Newark, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the telecom services market will grow to USD 1.88 Trillion in 2022 and reach USD 3.24 Trillion by 2032. In just ten years, the rising spending on deploying 5G infrastructures due to the shift in consumer inclination toward next-generation technologies and smartphone machines is helping to boost the market growth over the forecast period. Moreover, the rapid adoption of smartphone devices and the growing demand for telecom-managed services from large and small and medium-sized enterprises (SMEs) are expected to propel market growth over the forecast period. Additionally, the rapidly increasing demand for high-speed internet services for corporate and residential applications is also helping to boost the market growth over the forecast period.
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Key Insight of the Telecom Services Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in telecom services. Key factors favouring the growth of the telecom services market in Asia Pacific include growing government initiatives on digital integration via Information Communication Technologies (ICT), the growing trend of utilising ultra-high-definition videos and online gaming, and the rising demand for OTT applications. Furthermore, many smartphone users and the increasing demand for high-speed data connectivity are expected to propel the market growth.
The wireless services segment is expected to augment the telecom services market during the forecast period.
The transmission segment is divided into wireless services and wireline services. The wireless services segment held the largest market share in 2022 and is expected to continue during the forecast period owing to growing technologies like IoT, Cloud computing, and artificial intelligence.
The mobile data services segment market size was USD 0.52 trillion in 2022
The service segment is divided into fixed internet access services, fixed voice services, machine-to-machine (mobile IoT) services, pay-tv services, mobile data services, and mobile voice services. The mobile data services segment market size was USD 0.52 trillion in 2022 due to the increasing popularity of smartphones among customers.
The hospitals segment is anticipated to dominate the market by 34.16% in 2032.
The end-user segment is divided into corporates, residential, hospitals, offices, and others. The hospitals segment is anticipated to dominate the market in the forthcoming years due to the increasing requirement for telecom services.
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Market Dynamics
Driver: The growing usage of smartphones among consumers
The increasing demand for telecom-managed services from enterprises is propelling market growth. Further, the growing adoption of cloud-based technologies by service providers is helping to boost market growth. Moreover, the growing number of connected instruments such as smartphones, tablets, and other customer electronics is anticipated to drive market growth over the forecast period. Also, smartphone users are increasing worldwide, helping boost the market growth. Further, the rising familiarity and usage of Over-The-Top (OTT) content and applications, as well as essential improvements in open-source platforms, super-fast Internet Protocol (IP) networks, and improvements in smartphone display & sound quality, among other innovative services, which are helping to boost the market growth over the forecast period.
Restraint: The technical issues related to telecommunication services and networks
The technical issues related to telecommunication services and networks are one of the hindering the market growth. Further, the increasing complexity and cost of upgrading traditional network infrastructure will hinder market growth over the forecast period.
Opportunity: Increased demand for high-speed broadband connections
Increased demand for high-speed broadband connections is the opportunity factor for market growth. Further, the cloud computing architecture that can be incorporated with the impending 5G infrastructure is also helping to boost market growth. Additionally, the increasing scope of the Internet of Everything (IoE) will connect billions of devices, and the growing need for high-speed data connectivity is stimulating market growth. However, the increased government initiatives on digital integration via Information Communication Technologies (ICT) are also helping to boost market growth. Additionally, the increasing demand for higher data speeds for commercial & residential applications is helping to boost the market growth in the upcoming year.
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Some of the major players operating in the Telecom Services Market are:
• NTT
• AT&T Inc.
• China Mobile Ltd
• Verizon Communications Inc.
• SoftBank Group Corp
• Deutsche Telekom AG
• Telefonica SA
• China Telecom Corp Ltd
• Vodafone Group
• Telefonica SA
• Bharati Airtel Limited
• Telefonica SA
• Reliance Jio Infocomm Limited
• Comcast Corporation
• KDDI Corporation
• BT Group plc.
• Orange SA
• KT Corporation
Key Segments cover in the market:
By Transmission:
• Wireless Services
• Wireline Services
By Service:
• Fixed Internet Access Services
• Fixed Voice Services
• Machine-to-Machine (Mobile IoT) Services
• Pay-TV Services
• Mobile Data Services
• Mobile Voice Services
By End-User:
• Corporates
• Residential
• Hospitals
• Offices
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Trillion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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