The global telecommunication market size is predicted to hit around US$ 2.4 trillion by 2030 and is anticipated to grow at a CAGR of 5.1% between 2021 to 2030.
According to the report, the global telecommunication market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will remain at the forefront of the global demand, with the market in the region expected to grow at a higher rate throughout the forecast period. All businesses are affected by the increasing lockdown situation due to COVID-19. Demand for telecommunication solutions is expected to increase with the adoption of different cloud based communication platform solutions across all regions.
Vigorous adoption of telecom services during the COVID-19 (coronavirus) pandemic has led to unprecedented growth of the global telecommunication market. Since stakeholders in most workplaces and other commercial spaces are practicing self-isolation and social distancing, they resort to telecommunication to connect with their employees and customers. The concept of telehealth is surging in the telecommunication market since patients are preferring contactless diagnosis. Thus, telemedicine technology is playing an instrumental role for healthcare practitioners to lower the risk of infection transmission and flatten the curve of COVID-19 cases.
Voice and video conferencing have created a wave of transformation in telecommunication services. The burgeoning demand for remote health services is increasing worldwide. Hence, telecom retailers are expanding the availability of different communication and collaborative tools so that individuals can avail full advantage of telemedicine services. 5G architectures and cloud computing are paving the way for the adoption of new technologies in the telecommunications market. The growing demand for high-speed connectivity and fast protocols for data transfer are generating incremental opportunities for companies in the telecommunication market.
The global telecommunication market comprises large as well as mid-sized manufacturers and service providers. Service providers in the telecommunication market are currently focusing on introducing advanced telecommunication, integrating new capabilities within telecommunication platforms to enable telecommunication services across company boundaries, and meeting the need to manage communication with multiple offices and employees. Moreover, vendors are adopting partnerships and acquisition strategies to compete in the regional market proficiently.
Companies in the telecommunication market are adopting new business strategies to unlock revenue streams through the consumer sector, B2B, and the government sector. Since retail & e-Commerce is predicted to generate the second-highest revenue among all industries in the telecommunication market, companies are interested in developing comprehensive retail strategies to reach the right customers. The growing trend of online shopping is benefitting companies in the telecommunication market, as companies can effectively market their products according to customers' requirements.
Adoption of New Business Strategies for Revenue Growth
Understanding the product mix is paving the way for success in retail operations. Companies in the telecommunication market identify the combination of their product offerings to maximize customer-service quality in the retail sector. Even though digital services are on the rise, conventional brick-and-mortar stores offer a live experience to customers, which is often missing in the digital space. Hence, stakeholders owning telecom retail stores are tapping revenue opportunities online and offline to enhance the consumer buying experience. Telecom Industry in India is experiencing revenue growth with the Internet of Things (IoT) and 5G architecture. Hence, leading players in India aim to strike the right balance between transforming processes and people within their organizations to gain an edge over newcomers.
Additionally, the deployment of cloud-based telephony solutions and AI in the telecommunication market allows employees to remain connected with the organization and other employees, increasing their work efficiency. Thus, urbanization and globalization, along with technology and device proliferation, is expected to escalate the growth of the telecommunication market during the forecast period.
Rising Penetration of Mobile Devices and Benefits Offered by Cloud Telephony Solutions Driving Telecommunication Market
Tablets and smartphones support audio and video conferencing, instant messaging (IM), email, and social networking via PBX mobile extensions and software clients. Hence, a majority of IP PBX vendors have integrated voice into their UCC portfolios to further extend the enterprise UCC functionality to tablets, cell phones, and smartphones via mobile client software. This functionality was traditionally available only through softphones and desktop phones.
According to the Ericsson Mobility Report – 2017, smartphone subscriptions are expected to more than double by the end of 2020. Around 70% of the world’s population is anticipated to own a smartphone to get connected to the Internet by the end of 2020.
Deployment of cloud telephony solutions has enabled enterprises to reduce their capital expenditure (CAPEX) associated with installation of hardware. It has also supported organizations to enhance their focus on revenue-generating operations, thereby eliminating the need for hiring and retaining operational staff for management of communication equipment in an organization.
Users can access these solutions from any Internet-connected device, which shores up their productivity and allows usage of various cloud-based telecommunication services from any remote location
Additionally, deployment of cloud-based telephony solutions allow employees to remain connected with the organization as well as other employees, thereby increasing their work efficiency. Thus, urbanization and globalization, along with technology and device proliferation is expected to escalate the growth of the telecommunication market during the forecast period.
Scope of the Report
Some significant players engaged in the telecommunication market include 8x8 Inc., AT&T, Inc., BT Group plc, Cisco Systems, Inc., Deutsche Telekom AG, Huawei Technologies Co., Nokia Corporation, Orange SA, The Nippon Telegraph and Telephone (NTT) Corporation, Verizon Communications, Inc., Vodafone Group Plc., and West Corporation (Intrado Corporation).
Global Telecommunication Market: Segmentation
Telecommunication Market, by Component
Telecommunication Market, by Enterprise Size
Telecommunication Market, by Industry
Telecommunication Market, by Region
This report focuses on telecommunication market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall telecommunication market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global telecommunication market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the telecommunication market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the telecommunication market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Telecommunication market.
Market Segments: This part of the report discusses about product, application and other segments of the telecommunication market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global telecommunication market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the telecommunication market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
Competitive Landscape and Market Share Analysis
The telecommunication market competitive landscape provides details by vendors, including company overview, company total revenue (financials), market potential, global presence, telecommunication sales and revenue generated, market share, price, production sites and facilities, SWOT analysis, product launch. For the period 2017-2020, this study provides the telecommunication sales, revenue and market share for each player covered in this report.
The research methodology adopted by analysts for compiling the global telecommunication market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global telecommunication market.
The study objectives of this report are:
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