Telecommunication Service Market 2024 To expand at a CAGR of 7.4%

Telecommunication is a transmission of information among points specified by the user without change in the content or information. In telecommunication, a telecommunication system provides a specified set of user-information transfer capabilities to a group of users. A user is responsible for information content of the message. Telecommunication services include email, text, television, fax, radio and Internet access. Telecommunication service providers offer telecommunication services for receiving and sending messages through electronic devices. The telecommunication service provider takes the onus for transmission, acceptance and delivery of the message. These services are also beneficial for employees of enterprises as these services provide flexibility & efficiency and enable easy transmission of data. Some of the disadvantages allied to telecommunication services market are equipment expenses and security issues among others. Factors enhancing growth of telecommunication services are advancement in technology, investment in new telecommunication technologies like satellite and wireless communication, innovative services like e-agriculture and e-education and growing demand for high speed data processing and high speed Internet. However, factors restraining the growth of telecommunication services are non-awareness among consumers and high cost of value added services. On the other hand, penetration of Internet of Things (IoT) technology is creating growth opportunities for telecommunication services market. IoT technology enables telecom operators to monitor and plan maintenance more efficiently, enhance bandwidth and coverage to improve download times, and enhance customer service by reducing dropped calls and service delay times.

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The global telecommunication services market has been segmented on the basis of package type, end-user and region. On the basis of package type, the market is segmented into double play, triple play and quad play. In 2016, triple play accounted for largest market share followed by double play. Quad play segment is expected to grow at a higher rate during the forecast period due to higher adoption of quad play services by micro, small and medium enterprises (SMEs).

In terms of end-use vertical, the market is categorized into residential and commercial. Residential is expected to account for largest market share close to 61.8% of the global telecommunication services market. Commercial is expected to grow with higher CAGR during the forecast period because of increase in demand for bundled services due to its lower rate and high quality services.

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Geographically, Asia-Pacific is the largest market for telecommunication services followed by North America and Europe. Europe is expected to witness fastest growth during the forecast period due to presence of a large number of SMEs as well as government regulations encouraging setting up of small businesses. Market share of Asia Pacific in the telecommunication services market is anticipated to increase during the forecast period. This is due to increasing adoption of telecom enterprise services in countries particularly India, China and Japan. The region is also the leading manufacturing hub and exporter of IT and ITes products

The global telecommunication services market is highly fragmented with number of companies operating in the segment. Companies including KPN Netherlands, SFR France and Virgin Media have been able to establish themselves as leaders. Telecommunication Service vendors are mainly focusing on developing alliances, acquisitions and partnerships with vendor programs for sale of bundle products and services to the business end-users as per their demand which significantly act as critical driver for future success. Apart from forming alliances, partners are also developing new tools and services such as apps etc., to cater to the business end-users. Partners are focusing towards developing new revenue based applications.

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Some of the major players in the global telecommunication services market with the significant developments are

  • AT&T Intellectual Property
  • Vodafone Group PLC
  • Telus
  • TalkTalk
  • Rogers Communications, Inc.
  • Telenet Belgium
  •  BCE Inc
  • Telefonica SA
  • Bharti Airtel
  • T-Mobile among

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