The Telecom Services Market was estimated around USD 1.7 billion in 2021 and is predicted to grow at a CAGR of 5.9% over the forecast period (2022-2029).
The factors driving the growth of Telecom Services Market includes increasing penetration of smartphone devices, rising demand for high-speed data connectivity and value-added managed services, commercialization of 5G technology, growing popularity of Over the Top (OTT) platforms and improvements in the living standards. Moreover, increase in Government’s spending on the construction of smart cities around the world, growing use of video streaming, voice transmission, and data exchange, expansion of the e-commerce industry and rising adoption of cloud computing, are some of the additional factors supplementing the Telecom Services Market size. In addition, the increasing investments by major companies on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, growth of the Telecom Services Market is hindered attributed to high cost of value-added services.
The prominent players operating in the market are Vodafone Group Plc, T‑Mobile USA, Inc., Bharati Airtel Limited, Verizon Communication Inc., AT&T Inc., BT Group Plc, KDDI Corporation, SoftBank Group Corp., and KT Corporation, among others.
Based on Transmission, the Wireless segment is predicted to grow at a robust CAGR during the forecast period
Increased deployment of Wireless Local Area Networks (WLANs) systems and development of wireless infrastructure for 5G technology, are some of the factors responsible for the segment’s growth.
Based on End-Use Vertical, the Residential segment is projected to expand at a significant CAGR over the forecast period
Increasing popularity of OTT platforms and growing number of smartphone users across the globe, are propelling segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to grow at a remarkable CAGR during the forecast period
Increasing number of smart cities across India, China, and Vietnam, roll-out of 5G technology, growing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) by major companies, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Development
- In 2020, T-Mobile US Inc. merged with Sprint Corporation. The merger will create the New T-Mobile, a supercharged Un-carrier that will deliver a robust 5G network infrastructure.
Market Segmentation
Segmentation by Type
- Fixed Voice Services
- Fixed Internet Access Services
- Mobile Voice Services
- Mobile Data Services
- Pay TV Services
- Machine-to-Machine (Mobile IoT) Services
Segmentation by Transmission
- Wireline
- Wireless
Segmentation by End-Use Vertical
- Residential
- IT & Telecom
- Retail
- Manufacturing
- Healthcare
- Retail
- BFSI
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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