Global Telecom Services Market Size, Share, Growth Analysis, By Service Type(Mobile Data, Mobile Voice), By End-Use(Residential, Commercial), By Transmission(Wireline, Wireless) - Industry Forecast 2022-2028

Global Telecom Services Market size was valued at USD 1805.61 billion in 2021 and is poised to grow from USD 1917.56 billion in 2022 to USD 3295.1 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030)

One of the key factors propelling the worldwide telecom services market during the forecast period is an increase in spending on the implementation of 5G infrastructures as a result of consumers' shifting preferences for next-generation technologies and goods. The number of smartphone users globally is predicted to significantly increase throughout the forecast period. Demand for high-speed data connectivity is also expected to surge, and the demand for value-added services is expected to keep expanding.

Our research indicates that there were approximately 6259 million smartphone subscriptions worldwide in 2021, and that figure is predicted to rise to 7690 million by 2027. The number of linked IoT devices is predicted to reach 29 billion by 2022 and 50 billion by 2028. The rising global adoption of smartphones and IoT-connected devices is thus anticipated to further support the expansion of the global telecom services market throughout the course of the projected period.

Furthermore, there is a growing need for higher bandwidths with high-speed data connectivity due to the increased use of digital media platforms, such as OTT applications, by international clients. OTT applications and their content are becoming increasingly familiar to users and service providers. Additionally, the governments of several nations are assisting the telecom service providers to guarantee the efficient operation of the voice and data carriers. For instance, the Commission for Communications Regulations in Ireland has launched more radio spectrum in the 700 MHz to 2.6 GHz bands to allow mobile operators to provide access to 3G and 4G technologies to their clients.

Top-down and bottom-up approaches were used to estimate and validate the size of global Telecom Services Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

Global telecom services market is segmented on the basis of service type, end-use, transmission and region. By service type, the telecom services market is segmented into mobile data, mobile voice, fixed data, fixed voice, and others. By end-use, the telecom services market is categorized into residential and commercial. By transmission, the telecom services market is segmented into wireline, wireless. By region, the telecom services market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Drivers

The worldwide telecom services market is primarily driven by the rapid growth of smart infrastructure projects and the steadily rising need for high-speed data connectivity in numerous industry sectors around the world. In order to provide their consumers with better and faster data as well as other relevant services, the major significant organisations in the sector are primarily concentrating on the development of their services and portfolio.

The worldwide telecom services industry is expanding as a result of increasing initiatives and supportive policies by the government bodies of many nations to encourage high-speed internet connectivity and enhanced communication facilities. Governments, mostly those of developing nations like India, China, and Indonesia are working with the major private companies to speed up the market's growth pace over the projection period.

Restraint

The projected year is expected to see slow growth in the worldwide telecom devices market due to a number of key factors, including increasing infrastructure complexity, high investment costs, and exponential expansion in network traffic. The development of new infrastructure and the upgrading of existing technologies both demand significant expenditure, which is anticipated to impede market expansion in the years to come.

Market Trends

More than 5 billion people use the internet, and with developments like the 5G network, Fibre to the Home (FTTH), and Fibre to the Building, there will soon be a huge demand for telecom services as well as profitable business opportunities. Additionally, these advances streamline company procedures and cut expenses across all industries. Approximately 1.34 billion 5G connections are anticipated to exist in 2022, according to a report. Additionally, blockchain has solidified its role as the foundation of the digital future, particularly because it streamlines telecom processes on a daily basis while also enhancing information and transaction security.