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Telecommunications Services Market

Market Insights on Telecommunications Services covering sales outlook, demand forecast & up-to-date key trends

Telecommunications Services Market by Type, End User & Region - Forecast 2022 - 2032

Telecommunications Services Market Outlook (2022-2032)

The telecommunications services market revenue by the end of 2021 was US$ 1,725.1 Bn. The market is expected to reach US$ 3,303.3 Bn by 2032, as it is estimated to grow at a CAGR of 6.2% for 2022-2032.

Estimated Year (2022) Market Value

US$ 1,804.5 Bn

Projected Year (2032) Market Value

US$ 3,303.3 Bn

CAGR% (2022-2032)

6.2%

Top 5 Vendor Market Share

Around 40%

Telecommunications Services are the services offered by telecom companies to the end users which allows them to use their communication devices or other devices which could allow them to transmit messages and information to other devices, allowing human to human interaction.

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2017-2021 Telecommunications Services Market Demand Outlook Compared to 2022-2032 Forecast

The telecommunications services market is estimated to grow at a CAGR of 6.2% for the forecast period of 2022–2032.

The growth of telecommunication services market is estimated to grow over the forecast period for s certain factors like, growing use of smartphone users across the globe, provision of high-speed internet and development of 5G internet network and the growth of industries like call centres, BPOs, retail and e-commerce since a large section of their business operations deal with the use of telecommunication services.

Consistent Demand for High-Speed Connectivity to Increase Revenue

The telecom market is starting to adopt new technologies such as cloud computing and 5G architecture. Nowadays, online communication is becoming more attractive in almost every field, such as education, healthcare, and IT. Demand for high-speed connectivity for data transfer and other public and personal tasks is driving demand in the telecommunications market. Overall, the demand for telecommunications is huge. Finally, increased use of video streaming, voice transmission, and data exchange due to easier access to Internet services is driving the growth of the telecommunications market. Cloud computing is being adopted by stakeholders to reduce costs and stay competitive. Cloud computing is therefore expected to bring great opportunities to the telecommunications market.

Sudip Saha
Principal Consultant
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Regional Analysis

For the telecommunications services market, North America was estimated to have the highest market share for 2021 of 35.3% and South Asia and Pacific is estimated to grow at a CAGR of 7.5%.

Due to strong consumer mobile phone expenditure and early adoption of digital technology, North America accounted for a sizeable portion of global sales in 2021. The market is expected to be driven by the present rollout of 5G.

South Asia and Pacific has several key players specific to the region and its countries. Several companies in this region are implementing digital commerce allowing the telecommunication services market to grow and the countries in this region also has a large BPO and call centre industry which handles outsourced tasks from North American and European countries. For this reason, South Asia and Pacific is estimated to be the fastest growing region for telecommunications services market.

Country Wise Insights

United States Has Technological Advancements and a Historic Presence of Telecommunication Systems to allow the growth of Telecommunications Services Market

United States has a high population and urbanization at a large scale. Presence of several large telecommunication service providers and widespread mobile phone usage are strong drivers for the telecommunications services market in USA.

Apart from these reasons, there is also a historic legacy in this country, development and usage of pagers and FAX transmission as well as landline telephones was in high use and implementation in this country.

For this reason, the telecommunications market in USA was estimated to have the market share of 15.3% for the year 2021.

Large Smartphone Users and a Large BPO Industry Driving the Growth of Telecommunication Services in India

Large population of this country, access to high-speed internet and wide spread availability of smart phones in this country acts as drivers for the telecommunication services market. Steps are being taken by the government and companies to implement 5G mobile connectivity across the nation.

Development of E-commerce business, a large IT industry and home to one of the largest BPO industry are the reasons why the country is estimated to grow at a CAGR of 7.4% for the forecast period.

