Telecom Services Market Expected to Worth $2,556.2 Billion Globally by 2031 at a CAGR of 5.1%: Allied Market Research

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Increase in mobile data traffic, 5G network and deployment of fiber needed for connectivity have boosted the growth of the global telecommunication services market.

PORTLAND, Oregon., September 20, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Telecommunication services market” by type of service (mobile data services, fixed Internet access services, mobile voice services, fixed voice services, pay TV services, mobile messaging), by transmission (wireless, wireline), by end user (consumer, company): Global Opportunity Industry Analysis and Forecast, 2021-2031”. According to the report, the global telecommunications services industry was accounted for $1,602.5 billion in 2021, and should reach $2,556.2 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.

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Key Drivers of Market Growth

Increase in mobile data traffic, 5G network and deployment of fiber needed for connectivity have boosted the growth of the global telecommunication services market. However, strict government rules on network radiation are hampering the growth of the market. On the contrary, the advent of IoT would open up new opportunities in the future.

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Covid-19 scenario:

  • The Covid-19 pandemic had a small impact on the market growth as the private and public sectors were working together to accelerate the development of 5G infrastructure.

  • For example, mobile network operators of Thailand had teamed up to bring 5G networks to hospitals during the pandemic. The Easter Economic Corridor (EEC) has required 5G to cover about 50% of the area by 2020 and installation of its equipment to begin the same year.

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The mobile data services segment dominated the market

By type of service, the mobile data services segment held the largest share in 2021, accounting for more than a quarter of the global telecommunications services market, owing to the increase in the number of mobile users and the number of users. The devices they own, along with the popularity of high-bandwidth applications such as video streaming and video conferencing, are driving the amount of mobile data consumed each year. However, the fixed Internet access services segment is expected to register the highest CAGR of 6.4% during the forecast period. Indeed, fixed Internet access services are a good Internet option for streaming videos, listening to music, sending large emails, using credit card machines and other Web tools.

Wireless Segment to Show Highest CAGR through 2031

By transmission, the wireless segment is expected to show the highest CAGR of 5.5% from 2022 to 2031. Moreover, the segment held the largest share in 2021, contributing more than three quarters of the global market. telecommunications service industry, due to the adoption of wireless telecommunication services, allow customers to send and receive messages through electronic devices and wireless medium. The report also includes wireline segment analysis.

Business Segment to Show Highest CAGR by 2031

By end-user, the enterprise segment is expected to show the highest CAGR of 5.9% during the forecast period, owing to the rapid digitalization of businesses and the evolution of Industry 4.0. However, the consumer segment dominated the market in 2021, accounting for more than three-fifths of the global telecommunications services market, owing 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, accounting for about a third of the global telecom services market, due to the fact that many countries in the region have evolved with industrial transformation initiatives, thus placing more emphasis on 5G deployments. However, the LAMEA market is expected to register the highest CAGR of 6.4% during the forecast period, due to the increase in strategic leads to launch 5G technologies and equipment in this region is high.

Main market players

The report analyzes these key players in the global telecommunications services market. These players have adopted 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, operating segments, product portfolio, and developments of each market player.

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP based in Portland, OR. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reportsand “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. CEO of Allied Market Research Pawan Kumar is essential to inspire and encourage everyone associated with the business to maintain high quality data and help customers in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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