According to Grandview Research, the global telecom services market size was valued at USD 1,805.61 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030.

Rising spending on the deployment of 5G infrastructures due to the shift in customer inclination toward next-generation technologies and smartphone devices is one of the key factors driving this industry. An increasing number of mobile subscribers, soaring demand for high-speed data connectivity, and the growing demand for value-added managed services are the other potential factors fueling the market growth. The global communication network has undoubtedly been one of the prominent areas for continued technological advancements over the past few decades.

In 2022, the wireless networks accounted for a market share of more than 76.0% in the global market. The advent of cloud-computing technologies, artificial intelligence, and IoT is presumed to majorly contribute to the growth of wireless communication channels worldwide. Over the years, there has been a rapid deployment of systems for Wireless Local Area Networks (WLANs) that has enabled internet access to cellular devices in private homes, public spaces, airports, office buildings, cafeterias, and other areas. Such wireless densification to simplify work processes and automate routine test actions is presumed to prove beneficial, hence registering a robust CAGR in the forthcoming years.

In 2022, the consumer/residential segment accounted for the largest revenue share of more than 59.0% and is projected to maintain its lead over the forecast period. The significant growth is ascribed to the proliferation of smartphones worldwide. There were more than 8 billion mobile subscribers recorded globally in 2020, wherein more than 60% of the population was using smartphones. The private telecom operators account for a larger subscriber base as compared to government-owned companies. In addition, the growing demand for OTT applications is contemplating the users to subscribe to wireless internet offerings, thereby significantly contributing to the deployment of communication networks at a broader level. Additionally, the growing trend of using ultra-high-definition videos and online gaming is expected to boost the segment growth over the forecast period.

In 2022, the Asia Pacific captured more than 33.0% of share and is expected to grow at a CAGR of 7.0% from 2023 to 2030. The region is likely to attract more than half of the new mobile subscribers by 2030. The regional market is primarily driven by e-commerce and retailer buy-in platforms, smartphone ubiquity, and investments in 5G networks. China, Japan, and India have emerged as significant contributors to regional market growth. According to industry expert analysis, in February 2022, China recorded 1.02 billion internet users, which is more than three times the number of the third-placed United States, which had just over 307 million. India recorded the second highest internet users in February 2022.

Some prominent players in the global telecom services market include:

• AT&T Inc.
• Verizon Communications Inc.
• Nippon Telegraph and Telephone Corporation (NTT)
• China Mobile Ltd.
• Deutsche Telekom AG
• SoftBank Group Corp.
• China Telecom Corp Ltd.
• Telefonica SA
• Vodafone Group
• KT Corporation
• Bharati Airtel Limited
• Reliance Jio Infocomm Limited
• KDDI Corporation
• Orange SA
• BT Group plc
• Comcast Corporation

References:

https://www.grandviewresearch.com/industry-analysis/global-telecom-services-market

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