Rapid 5G Implementation and a Large Smartphone Using Population Driving the Growth of Telecommunications Services in China

China has the largest population globally and the government as well as telecommunication companies have taken numerous steps to implement 5G mobile network much faster than several other countries. E-commerce platforms and online shopping is highly popular and are well developed allowing the telecommunications industry to grow in this country. For this reason, China is estimated to grow at a CAGR of 7.2% for the forecast period.

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Category wise Insights

Why are mobile telecom services holding the largest market share and expected to be the fastest growing as well?

Mobile telecom services have been one of the keystones which have successfully established wireless as the normalized method of communication and operation of technologies. They haven’t replaced fixed-network services and the fixed-network services will continue to be used and developed over the years.

Progress in mobile telecom services has been rapid and the pace is estimated to continue for the forecast period. 5G connectivity, Internet of things, various elements of cloud computing which are developing technologies implement mobile telecom services.

For this reason, mobile telecom services are estimated to grow at a CAGR of 6.7% for the forecast period.

Why is E-Commerce estimated to be the fastest growing end user of telecommunication services market?

E-Commerce is a form of industry which was able to establish itself because of the emergence of internet and its widespread availability among individuals. E-Commerce is also one of the fastest growing industry and as the industry expands so will their reliance on telecommunication services.

Various B2C e-commerce businesses happen on the internet, but in order to take the necessary steps to complete the transactions physically, customer interaction is an important aspect which is fulfilled by short message services [SMS], phone calls, and modes of communication via internet.

For this reason, E-Commerce industry is estimated to be the fastest growing industry for the telecommunication services market and is estimated to grow at a CAGR of 8.2%.

Competitive Landscape

Various companies which operate within this domain find their primary customers in the form of the common people. However, larger entities like industries and governments are also strong clients. Each region or country has its own set of key players making it difficult for other players to enter any market post the point of market saturation.

  • In September 2022, AT&T was awarded a deal of US$ 119 million to undertake an eleven-year project to develop the voice and data networks of US Customs and Border Protection and provide them with both wired and wireless high-speed internet connectivity.
  • In August 2022, Reliance Jio, an Indian telecommunication services company, announced that the company had acquired spectrum in the 26GHz, 3300MHz, 1800 MHz, 800 MHz, and 700 MHz bands in an auction organised by the ministry of communications, Government of India. This acquisition will allow them to begin the launch of their 5G network services.

Scope of report

Attribute

Details

Market value in 2021

US$ 1,725.1 Bn

Market CAGR 2022 to 2032

6.2%

Share of top 5 players

Around 40%

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa

Key Segments Covered

Type and End User

Key Companies Profiled

  • Cyient
  • AT&T
  • Nokia
  • Idea
  • Vodafone
  • Reliance
  • Bharti Airtel
  • Verzion Communications
  • Deutsche Telekom
  • China Mobile
  • Ooredo

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Telecommunications Services by Category

By Type:

  • Fixed-Network Services
    • Voice Services
    • Data and Fax Transmission
  • Mobile telecom services
    • Mobile Telephone Calls
    • Mobile Data Usage
    • Short Message Service [SMS]

By End User:

  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • Retail
  • IT
  • Ecommerce
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Frequently Asked Questions

Some of the leading telecommunication services companies are AT&T, Reliance, Vodafone and Verzion Communications.

South Asia & Pacific is estimated to have the highest growth for the telecommunications services market during the forecast period of 7.5%.

Having the access to telecommunication devices which could allow long distance and real time communication seamlessly.

Mobile telecom services had the largest market share for the telecommunications services market of 57.8% in 2021.

E-Commerce has the highest CAGR of 8.2% for the forecast period.

North America had a market share of 35.3% in 2021 for telecommunications services market.

India has the highest CAGR for the forecast period, which is 7.4%.

The estimated market value for telecommunications services market for the year 2022 is US$ 1,804.5 Bn.

For East Asia region, the CAGR for the forecast period is estimated to be 6.7%.

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Sudip Saha
Principal Consultant
LinkedIn
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