Telecommunication Market

Telecommunication Market Size, Share, Growth Analysis, By Component(Hardware (Broadcast Communication Equipment, Telecom Infrastructure Equipment, Consumer Premise Equipment), Software (On-Premise), By Enterprise(SMEs, Large), By Industry(Retail & E-Commerce, IT & ITES, Aerospace, Healthcare & Pharmaceutical), By Region - Industry Forecast 2024-2031

Report ID: SQMIG50C2024 | Region: Global | Published Date: February, 2024
Pages: 160 | Tables: 103 | Figures: 76

Telecommunication Market Dynamics

Telecommunication Market Driver

  • Cloud computing architecture that can be integrated with the impending 5G infrastructure has been actively developed in recent years by players. Cloud-based telephony solutions play an important role in keeping employees connected and contributing to increased work productivity. Revenue advantages from the expanding trend of online shopping are projected to benefit telecom sector companies. This feature has provided a platform for telecommunications businesses to promote their goods based on user preferences. Companies engaged in the telecommunications business have had a significant impact on the market's pathways. Furthermore, the combination of product offers and services has resulted in the creation of a new digital arena for customers.

Telecommunication Market Restraint

  • High capital investments and license fees, as well as continuous technological progress leading to changes in the existing infrastructure are the key restraints associated with this industry.
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FAQs

Telecommunication Market size was valued at USD 1700.2 billion in 2019 and is poised to grow from USD 1805.61 billion in 2023 to USD 3102.74 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

The Telecommunications Market's top companies are working on upgrading their goods and services. They are performing research and development to create new technologies that will make communication easier and more convenient. To preserve their market supremacy, the leading firms are entering into new alliances such as partnerships, joint ventures, mergers, and acquisitions. 'AT&T Inc.', 'Verizon Communications Inc.', 'China Mobile Ltd.', 'Vodafone Group Plc', 'Nippon Telegraph and Telephone Corporation (NTT)', 'Deutsche Telekom AG', 'SoftBank Group Corp.', 'America Movil, S.A.B. de C.V.', 'Orange S.A.', 'Telefonica S.A.', 'BT Group plc', 'Bharti Airtel Limited', 'China Telecom Corporation Limited', 'Comcast Corporation', 'SK Telecom Co., Ltd.', 'KDDI Corporation', 'Telecom Italia S.p.A.', 'Rogers Communications Inc.', 'Telstra Corporation Limited', 'T-Mobile US, Inc.'

Cloud computing architecture that can be integrated with the impending 5G infrastructure has been actively developed in recent years by players. Cloud-based telephony solutions play an important role in keeping employees connected and contributing to increased work productivity. Revenue advantages from the expanding trend of online shopping are projected to benefit telecom sector companies. This feature has provided a platform for telecommunications businesses to promote their goods based on user preferences. Companies engaged in the telecommunications business have had a significant impact on the market's pathways. Furthermore, the combination of product offers and services has resulted in the creation of a new digital arena for customers.

IoT devices and sensors have an impact on practically every industry in the technology economy. It raises people's quality of life, enables businesses to make more money, and improves management. IoT is also advantageous for governments seeking to reduce their information technology (IT)-related costs. The interconnection of devices, sensors, infrastructure, and computing elements opens up new management possibilities. Decentralized operations, condition-based monitoring, and predictive maintenance, for example, provide effective communication among diverse IoT devices. IoT automates manufacturing processes and enables the deployment of Industry 4.0 principles in the telecom sector in this way.

In 2021, Asia Pacific was the largest region in the telecom market. North America was the second-largest region in terms of telecom market share. Because of the high unmet need for telecom services in the Asia Pacific, the region's telecommunications industry is predicted to develop rapidly. The growing number of telecommunications users in India and China is driving the adoption of new communication platforms. These factors will assist the Asia Pacific telecommunications market in maintaining a dominant position throughout the projected period of 2022-2028. Rapid technical advancements in the field are projected to drive Telecommunication Market expansion in North America.

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Telecommunication Market

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