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

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.