According to the latest research report on Global Telecom Services Market, it is estimated to cross the US$ 2.5 Tn mark by the end of 2030. Stakeholders in the IT & ITES industry are becoming increasingly aware of the advantages of 5G that involve improvements in communication capacities and high-speed data transmission rates.
Pandemic Fueled Growth
Vigorous adoption of telecom services during the COVID-19 (coronavirus) pandemic has led to unprecedented growth of the global telecommunication market. Since stakeholders in most workplaces and other commercial spaces are practicing self-isolation and social distancing, they resort to telecommunication to connect with their employees and customers. The concept of telehealth is surging in the telecommunication market since patients are preferring contactless diagnosis. Thus, telemedicine technology is playing an instrumental role for healthcare practitioners to lower the risk of infection transmission and flatten the curve of COVID-19 cases.
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Voice and video conferencing have created a wave of transformation in telecommunication services. The burgeoning demand for remote health services is increasing worldwide. Hence, telecom retailers are expanding the availability of different communication and collaborative tools so that individuals can avail full advantage of telemedicine services. 5G architectures and cloud computing are paving the way for the adoption of new technologies in the telecommunications market. The growing demand for high-speed connectivity and fast protocols for data transfer are generating incremental opportunities for companies in the telecommunication market.
The global telecommunication market comprises large as well as mid-sized manufacturers and service providers. Service providers in the telecommunication market are currently focusing on introducing advanced telecommunication, integrating new capabilities within telecommunication platforms to enable telecommunication services across company boundaries, and meeting the need to manage communication with multiple offices and employees. Moreover, vendors are adopting partnerships and acquisition strategies to compete in the regional market proficiently.
Companies in the telecommunication market are adopting new business strategies to unlock revenue streams through the consumer sector, B2B, and the government sector. Since retail & e-Commerce is predicted to generate the second-highest revenue among all industries in the telecommunication market, companies are interested in developing comprehensive retail strategies to reach the right customers. The growing trend of online shopping is benefitting companies in the telecommunication market, as companies can effectively market their products according to customers’ requirements.
Adoption of New Business Strategies for Revenue Growth
Understanding the product mix is paving the way for success in retail operations. Companies in the telecommunication market identify the combination of their product offerings to maximize customer-service quality in the retail sector. Even though digital services are on the rise, conventional brick-and-mortar stores offer a live experience to customers, which is often missing in the digital space. Hence, stakeholders owning telecom retail stores are tapping revenue opportunities online and offline to enhance the consumer buying experience. Telecom Industry in India is experiencing revenue growth with the Internet of Things (IoT) and 5G architecture. Hence, leading players in India aim to strike the right balance between transforming processes and people within their organizations to gain an edge over newcomers.
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Additionally, the deployment of cloud-based telephony solutions and AI in the telecommunication market allows employees to remain connected with the organization and other employees, increasing their work efficiency. Thus, urbanization and globalization, along with technology and device proliferation, is expected to escalate the growth of the telecommunication market during the forecast period.
Some significant players engaged in the telecommunication market include 8×8 Inc., AT&T, Inc., BT Group plc, Cisco Systems, Inc., Deutsche Telekom AG, Huawei Technologies Co., Nokia Corporation, Orange SA, The Nippon Telegraph and Telephone (NTT) Corporation, Verizon Communications, Inc., Vodafone Group Plc., and West Corporation (Intrado Corporation).
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