Telecom Market Set to Expand to $3898.79B by 2028 with 5.8% CAGR Growth, Driven by 5G and IoT Adoption

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Telecom Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $3898.79 billion In 2028 At A CAGR Of 5.8%:

The telecom market size has grown steadily in recent years. It will grow from $2970.7 billion in 2023 to $3106.93 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to growing number of internet users, increasing adoption of 5g networks and rise in adoption of cloud computing among smes (small and medium-sized enterprises).

The telecom market size is expected to see strong growth in the next few years. It will grow to $3898.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising smartphone penetration, increasing e-commerce, increasing urbanization and government initiatives will drive the growth. Major trends in the forecast period include focus on deployment of 5g to support emerging technologies, integration of digital twin as a service (dtaas) for creating virtual replicas of telecom infrastructure, focus on manufacturing new hardware for increasing telecommunication speeds, launch of new satellites for global connectivity and advanced communication services, leveraging ai and ml for improved customer experience, utilizing cloud technologies to enhance scalability, flexibility and cost-efficiency and strategic partnerships and collaborations among market players..

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Telecom Market Major Segments
The telecom market covered in this report is segmented -
1) By Type: Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite and Telecommunication Resellers
2) By Product: Telecom Hardware, Telecom Services
3) By Application: Telecom Household, Commercial
Sub segments: Cellular/Mobile Telephone Services, Wireless Internet Services, Broadband Internet Services, Fixed Telephony Services, Direct-To-Home (Dth) Services, Cable Television Distribution Services, Other Wired Telecommunication Carriers, General Communication Equipment, Broadcast Communications Equipment, Telecom Infrastructure Equipment, Satellite Telecommunications, Telecommunication Resellers, Other Satellite, Telecommunication Resellers

Key Driver - IOT Technology Revolutionizing Manufacturing And Transportation Boost The Telecom Market

IoT technology adoption by manufacturing and transportation services companies is driving the telecom market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics, software, sensors and network connectivity enable these objects to collect and exchange data. For instance, Microsoft and Rolls-Royce have announced a partnership centering on future Rolls-Royce intelligent engines, which will integrate Microsoft Suite into its service solutions to expand its digital capabilities. Smart Grid encompasses inter related technologies entering public use to manage electricity consumption. Thus, IoT technology adoption is expected to expand the demand for telecom services.

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Prominent Trend - Embracing Change Towards Traditional Pay-Tv Providers Dive Into Internet Tv
Internet TV is gaining acceptance and being preferred by customers in developed and developing markets. The traditional pay-tv industry has been facing severe competition from online video streaming service providers. The low-cost video streaming service providers are threatening the pay-tv business model and forcing traditional pay-tv service providers to offer internet TV services to their subscribers. For example, in November 2021, fuboTV Inc., a sports-first live TV streaming platform, announced that it is acquiring France's live TV streaming company, Molotov SAS. The acquisition aims at expanding its business globally and for launching its interactive sports and entertainment streaming platform on a global scale.

Telecom Market Players
Major companies operating in the telecom market report are Apple Inc, Deutsche Telekom AG, AT&T Inc, Samsung Electronics Co., Ltd, Verizon Communications Inc, China Mobile Limited, The Nippon Telegraph and Telephone Corporation, T-Mobile US, Inc, China Telecom Corporation Limited, Vodafone Group Plc, Bharti Airtel, Reliance Jio Infocomm, China Unicom, KDDI Corporation, SoftBank Corp, KT Corporation (Korea Telecom), SK Telecom, LG Uplus, Telstra Corporation, Optus, BT Group plc, Virgin Media, EE (Everything Everywhere), O2 (Telenica UK), Three (Hutchison 3G UK), TalkTalk, Sky Broadband, Plusnet, Digi Communications, Polkomtel Spo.o, CETIN a.s, Nordic Telecom s.r.o, Comcast, Sprint (now part of T-Mobile), CenturyLink (now Lumen Technologies), Frontier Communications, Claro, TIM, Algar Telecom, Unifique and, Brasil Telecom Group, Bezeq

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the telecom market in 2023. North America was the second largest region accounting of the telecom market. The regions covered in the telecom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Telecom Market Report Structure
3. Telecom Market Trends And Strategies
4. Telecom Market - Macro Economic Scenario
5. Telecom Market Size And Growth
…..
27. Telecom Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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