Global Telecommunication Market Size & Share to Surpass $2652.5 Billion by 2030 | Vantage Market Research
Vantage Market Research
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WASHINGTON, Nov. 22, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Telecommunication Market is estimated to be valued at USD 2652.5 Billion by 2030 at an exponential growth of 5.3% in the next seven years.
Rising demand for high-speed internet services, Growing adoption of smartphones and tablets, growing online gaming industry, and government initiatives for widespread connectivity across remote areas are the key factors driving the Telecommunication industry across the globe.
The Report Provides Insights on the Following Pointers
Market Penetration: Provides comprehensive information on the market offered by the key players.
Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets.
Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
Telecommunication is the process in which various types of information, like images, messages, audio, and video, and data are transferred through an electrical medium. It is a broad terminology that includes various information-transmission technologies like mobile phones, landlines, VoIP networks, etc. The growing penetration of 5G technology is driving the industry significantly. Customers are more inclined toward high-speed data connectivity due to the rise in Over-The-Top (OTT) platforms and increasing demand for value-added services.
Factors Affecting the Growth of the Telecommunication Industry
Continued technological advancements in the telecom industry to improve the connectivity and experience of the customers are significantly impacting the market growth. New technologies such as 5G, the growing use of artificial intelligence (AI), and machine learning (ML) are creating new opportunities in the industry by introducing new and advanced services to customers.
Due to significant economic growth, countries like India, Brazil, and China witnessed substantial demand for new and innovative Telecommunication services. As the economy develops, businesses have more resources and money to invest in Telecommunication services.
Rising consumer demand is one of the critical factors that is positively influencing the market growth as a rise in video streaming services and smartphone penetration across the globe.
Government regulations have played a crucial role in the growth of the Telecommunication industry as they are essential in protecting customer rights, promoting healthy competition, and providing infrastructure-related solutions to the industry players.
Key Highlights
By the Component segment, the Services category is anticipated to mention the fastest growth from 2023 to 2030 due to rising demand for data services and increasing penetration of smartphones and tablets.
Among the segment of Enterprise Size, the Large Enterprise class experienced a maximum market share of 78% in 2022.
The industry was dominated by the Asia Pacific region in 2022, with a revenue share of 40%.
The North American region is anticipated to witness maximum market growth during the forecast period of 2023-2030.
Prominent Players in The Global Telecommunication Market Report Scope:
The rising penetration of 5G technology is one of the most critical trends in the Telecommunication industry as it revolutionizes the industry, giving consumers easy access to the latest innovative services, such as self-driving cars and virtual reality.
The rise of edge computing is expected to grow the Telecommunication industry as it significantly reduces response time, saves bandwidth, and plays a significant role in 5G and other developing technologies.
The rise of cloud computing enables telecom companies to offer innovative and personalized solutions to businesses as they are offering virtual mobile networks (MVNOs) using cloud computing.
Key Strategies in the Telecommunication Market
Invest and focus on developing innovative technology and infrastructure.
Prioritize customer data security and privacy majors.
Focus on consumer needs and satisfaction.
Offer a broad range of services made for businesses and customers.
Expand the presence globally through strategic partnerships and agreements with governments.
Recent Development of the Global Telecommunication Market
In Feb 2021, to enhance their network connectivity for customers, AT&T Inc. and Verizon Communications collectively invested approximately $70 billion in acquiring the 5G spectrum.
In April 2020, the acquisition of Sprint Corporation by T-Mobile US, Inc., a Telecommunications company based in the United States, was strategically undertaken to establish a robust 5G network infrastructure throughout the country. This merger aimed to seize a significant share of both rural and urban markets.
Telecommunication Market Segmentation
By Component
Hardware
Broadcast Communication Equipment
Telecoms Infrastructure Equipment
Consumer Premise Equipment
Software Platform
On-Premise
Cloud
Services
Telecommunication Services
Wired Services
Wireless Services
Installation & Integration Services
Repair & Maintenance Services
Managed Services
By Enterprise Size
Small & Medium Enterprises
Large Enterprise
By Industry
Retail & e-Commerce
IT & ITES
Aerospace
Healthcare & Pharmaceutical
Media & Entertainment
Hospitality
Automotive & Manufacturing
Transportation & Logistics
Others (Oil & Gas, Utilities Education)
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Telecommunication Market Forecast Report (2023-2030).
Highlights From Segments
Component Analysis
Among Components, the services segment is expected to rule the industry with the largest market share in the forecast period.
The services segment covers a wide range of services, such as network infrastructure maintenance and customer support, making it crucial to drive its demand in the industry.
Enterprise Size Analysis
Large Enterprise dominates the market with a maximum market share of 78% in 2022.
One of the key drivers of the growth in the BLI segment is their ability to handle a broader consumer base.
Industry Analysis
IT & ITES is anticipated to have maximum market growth during the projected timeframe.
One of the key drivers of the growth in the IT & ITES segment is the increasing demand for IT services from businesses of all sizes.
Regional Analysis
The Asia Pacific region led the Telecommunication market growth in 2022 with a revenue share of 40%
The growing economy and rapid growth in e-commerce, online gaming, and digital media are driving significant change in the Telecommunication technology market.
China Mobile Ltd., AT&T, Verizon Communications, Vodaphone Group, SoftBank Corp., Reliance Telecommunication, Time Warner Cable Inc., Airtel, America Movil, Telefonica Telstra, Nippon Telegraph & Telephone, Deutsche Telekom, T-Mobile US Inc., DirecTV Group
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