USD 1805.61 billion
Telecom Services Market Size, Share, Growth Analysis, By Service Type (Voice Services, Data and Messaging Services), By Transmission Insights (Wired, Wireless), By End Use Insights, By Region - Industry Forecast 2024-2031
Report ID:
SQSG50A2001 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
90
|Figures:
76
Telecom Services Market Insights
Global Telecom Services Market size was valued at USD 1805.61 billion in 2022 and is poised to grow from USD 1917.56 billion in 2023 to USD 3102.73 billion by 2031, growing at a CAGR of 6.2% during the forecast period (2024-2031).
Increasing expenditure on the deployment of 5G infrastructures because of the shifting consumer inclination to the next generation technologies and products is one of the major driving factors of the global telecom services market during the forecast period. An extensive rise in the numbers of smartphone users worldwide, soaring demand for high speed data connectivity, and the continuously growing demand for value added services are some other factors expected to boost the market growth over the forecast period.
According to our findings, in 2019, the number of smartphone subscriptions worldwide was about 6259 million and this number is expected to reach 7690 million by 2031. Similarly, around 29 billion IoT connected devices are forecast by 2031, and it is expected to exceed 50 billion by 2031. Thus, the rapid increase in the smartphone users and IoT connected devices across the globe is further expected to contribute to the growth of the global telecom services market during the forecast period.
Furthermore, the escalating consumption of digital media platforms such as OTT applications by global customers has led to the demand for higher bandwidths with high-speed data connectivity. Customers and service providers alike are getting more acquainted for OTT applications and their content. Furthermore, the government bodies of several countries are also helping the telecom service providers to ensure the smooth functioning of the data and voice carriers. For instance, Ireland’s commission for Communications Regulations has launched an extra radio spectrum with the 700 MHz to 2.6 GHz bands to enable the mobile operators for catering 3G and 4G technologies access to their customers.
US Telecom Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Commercial
Growth Rate
6.2% CAGR
Global Telecom Services Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Telecom Services Market Segmental Analysis
Global Telecom Services Market is segmented by service type, transmission type, end use insights and region. Based on service type, the market is segmented into voice services (wired, wireless), data and messaging services (mobile data services, fixed data services) and OTT and pay tv services (over-the-top (OTT) services, pay tv services). Based on transmission insights, the market is segmented into wired (fiber optic, copper cable), wireless (cellular networks, satellite communication). Based on end use insights, the market is segmented into consumer (individual users, household users), business (small and medium enterprises (SMEs), large enterprises) and government (public safety, defense). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Telecom Services Market Analysis by Service Type
By service type, the mobile data segment dominated the market in 2021 accounted for over 34% market share and is expected to grow at a significant CAGR during the forecast period. A rapid growth in the number of smartphone users across the globe is the major factor driving the segment growth. Increasing demand for high-speed broadband data services for residential and commercial purpose is also projected to boost the market growth over the forecast period.
Moreover, an extensive growing demand for online 4K ultra HD videos and playing online cloud gaming is estimated to have a positive impact on the segment growth. For instance, in September 2021, Amazon announced the launch of their new fire TV Stick 4K Max, with 40% more powerful capabilities compared to the existing model. With Wi-Fi 6 support, the development has done for smooth and better 4K streaming experiencing.
Telecom Services Market Analysis by End-Use
By end-use, the residential segment accounted for the largest share of over 62% in 2021 and is expected to maintain its dominance throughout the forecast period. The growth is simply attributed to the proliferation of smartphones and IoT connected devices across the globe. According to our findings, the global penetration rate for smartphones have reached over 80% in 2021. This is based on an estimated more than 6.2 billion smartphone subscriptions worldwide.
Furthermore, the commercial segment is anticipated to have a significant growth during the forecast period owing to the deployment of next generation high-speed networks in several business applications. Various businesses across the world are installing 5G small cell networks and private LTE and 5G networks to get faster data bandwidth and avoid latency in their network. Thus, this is further expected to drive the growth of the global telecom services market over the forecast period.
Global Telecom Services Market Size By End Use 2021-2028 ( % )
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Telecom Services Market Regional Insights
Globally, Asia Pacific dominated the telecom services market with a holding of more than 33% market share in 2021. The presence of several large players, increasing investments in telecom industry, and massive consumer base is key driving factors for the growth of the market during the forecast period. According to the International Telecommunication Union (ITU), China and India were ranked among the top internet users worldwide with around 854 million and 560 million users, respectively in 2020. Moreover, increasing government initiatives on digital integration through latest technologies are also projected to fuel the market growth in the region. For instance, Indian government spent more than USD 600 million on the development of 100 smart city projects, in which IoT plays a crucial role in those cities for qualifying as smart cities.
