Telecom Services Market Size to Grow by USD 625.5 billion from 2022 to 2027; Driven by increased demand for broadband - Technavio
NEW YORK, June 1, 2023 /PRNewswire/ -- Global telecom services market size is expected to grow by USD 625.5 billion from 2022 to 2027. The market's growth momentum will be progressing at a CAGR of 6.13%. Factors driving the growth of global telecom serivces include increased demand for broadband, mergers and acquisitions, and increase in global mobile data traffic.
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Global Telecom services market – Vendor Analysis
Vendor Landscape - The global telecom services market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer telecom services in the market are AT and T Inc., Bharti Airtel Ltd., BT Group Plc, China Mobile Ltd., China Telecom Corp. Ltd., Cisco Systems Inc., Comcast Corp., Deutsche Telekom AG, KDDI Corp., kt corp., Nippon Telegraph and Telephone Corp., Nokia Corp., Orange SA, Reliance Industries Ltd., SoftBank Group Corp., Tata Teleservices Ltd., Telefonica SA, Verizon Communications Inc., Vodafone Group Plc, and Juniper Networks Inc. and others. The global telecom services market is at its growing stage.
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Global Telecom Services Market - Segmentation Assessment
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Global Telecom Services Market – Market Dynamics
Increased demand for broadband boosting the market - The popularity of the Internet has increased the demand for high-speed broadband connections. As a result, telecom companies must upgrade their network infrastructure to support faster speeds and higher bandwidths. As the world becomes more connected, the demand for telecommunications services is growing rapidly. People and businesses need fast, reliable connectivity to stay connected, access information and services, and perform their daily activities. Mobile devices such as smartphones and tablets are ubiquitous and are currently used by billions of people around the world. This has greatly increased demand for mobile data services such as Internet access and messaging. Broadband demand increased as COVID-19 pandemic increased remote work and employees needed reliable, high-speed internet connections to effectively work from home. The popularity of streaming services such as Netflix, Hulu, and Amazon Prime Video has led to an explosion in the amount of data transmitted over broadband networks. Hence, high demand for internet and broadband will drive the growth of the global telecommunications services market during the forecast period.
Technological advancements is a key trend prevailing in the market - Communication services have evolved significantly in recent years with the emergence of new technologies such as 5G networks, Internet of Things (IoT), and artificial intelligence (AI). These technologies enable new services, improve the performance of existing services, and facilitate the growth of telecommunications services. AI is being used to improve the efficiency and reliability of communication services, from network management to customer service. AI can help predict and prevent network problems, optimize network performance, and deliver personalized customer experiences. VR/AR technology is used in communication services to improve customer experience and enable remote collaboration. These technologies require high-speed connections to deliver high-quality, immersive experiences. The rise of digital services such as video streaming, cloud computing, and online gaming are rapidly increasing the demand for data. Telecommunications service providers are required to provide this data to their end users. Hence, owing to technological advances, the global telecommunications services market is expected to witness high growth during the forecast period.
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
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