Westford, USA, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Global telecom services market is forecast to grow at a CAGR of 5.5% between 2022 and 2028, driven by continued demand for mobile data services and the growing adoption of cloud-based applications and services. In its latest analysis, SkyQuest forecasts that the telecom services industry will generate revenues of US$2.55 trillion in 2028, up from US$1.75 trillion in 2021.
The telecom services industry is evolving rapidly, with new technologies and business models emerging. This presents a challenge for service providers to keep up with the changing landscape and meet the needs of their customers.
Our analysis shows that the growth of the telecom services market will be driven by three key trends:
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Continued demand for mobile data services: The proliferation of smartphones and tablets is driving strong growth in demand for mobile data services. Global mobile data traffic is forecast to grow at a CAGR of 45% between 2021 and 2028, reaching 428 exabytes per month by 2028. This increase in mobile data traffic will be driven by video streaming, which is expected to account for 83% of all mobile data traffic by 2028.
Growing adoption of cloud-based applications and services: The migration of business applications and services to the cloud is driving strong growth in demand for broadband connectivity. Global enterprise broadband traffic is forecast to grow at a CAGR of 30% between 2021 and 2028, reaching 847 petabytes per month by 2028. In North America telecom services market, an average broadband user consumes over 538 Gb data per month.
Increasing penetration of 4G and 5G: The rollout of 4G networks is driving strong growth in demand for wireless broadband services. India 4G connections are forecast to grow from 1 billion in 2016 to 5 billion by 2030. As of 2021, over 88% of the global mobile subscribers have access to 4G services.
One of the most significant changes that is happening in the telecom services market right now is the increasing penetration of 4G and 5G networks. These next-generation networks offer faster speeds and more reliable connections than older 3G networks, and they are quickly being adopted by both consumers and businesses.
For telecom service providers, this increases in 4G and 5G adoption means that they need to invest in upgrading their networks to keep up with demand. This can be a costly undertaking, but it is necessary to stay competitive in the market.
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What Does Current and Future State of Global Telecom Services Market Suggest?
Global telecom services market is in the midst of a major transformation. The ongoing consolidation, regulatory interventions and technological advancements are changing the way this market operates. This is resulting in a more efficient and customer-focused telecom sector that is better placed to compete in the global market.
SkyQuest recently released a report that analyses the current state of the telecom industry and provides insights into the future direction it is likely to take. The report highlights how the industry is divesting non-core assets, reducing debt and consolidating operations to become leaner and more agile. It also points out that regulatory measures such as spectrum auctioning and licensing are providing much needed relief to telecom operators.
Looking ahead, the report predicts that the global telecom services market will continue to grow, albeit at a higher pace than in previous years. Data usage is expected to increase significantly, driven by cheaper data tariffs and the growing popularity of mobile devices especially in developing countries like India and China. This will create new opportunities for telcos to expand their product offerings and tap into new revenue streams.
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Consumers are Shifting from Mobile Voice to Mobile Data for Calling
The global telecom services market is facing a number of challenges, including declining revenues, intensifying competition, and regulatory pressures. At the same time, there are a number of opportunities for telcos to grow their businesses, including expanding into new markets and segments, developing new business models, and exploiting data and analytics.
In its analysis of the telecom services market, SkyQuest highlights a number of key challenges and opportunities for telcos: Revenues from traditional voice services are in decline as customers shift to OTT providers such as Skype, Zoom, Google Meet, and WhatsApp.
On the other hand, data traffic is growing exponentially, driven by video streaming and other bandwidth-intensive applications. This is putting pressure on telcos' networks and infrastructure.
Competition is intensifying from alternative service providers such as cable companies, Over-the-Top (OTT) players, satellite broadband providers such as Starlink and OneWeb.
Regulatory pressures are mounting, with governments around the world introducing new laws and regulations that impact the telecom sector.
The rise of digital technologies is presenting operators in the global telecom services market with a number of opportunities to grow their businesses. These include expanding into new markets and segments, developing new business models, and exploiting data and analytics.
Growing Pressure from Satellite Broadband Providers and Low-Cost Operators
The report provides an overview of the current state of the telecom services market, with a focus on the key markets of Europe, North America, and Asia Pacific. It also identifies the major trends impacting the global telecom services market, including the rise of next-generation networks, the growth of data services, and the increasing importance of customer experience.
The report goes on to discuss the challenges that the telecom services industry faces in each of these key markets. In Europe, for example, SkyQuest notes that regulatory uncertainty is a major challenge for telecom operators. In North America, meanwhile, competitive pressure from new entrants such as Google and Starlink is putting pressure on traditional players. In Asia Pacific, competition from low-cost operators such as Reliance Jio in India is eroding profit margins.
Despite these challenges, SkyQuest believes that there are still significant opportunities for growth in the telecom services market. The report highlights a number of areas where operators can capitalize on emerging trends, such as by offering new types of data services or investing in customer experience improvements. By capitalizing on these opportunities, we believe that telecom operators can continue to grow their businesses despite the challenges they face.
Key Players in Global Telecom Services Market
- AT&T Inc. (US)
- BT Group plc (UK)
- Reliance Jio (India)
- China Telecom Corporation Limited (China)
- Bharti Airtel Limited (India)
- Vodafone Group (UK)
- Sprint Corporation (US)
- Telecom Italia (Italia)
- Deutsche Telekom AG (Germany)
- KT Corporation (South Korea)
- Saudi Telecom Company (Saudi Arabia)
- Verizon Communications Inc. (US)
- NTT Docomo (Japan)
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