The global Telecom
Services Market size is expected to reach USD 2.47 trillion
by 2028, according to a new study by Grand View Research, Inc. It is expected
to expand at a CAGR of 5.4% from 2021 to 2028. Increased spending on
next-generation wireless communication infrastructures due to the
shift in customer preferences toward the 5G network and cloud-based technology
is primarily driving the demand for telecom services. Furthermore, soaring
demand for high-speed data connectivity, the rapid spread of digitalization
worldwide, and the explosion of consumer-generated multimedia content via
Over-The-Top (OTT) applications are some of the other key factors that are
expected to significantly contribute to the industry growth.
With the plurality of telecom services, networks, and
providers, the sector has emerged as one of the acute components essential for
global socio-economic development. The rapid adoption of smartphone devices is
another dynamic that has majorly contributed to the growth of the global
telecom industry and has manifested in the businesses of telecom companies. The
migration of cellular devices from feature phones to 5G-enabled smartphones has
generated a massive demand for high bandwidth connectivity, improved voice
services, and other value-added services, thereby fueling the market growth
over the forecast period.
Network Functions Virtualization (NFV) and
Software-Defined Networking (SDN) are the telecom network architectures that
provide wider and improved connectivity at reduced infrastructure costs. These
architectures based on network abstraction processes are envisioned to
transform the global communication industry over the coming years. While NFV
allows network slicing to offer customized solutions to varied industries, SDN
enables the communication service providers to work in partnership with a
broader ecosystem. These services are anticipated to offer efficient network
connectivity and support the new era of 5G networks.
The outbreak of COVID-19 has compelled governments
worldwide to announce national lockdowns in the initial days. The in-home
isolation of the worldwide population has given a pathway to digital
entertainment platforms. The growing demand for video streaming services on
applications, such as Netflix, YouTube, and Amazon, has raised the usage of
data services. Additionally, the shutdown of several businesses across the
globe, coupled with a significant impact on the global economy, has hampered
the overall market growth in 2020. However, with the significant investments
made by federal governments across key countries, such as the U.S., China,
India, the U.K., and Germany, to bring their economies’ growth on track, the
market is expected to witness considerable growth from 2021 to 2028.
Related Press
Release @ Telecom
Services Market Report
Telecom Services Market Report Highlights
- By
service type, in 2020, the mobile data services segment accounted for the
largest share of nearly 33.0% owing to the rapidly growing usage of data
services for multiple applications, such as smartphones, OTT, cloud
augmented reality (AR) & virtual reality (VR) gaming, smart cities,
and UHD video access
- Based
on transmission, the wireless segment is anticipated to expand at the
fastest CAGR from 2021 to 2028. The significant growth is attributed to
the augmenting demand for mobile services among consumers and businesses
- In
2020, Asia Pacific accounted for the largest revenue share of over 32.0%
and is anticipated to maintain its lead over the forecast period. This is
mainly on the account of the rapidly growing population, rising internet
penetration rate, and significant adoption of smartphones
- Several
prominent players across the globe are aggressively investing in deploying
next-generation 5G network infrastructure in order to capture a
significant customer base and increase their overall sales and
profitability
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, the company offers market intelligence studies ensuring relevant and
fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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