Press release
Telecommunication Services Market Expected to Reach USD 2556.2 Billion by 2031
Rise in mobile data traffic, 5G network, and fiber deployment required for connectivity have boosted the growth of the global telecommunication services market. However, strict government network radiation rules hinder the market growth. On the contrary, advent of IoT would open new opportunities in the future.
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The global telecommunication services market size was valued at $1602.5 billion in 2021, and is projected to reach $2556.2 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
The telecommunication service market is segmented on the basis of service type, transmission, end user, and region. Based on service, it is segmented into mobile data services, fixed internet access services, mobile voice services, fixed voice services, pay-tv services, and mobile messaging. Based on transmission, the market is categorized into wireline services and wireless services. Based on end user, the market is categorized into consumer and business. Based on business, the Telecommunication Services Industry is categorized into manufacturing, energy & utilities, transportation & logistics, government, healthcare, retail, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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By transmission, the wireless segment is projected to manifest the highest CAGR of 5.5% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to more than three-fourths of global telecommunication services industry, due to adoption of wireless telecommunication services allow customers to send and receive messages through electronic devices and a wireless medium. The report includes analysis of the wireline segment as well.
By end user, the business segment is expected to manifest the highest CAGR of 5.9% during the forecast period, owing to rapid business digitization and Industry 4.0 evolution. However, the consumer segment dominated the market in 2021, accounting for more than three-fifths of the global telecommunication services market, due to ongoing trends such as remote working and bring your own device (BYOD).
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By region, the market across Asia-Pacific dominated in 2021, accounting for around one-third of the global telecommunication services market, due to the fact that many countries in the region have evolved with industrial transformation initiatives, thus increasing focus toward 5G deployments. However, the market across LAMEA is expected to register the highest CAGR of 6.4% during the forecast period, due to rise in strategic trails to launch 5G technologies and equipment in this region is high.
This report gives an in-depth profile of some key market players in the Telecommunication Services industry include Alcatel Lucent Enterprise, AT&T Inc., Bharti Airtel Limited, Cisco Systems Inc., China Mobile Limited, Deutsche Telekom, International Business Machine Corporation (IBM), Juniper Network, KT Corporation, Nippon Telegraph and Telephone Corporation (NTT), Nokia Corporation, Reliance, Softbank Corporation, TATA, Telefonica Corporation, Verizon Communications Inc., and Vodaphone Group.
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Covid-19 Scenario:
● The Covid-19 pandemic had a low impact on the growth of the market as private and government sectors were working together to speed up the development of 5G infrastructure.
● For instance, mobile network operators in Thailand had joined forces to offer 5G networks to hospitals during the pandemic. The Easter Economic Corridor (EEC) mandated that 5G must cover around 50% of the area in 2020 and its equipment installation would commence in the same year.
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