telecom Services Market size was valued at USD 1805.61 billion in 2019 and is poised to grow from USD 1917.56 billion in 2023 to USD 3295.1 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031)

The 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. 'Deutsche Telekom AG', 'AT&T Inc.', 'Verizon Communications Inc.', 'China Mobile Ltd.', 'Vodafone Group plc', 'Nippon Telegraph and Telephone Corporation (NTT)', 'SoftBank Group Corp.', 'Telefonica S.A.', 'America Movil S.A.B. de C.V.', 'Orange S.A.', 'China Telecom Corp. Ltd.', 'Comcast Corporation', 'British Telecommunications plc (BT Group)', 'KDDI Corporation', 'Telecom Italia S.p.A.', 'Saudi Telecom Company', 'SK Telecom Co. Ltd.', 'Telstra Corporation Limited', 'Telenor ASA', 'Rogers Communications Inc.'

High development of smart infrastructure projects along with the continuously increasing demand for high-speed data connectivity in several business sectors across the world is the major driving factor of the telecom services market. Major key companies of the sector are mainly focusing on the development of their services and portfolio to offer better and fast data and other related services to their customers.

With more than 5 billion internet users around the world, looking for higher speed connectivity and innovations like 5G network, Fiber to the Home (FTTH) and Fiber to the Building are creating lucrative opportunities and demand for telecom services in the near future. Furthermore, these innovations simplifies business processes and minimize the costs in any sector. According to a report, in 2022, 5G connections are expected to reach a value of around 1.34 billion. In addition, blockchain has gained a crucial position as the base of digital future, specifically it simplifies day-to-day operations in telecom processes couple with the increasing security of information and transactions.

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.

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Global Telecom Services Market

Product ID: SQSG50A2001