Increasing Emphasis on Improving Network Resiliency and Reliability to Aid Market Growth
Service providers operating in the current telecom enterprise services market are increasingly focusing on addressing the requirements of the enterprise segment. Advancements in big software and the entry of a number of information technology (IT) firms worldwide are some of the key factors that are likely to shape the growth of the global telecom enterprise services market in the upcoming years. The ‘rebooted’ enterprise market is expected to provide a plethora of opportunities to the players involved in the current telecom enterprise services market. Small to large businesses are leveraging various telecom technologies to improve productivity due to which, the demand for telecom enterprise services is on the rise.
Advancements in cloud technology and the telecom sector around the world are anticipated to play a critical role in offering architectural flexibility to the players involved in the current market landscape. Thus, the global telecom enterprise services market is anticipated to grow at a steady pace during the forecast period. Another major factor that is projected to provide a boost to the global telecom enterprise services market is the growing IoT value chain.
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At the back of these factors, along with advancements in technology and strides taken by cloud services, the global telecom enterprise services market is on course to surpass the US$ 583 Bn mark by the end of 2030. A number of telecom companies are increasingly focusing on introducing telecom enterprise services to gain a competitive edge in the current market landscape.
IT and Telecom Companies Eye Opportunities in Enterprise Market
Major advancements in the cloud technology and the communication sector have pulled in software and IT cloud companies into the telecom enterprise services landscape. Increasing investments and improvements in cloud technology capabilities are likely to transform the global telecom enterprise services market over the course of the forecast period. Market players are expected to focus on improving the flexibility of their operations and customization to improve their market share in the current landscape. The ability of the service provider to cater to niche and standard requirements of the enterprise customer is one of the key differentiating factors that is likely to open up new opportunities for top tier companies operating in the market for telecom enterprise services.
Market players are expected to formulate new strategies and focus on catering to evolving customer requirements. The exponential rise in the popularity of over-the-top (OTT) platforms has compelled service providers to tap into opportunities in the business-to-business (B2B) sector.
Market Players Focus on Expanding Market Presence, Set to Launch New Enterprise Services
Players operating in the current telecom enterprise services market landscape are expected to improve their market share and presence by rolling out innovative, customer-centric, and cost-efficient enterprise services. A number of companies in both developed as well developing regions is offering connectivity services to gain a competitive edge. For instance, in June 2018, Colt announced the launch of enterprise services across 13 and 30 data centers in the U.S. Similarly, in September 2019, O2 announced that the company is making inroads in the telecom enterprise services market and the company is primarily focusing on improved integration of customers. The public sector organizations are likely to emerge as prominent end users of the telecom enterprise services during the assessment period. The onset of the 5G technology is anticipated to offer new avenues to players involved in the current telecom enterprise services market landscape.
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Market Growth to Slow Down amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a moderate impact on the overall growth of the global telecom enterprise services market. Private investments toward the development of telecom enterprise services are likely to stagnate in 2023 due to fluctuation in the market and economic uncertainty in various parts of the world. However, as the telecommunication sector continues to emphasize on network resiliency and reliability, the growth of the telecom enterprise services market is expected to rise in the post COVID-19 era.
Telecom Enterprise Services Market: Overview
- According to Transparency Market Research’s latest research report on the global telecom enterprise services market for the historical period 2018–2019 and the forecast period 2023–2030, the telecom enterprise services market is anticipated to cross a value of US$ 583 Bn by 2030, expanding at a CAGR of ~4% during the forecast period
- The telecommunication industry has witnessed radical changes in the last decade. Both consumer and enterprise sectors have, over the years witnessed increase in mobile data consumption compared to other products and services offered by operators. Many operators are looking forward to diversifying their revenue streams. However, maintaining healthy margin from new services is a challenging task for traditional telecom operators. OTT players (Over the Top) are also expanding the scope of their offerings, disrupting different industry verticals in the process.
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More Investments and Economic Growth of Emerging Markets in APAC: A Key Driver
- Markets such India, China, and countries in Southeast Asia are expected to emerge as new economic destinations inviting businesses from across the world into different industry verticals. Initiatives from stable governments across these countries ensure smooth economic development that favors a peaceful investing environment. This factor is set to fuel the growth of the telecom enterprise services market.
- For instance, in India, the Central Government aims to facilitate investments in technology, resources, and scientific applications; programs such as ‘Make in India’ are being commissioned to achieve this goal. The program is estimated to lead to employment generation, as well as the setting up of more small and mid-sized formal enterprises supporting large corporations across different industry verticals, which in turn will boost the growth of the telecom enterprise services market.
Key Challenges Faced by Telecom Enterprise Services Market Players
- New architecture and interoperability issues may restrain the growth of the telecom enterprise services market, as virtualization spreading across IT and network environments in the form of cloud services, network function virtualization (NFV), and software-defined networking architecture (SDN), which includes greater complexity in IT organizations, may play a crucial role
- Telecom operators also find it difficult to offer products and services to enterprises that are in the process of transition, as the absence of interoperable standards delay the entire process. This, in turn, hampers the growth of the telecom enterprise services market.
Increasing Adoption of Telecom Enterprise Services Globally
- The telecom industry is witnessing a paradigm shift in offering services among mobile service providers. Operators across the globe are exploring new offerings to stay ahead of newcomers and international/foreign telecom service providers. Hence, mobile service providers are incessantly working toward becoming total communications providers.
- Telcos are often bypassed on digital service requirements, as their pace of innovation and service improvement are too slow; companies are trying to cope with this by increasing their spending on R&D and product innovation, which in turn accelerates the growth of the telecom enterprise services market
Telecom Enterprise Services Market: Key Developments
- Key providers of telecom enterprise services, such as Advoda Communications, Inc., AT&T, Verizon, and SoftBank Corp, are focusing on the development of cost-effective telecom enterprise services to attract more customers. Some other key developments in the global telecom enterprise services market are highlighted below:
- In August 2023, X4 Solutions purchased software systems and enterprise applications i.e. Oracle NetSuite OneWorld from Oracle Corporation, in order to improve overall enterprise efficiency
- In May 2023, Windstream launched the Office Suite UC Contact Center Services (CCS) portal, which would benefit center agents and supervisors
- In September 2019, World Telecom Group, Inc. integrated with Appsmart and relaunched its new platform, which can deliver new business solutions such as cloud, voice, connectivity, and IoT (mobility/energy) services in order to cater to customer demand
- In the global telecom enterprise services market report, we have discussed individual strategies, followed by company profiles of providers of telecom enterprise size. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global telecom enterprise services market.
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