Telecommunication Market Outlook and Forecast by 2024

The global telecommunications market is continually transforming on account of the ongoing innovations and developments taking place consistently and at a fast pace. 5G trials and its deployment in the market will be a key focus in the years to come. Carriers are expected to strive for improving their network and offering expanded services to their customers by network densification and making use of small cells. Installing more fiber infrastructure and enhancing spectrum efficiency will also be the target for carriers.

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There are various factors fueling the growth of the global telecommunication market including, the advanced technology, intense market competition, and high investments in new telecommunication technologies such as wireless communication and satellite. Some of the other factors behind the growth of the market worldwide include: affordability of services, innovative services such as e-agriculture and e-education, and demand for high speed internet. On the other hand, the high cost of value added services may restrict the growth of the market. In addition to this, maintaining security will also pose a challenge.

Services provided by key players in the telecommunication market include providing storage area networks, storage products, storage networking services, entry level servers, enterprise networking services, 3G services, calling cards, broadband networks, and application networking services. The growing number of internet users worldwide has been increasing exponentially by the day and thus, within the telecommunications market, the market for internet-based services is currently thriving and is at its peak.

Global Telecommunication Market: Overview

As everyday life appears to be increasingly dependent on the use of telecom products and services, the global market for telecommunication is slated to grow at a phenomenal rate over the coming years. Some prominent segments of telecommunication industry are long-distance carriers, wireless communication, domestic telecom services, communications equipment, processing systems and products, and foreign telecom services.

The report on global telecommunication market by Transparency Market Research presents detailed analysis of the recent technological developments, growth drivers, opportunities and challenges faced by the market, along with relevant figures, charts, and statistical data. The market shares, business strategies, and product portfolios of the leading vendors have also been discussed in details.

Global Telecommunication Market: Drivers and Restraints

Various telecommunication products and services, increased popularity of the Internet of Things (IoT), and substantial technological advances are some of the major reasons for the growth of the global telecommunication market. Smart devices such as smartphones, tablets, smart watches, smart meters, sensors, smart buildings, and smart monitoring devices are being increasingly deployed across the globe. The smart cities projects worldwide is one instance where smart devices such as smart sensors and meters are used. The growing popularity of IoT that has enabled machine-to-machine communication, connecting innumerable smart devices such as air conditioners, refrigerators, music systems, food processors, and the like. All this has stoked the demand in the telecommunication market.

Factors such as cloud computing, increased coverage of satellites, and the development of 4G and 3G cellular networks are some other prominent growth drivers of the market for telecommunication products and services, worldwide.

On the other hand, stringent government policies can pose a roadblock to the market’s growth. However, the increasing deployment of intelligent transportation systems (ITS) is likely to fuel the demand for these services, nullifying the negative effects of these restraints.

The telecommunication market can be broadly segmented into internet service providers (ISP), telephones, satellites, and cable communication. On the basis of usage, entertainment, point-to-point communication, infotainment, news, internet-enabled services, and critical communication are the major categories.

Global Telecommunication Market: Regional Outlook

Based on geography, the global telecommunication industry can be segmented into Asia Pacific, North America, Europe, and Rest of the World. The wireless and broadband markets in North America are showing healthy growth and are poised for further expansion.

The massive population base of Asian countries such as China and India is one of the key factors responsible for the growth of the telecommunication market in Asia Pacific. China, being one of the largest mobile operators in the world, is likely to represent a significant portion of the market shares. Another important reason for China’s growth is its flourishing international trade. Japan is expected to become a prominent regional market as foreign investments build up.

From the past two decades or so, the telecommunication market in India has been progressing by leaps and bounds, thanks to government policies that are focusing on widespread penetration of telecom services in every nook and corner of the nation. The monumental growth in the number of smartphone owners and internet users are some of the other prominent drivers propelling the growth of the telecommunication market in this country.

Besides the aforementioned emerging economies, the countries in Latin America such as Brazil, Mexico, and Argentina too are slated to present significant opportunities as the degree of penetration of high speed broadband services, 4G services, and the usage of smartphones increases.

Companies Mentioned in the Report

Some of the major companies operating in the global market for telecommunication are Comcast Corporation, Time Warner Cable Inc., T-Mobile US Inc., AT&T Inc., Sprint Corporation, Verizon Communications Inc., DirecTV Group, and CenturyLink Inc.