Telecommunication Market: Introduction
The global telecommunication market is projected to reach value of US$ 2.5 Trn by 2030. The market is projected to expand at a CAGR of ~5% from 2020 to 2030. Expansion of the telecommunication market can be attributed to the high demand for telecommunication services in on-premise and cloud based solutions among growing industries. Asia Pacific is anticipated to lead the global telecommunication market in terms of revenue, followed by North America and Europe, during the forecast period.
Tablets and smartphones support video and audio 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.
Major Key Players of the Telecommunication Market are:
8×8 Inc., AT&T, Inc., BT Group plc, Cisco Systems, Inc., Deutsche Telekom AG, Huawei Technologies Co., Nokia Corporation, Orange S.A., The Nippon Telegraph and Telephone (NTT) Corporation, Verizon Communications, Inc., Vodafone Group Plc., and West Corporation (Intrado Corporation).
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The deployment of cloud telephony solutions has enabled enterprises to reduce their capital expenditure (CAPEX) associated with installation of hardware. Moreover, it has supported organizations in enhancing their focus on revenue-generating operations, thereby eliminating the need for hiring and retaining operational staff for management of communication equipment in the organization. Users can access these solutions from any Internet-connected device, which increased their productivity and allows usage of various cloud-based telecommunication services from any remote location. The impact analysis of increasing use of cloud-based communication is likely to boost the market for telecommunication over the next few years.
Global Telecommunication Market: Segmentation
Telecommunication Market, by Component
- Hardware
- Broadcast Communication Equipment
- Telecoms Infrastructure Equipment
- Consumer Premise Equipment
- Software/Platform
- On-premise
- Cloud
- Services
- Telecommunication Services (TSP)
- Wired Services
- Wireless Services
- Installation & Integration Services
- Repair & Maintenance Services
- Managed Services
Telecommunication Market, by Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Telecommunication Market, by Industry
- Retail & e-Commerce
- IT & ITES
- Aerospace
- Healthcare & Pharmaceutical
- Media & Entertainment
- Hospitality
- Automotive & Manufacturing
- Transportation & Logistics
- Others (Oil & Gas, Utilities, and Education)
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Telecommunication Market: Scope of the Report
· The report offers detailed segmentation based on component, enterprise size, and industry. In terms of component, hardware is expected to rise at a steady CAGR during the forecast period 2024 to 2030.
· The hardware sub-segment includes broadcast communication equipment, telecom infrastructure equipment, and consumer premise equipment, which have contributed to a huge proportion of the overall telecommunication market revenue
· Based on component, software/platform sub-segment includes on-premise and cloud based. The services segment is predicted to rise at the highest CAGR during the forecast period. Services includes telecommunication services, installation & integration services, repair & maintenance services, and managed services.
· Based on enterprise size, large enterprise is the topmost revenue generating segment, which contributed the most to the global revenue in the telecommunication market. On the other hand, the small and medium enterprises segment is predicted to expand at the highest CAGR during the forecast period 2024 to 2030.
· In terms of industry, the telecommunication market is segmented into retail & e-Commerce, IT & ITES, aerospace, healthcare & pharmaceutical, media & entertainment, hospitality, automotive, manufacturing, transportation & logistics, and others (oil & gas, utilities, and education)
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