Furthermore, North America accounted for a considerable market share in 2021 due to the early adoption of advanced and digitized technologies couple with increasing consumer spending on smartphones. In addition, the launching of 5G networks in U.S., Germany, Canada, and others is further anticipated to drive the global demand for telecom services over the forecast period. According to our findings, more than 20% of communication connections across the globe are estimated to incorporate 5G networks by 2028, with a strong presence of North America in the global market.
Global Saline Market By Geography, 2021-2028
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- Fastest
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Telecom Services Market Dynamics
Telecom Services Market Drivers
- High development of smart infrastructure projects along with the continuously increasing demand for high-speed data connectivity in several business sectors across the world is the major driving factor of the global telecom services market. Major key companies of the sector are mainly focusing on the development of their services and portfolio to offer better and fast data and other related services to their customers.
- Growing initiation and favorable policies through the government bodies of several countries to support high-speed internet connectivity and better communication facilities is fueling the growth of the global telecom services market. Governments, mainly of developing economies such as India, China, and Indonesia are collaborating with the key private players in order to accelerate the growth rate of the market during the forecast period.
Telecom Services Market Restraint
- Growing complexity in upgradation of infrastructure, high investment required in the development of advanced technologies, and exponential increase in network traffic are the few main factors expected to restrain the global telecom devices market growth over the forecast period. The upgradation of traditional technology and setting up of new infrastructure requires huge investment, which is likely to hamper the growth of the market in the coming years.
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Telecom Services Market Competitive Landscape
The global telecom services market is highly competitive with the presence of many well-known international payers across the globe such as AT&T Inc., China Telecom Corporation, and Bharti Airtel Limited. Acquisitions, mergers, partnerships, collaborations, and forming strategic alliances are few major development strategies implementing by several key players. In addition, adoption of various advanced technologies such as artificial intelligence, machine learning, and IoT is enhancing their product portfolio and improved business performance.
Top Players in the Global Telecom Services Market
- AT&T Inc.
- Verizon Communications Inc.
- China Mobile Ltd.
- Deutsche Telekom AG
- NTT Docomo Inc.
- Vodafone Group Plc
- Telefonica S.A.
- America Movil
- Orange S.A.
- KDDI Corporation
- China Telecom Corporation Limited
- BT Group plc
- T-Mobile US, Inc.
- SK Telecom Co., Ltd.
- Telstra Corporation Limited
- Telecom Italia S.p.A.
- Reliance Jio Infocomm Limited
- Bharti Airtel Limited
- Vodafone Idea Limited
- Bharat Sanchar Nigam Limited (BSNL)
Telecom Services Market Recent Developments
- In June 2021, Bharti Airtel Limited, announced a strategic partnership with Tata Consultancy Services for providing 5G network solutions. In this partnership, Airtel will deploy pilot this indigenous solution into their 5G rollout plans for India and Tata Consultancy Services will bring their global system integration expertise and help align the end-to-end solution.
- In February 2021, Starhub and Nokia Corporation announced a partnership for the deployment of a new and advanced cloud-based 5G core network. It mainly aims to manage extensively growing 5g standalone bandwidth demand across the globe.
Telecom Services Key Market Trends
- With more than 5 billion internet users around the world, looking for higher speed connectivity and innovations like 5G network, Fiber to the Home (FTTH) and Fiber to the Building are creating lucrative opportunities and demand for telecom services in the near future. Furthermore, these innovations simplifies business processes and minimize the costs in any sector. According to a report, in 2022, 5G connections are expected to reach a value of around 1.34 billion. In addition, blockchain has gained a crucial position as the base of digital future, specifically it simplifies day-to-day operations in telecom processes couple with the increasing security of information and transactions.
Telecom Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global telecom services market is witnessing a significant growth during the forecast period due to the growing population, rising demand for faster internet connections, increasing R&D investments by key market players, and technological advancements in the telecom industry. Furthermore, massive IoT deployment because of the mechanical design innovation, internet security, and sensors for air quality monitoring is also projected to contribute to the growth and demand for telecom services throughout the forecast period. However, the complications associated with the development of telecom services such as network security, leverage over-the-top players, and complex operational process are expected to hinder the growth of the global telecom services market over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1805.61 billion |
| Market size value in 2031 | USD 3102.73 billion |
| Growth Rate | 6.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Telecom Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Telecom Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Telecom Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Telecom Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Telecom Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Telecom Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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