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

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.