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.
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.
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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 2020 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.
The global telecom enterprise services market is expected to expand at a moderate CAGR of ~4% during the forecast period. The market growth can be attributed to the increasing demand for customized telecom enterprise services, surge in demand from public sector organizations, rising private investments, and considerable advancements in technology. Companies involved in the current market landscape should focus on improving the flexibility of their operations and offer customized solutions to gain a competitive edge.