Global Telecom Market Size 2024, Forecast To 2033

11 Mar, 2024

The telecom market size has grown steadily in recent years. It will grow from $2970.7 billion in 2023 to $3106.93 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to growing number of internet users, increasing adoption of 5g networks and rise in adoption of cloud computing among smes (small and medium-sized enterprises). The telecom market size is expected to see strong growth in the next few years. It will grow to $3898.79 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rising smartphone penetration, increasing e-commerce, increasing urbanization and government initiatives will drive the growth. Major trends in the forecast period include focus on deployment of 5g to support emerging technologies, integration of digital twin as a service (dtaas) for creating virtual replicas of telecom infrastructure, focus on manufacturing new hardware for increasing telecommunication speeds, launch of new satellites for global connectivity and advanced communication services, leveraging ai and ml for improved customer experience, utilizing cloud technologies to enhance scalability, flexibility and cost-efficiency and strategic partnerships and collaborations among market players.

Global Telecom Market Key Driver

IoT technology adoption within manufacturing and transportation services companies is anticipated to propel the telecom market during the forecast period. The Internet of Things (IoT) refers to a network of physical objects, including devices, vehicles, buildings, and other items, embedded with electronics, software, sensors, and network connectivity. This integration allows objects to collect and exchange data, fostering digital capabilities. Notably, Microsoft and Rolls-Royce have partnered to incorporate Microsoft Suite into future Rolls-Royce intelligent engines, demonstrating a strategic move to enhance service solutions. The adoption of IoT technology is poised to expand, thereby increasing the demand for telecom services. As of 2023, the telecom market size is influenced by the advancements in IoT technology, and the continued integration is expected to contribute to its growth in 2024 and beyond.

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Global Telecom Market Segments

The telecom market covered in this report is segmented –
1) By Type: Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite and Telecommunication Resellers
2) By Product: Telecom Hardware, Telecom Services
3) By Application: Telecom Household, Commercial Sub segments: Cellular/Mobile Telephone Services, Wireless Internet Services, Broadband Internet Services, Fixed Telephony Services, Direct-To-Home (Dth) Services, Cable Television Distribution Services, Other Wired Telecommunication Carriers, General Communication Equipment, Broadcast Communications Equipment, Telecom Infrastructure Equipment, Satellite Telecommunications, Telecommunication Resellers, Other Satellite, Telecommunication Resellers
By Geography:The regions covered in the telecom market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa Asia-Pacific was the largest region in the telecom market in 2023. North America was the second largest region accounting of the telecom market. The regions covered in the telecom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Telecom Industry Players

Apple Inc, Deutsche Telekom AG, AT&T Inc, Samsung Electronics Co., Ltd, Verizon Communications Inc, China Mobile Limited, The Nippon Telegraph and Telephone Corporation, T-Mobile US, Inc, China Telecom Corporation Limited, Vodafone Group Plc, Bharti Airtel, Reliance Jio Infocomm, China Unicom, KDDI Corporation, SoftBank Corp, KT Corporation (Korea Telecom), SK Telecom, LG Uplus, Telstra Corporation, Optus, BT Group plc, Virgin Media, EE (Everything Everywhere), O2 (Telenica UK), Three (Hutchison 3G UK), TalkTalk, Sky Broadband, Plusnet, Digi Communications, Polkomtel Spo.o, CETIN a.s, Nordic Telecom s.r.o, Comcast, Sprint (now part of T-Mobile), CenturyLink (now Lumen Technologies), Frontier Communications, Claro, TIM, Algar Telecom, Unifique and, Brasil Telecom Group, Bezeq

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Telecom Market Overview

Telecom is the exchange of information by electronic and electrical means over a considerable distance.

Telecom Global Market Report 2023 provides data on the global telecom market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The telecom market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.