Selbyville, Delaware,, Dec. 06, 2022 (GLOBE NEWSWIRE) --
Telecommunication Relay Service (TRS) Market is expected to record a valuation of USD 15 billion by 2032, as reported in a research study by Global Market Insights Inc. The burgeoning advancements in telecommunications relay solutions and the mounting uptake of smartphones as the chief drivers of the telecommunication relay service business trends. Moreover, the significant use of VoIP devices with Teletypewriter (TTY) machines aids the deaf and hearing-impaired community to communicate over the phone. This is fueling the demand for unified communication & enterprise VoIP as it improves videoconferencing quality, live chat, and other calling capabilities, accelerating the TRS penetration further.
Rising demand for communication services to push traditional relay segment growth
The telecommunication relay service market from the traditional relay technology segment is anticipated to grow at a CAGR of 10% between 2023 and 2032. The segment growth is attributable to substantial demand for communication services from individuals using teleprinters, text telephones teletypewriters. Traditional relay services are the most common choice for TTYs, which is likely to support segment revenue growth.
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Fewer interruptions to spur IP captioned telephone service industry share
The IP captioned telephone service segment is slated to expand at nearly 15% growth rate through 2032. The soaring demand for IP captioned telephone service is due to its capability to control interruptions between calling individuals and communications assistants.
Favorable initiative to promote relay services to augment government segment revenues
The government end-use segment accounted for more than 65% of the market revenue share in 2022. Favorable government initiatives to promote digitalization are poised to push product adoption. The segment growth is further set to be driven by positive support from government agencies to enable enterprises to deliver relay services to customers across multiple locations.
Surging need for real-time captioning to boost Europe TRS industry growth
The Europe telecommunication relay service market is forecast to capture over 30% of the revenue share by 2032. The region may emerge as a major hub for this industry owing to the strong utilization of UCC solutions, and the digitalization of businesses and mobile devices. Also, the emergence of advanced real-time captioning and speech recognition technologies is projected to stimulate regional growth.
Partnerships and acquisitions to remain key growth strategies
The strategic landscape of the telecommunication relay service market is estimated to witness a series of growth partnerships, collaborations, and acquisitions by industry players. Some of the key market players profiled in the report include Bell Canada, Sprint Relay (T-Mobile USA Inc.), and Cisco Systems Inc., among others.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Telecommunication Relay Service (TRS) industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Service trends
2.5 Technology trends
2.6 End-use trends
Chapter 3 Telecommunication Relay Service (TRS) Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Russia- Ukraine war impact on Telecommunication Relay Service (TRS) industry
3.4 Industry ecosystem analysis
3.5 Technology landscape
3.6 Future potential of underlying technology providers
3.7 Patent analysis
3.8 Investment portfolio
3.9 News
3.10 Regulatory landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls & challenges
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
