The rise in mobile data traffic, 5G network and fiber roll-out required for connectivity have boosted the growth of the global telecom services market.
PORTLAND, Ore., September 20, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Telecom Services Market” by Service Type (Mobile Data Services, Fixed Line Internet Access Services, Mobile Voice Services, Fixed Line Voice Services, Pay TV Services, Mobile Messaging). By Transmission (Wireless, Wired), By End-User (Consumer, Enterprise): Global Opportunity Analysis & Industry Forecast, 2021-2031″. According to the report, the global telecom services industry has been considered $1,602.5 billion in 2021 and is expected to be achieved $2,556.2 billion to 2031 and growing at a CAGR of 5.1% from 2022 to 2031.
Main determinants of market growth
The rise in mobile data traffic, 5G network and fiber roll-out required for connectivity have boosted the growth of the global telecom services market. However, strict government grid radiation rules are hampering market growth. On the contrary, the advent of the IoT would open up new possibilities in the future.
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The Covid-19 pandemic had little impact on the growth of the market as private and government sectors worked together to accelerate the development of 5G infrastructure.
For example, mobile operators in Thailand had joined forces to offer 5G networks to hospitals during the pandemic. The Easter Economic Corridor (EEC) has mandated that 5G must cover around 50% of the area by 2020 and installation of the equipment should start in the same year.
Get a detailed analysis of the impact of COVID-19 on the Telecom Services Market:
The mobile data services segment dominated the market
By type of service, the mobile data services segment had the largest share in 2021, accounting for more than a quarter of the global telecom services market, reflecting the increase in the number of mobile users and the number of devices they own, as well as the The popularity of high-bandwidth applications, such as video streaming and video conferencing, is increasing the amount of mobile data consumed each year. However, the fixed internet access services segment is estimated to register the highest CAGR of 6.4% during the forecast period. This is because fixed internet access services are a good internet option for streaming videos, listening to music, sending large emails, running credit card machines, and other web-based tools.
The wireless segment with the highest CAGR by 2031
After broadcast, the wireless segment is expected to show the highest CAGR of 5.5% from 2022 to 2031. Additionally, the segment held the largest share in 2021, contributing more than three quarters to the global telecom services industry due to the launch of wireless telecom services enabling customers to send and receive messages through electronic devices and a wireless medium. The report also includes an analysis of the wireline segment.
The business segment projected to have the highest CAGR by 2031
By end users, the business segment is expected to register the highest CAGR of 5.9% during the forecast period due to the rapid digitization of the business and the development of Industry 4.0. However, the consumer segment dominated the market in 2021, accounting for more than three-fifths of the global telecom services market due to ongoing trends such as remote working and bring your own device (BYOD).
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Asia Pacific held the lion’s share
By region, the market across Asia Pacific dominated in 2021 and accounted for around a third of the global telecom services market as many countries in the region have moved forward with industrial transformation initiatives and thus increasingly focus on 5G deployments. However, the market is expected to register the highest CAGR of 6.4% across LAMEA during the forecast period as the strategic avenues to roll out 5G technologies and devices in this region are high.
Important market participants
The report analyzes these major players of the global Telecom Services Market. These players have applied various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, business segments, product portfolio and developments of each market player.
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