Telecom Services Industry Overview
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.
Telecom Services Market Segmentation
Grand View Research has segmented the global telecom services market on the basis of service type, transmission, end-use, and region:
Based on the Type Insights, the market is segmented into Fixed Voice Services, Fixed Internet Access Services, Mobile Voice Services, Mobile Data Services, Pay-TV Services, and Machine-to-Machine (Mobile IoT) Services.
- The mobile data services segment held the largest share of nearly 33.0% and is expected to exhibit a significant CAGR from 2021 to 2028. This is attributed to the significantly growing usage of smartphones among consumers.
- Rapidly rising demand for high-speed broadband services for corporate and residential applications is further expected to bolster the segment growth over the forecast period.
- Moreover, a massive demand for accessing online 4K UHD videos and playing online cloud gaming is estimated to spur the data services market growth.
- The evolution of the Internet of things (IoT) devices has raised its proliferation across several industry verticals, including healthcare, manufacturing, energy and utilities, and the public sector, among others.
Based on the End-use Insights, the market is segmented into Consumer/Residential, and Business.
- The consumer/residential segment accounted for the largest revenue share of more than 60.0% and is projected to maintain its lead over the forecast period. The significant growth is ascribed to the proliferation of smartphones worldwide.
- The growing trend of using ultra-high-definition videos and online gaming is expected to boost the segment growth over the forecast period.
- The demand for telecom services is increasing in business applications with the deployment of next-generation high-speed networks.
- To handle a rapidly increasing chunk of customers’ datasets, it would require unified and fast network connectivity across businesses globally. This, in turn, is estimated to fuel the segment growth from 2021 to 2028.
Based on the Transmission Insights, the market is segmented into Wireline and Wireless.
- The wireless segment accounted for the largest share of over 75.0% and is expected to exhibit a significant CAGR from 2021 to 2028.
- The advent of cloud-computing technologies, artificial intelligence, and IoT is presumed to majorly contribute to the growth of wireless communication channels worldwide.
- Growing 5G wave would offer demarcation between wireless and wireline networks and is envisioned to converge the communication modes into a unified end-to-end system in public, residential, and enterprise spaces.
Telecom Services Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Key market players are strategically focused on mergers and acquisitions in order to expand their geographical presence and overall product portfolios. Moreover, key market players are investing a significant amount in acquiring the necessary spectrum for offering next-generation services. Having an adequate spectrum would allow the market players to strengthen their overall portfolios and expand their subscriber base across various countries
Some prominent players in the global telecom services market include:
- AT&T Inc.
- Verizon Communications Inc.
- Nippon Telegraph and Telephone Corporation (NTT)
- China Mobile Ltd.
- Deutsche Telekom AG
- SoftBank Group Corp.
- China Telecom Corp Ltd.
- Telefonica SA
- Vodafone Group
Order a free sample PDF of the Telecom Services Market Intelligence Study, published by Grand View Research.
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