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Telecom Services Market is projected to touch USD 2.6 billion in 2029, registering 5.9% CAGR during 2022-2029 | Size, Share & Forecast

11-30-2022 01:31 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Gmi Research

Telecom Services Market

Telecom Services Market

Telecom Services Market size reached USD 1.7 billion in 2021 and is estimated to reach USD 2.6 billion in 2029 and the market is estimated to grow at a CAGR of 5.9% from 2022-2029

For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/telecom-services-market-analysis-industry-research/

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. According to the report published by Bloomberg, the revenue generated by the Global Over the Top Market was calculated around USD 438.5 billion in 2018 and is expected to expand at a CAGR of 19.1% by 2026, which will accelerate the Global Telecom Services Market in the approaching years. 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.

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

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
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Website: https://www.gmiresearch.com/

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GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.

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