The global telecom market size is expected to grow from $2.64 trillion in 2021 to $2.87 trillion in 2022 at a compound annual growth rate (CAGR) of 8.5%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The telecoms market is expected to reach $3.82 trillion in 2026 at a CAGR of 7.4%.
What is the Global Telecom Market?
The telecom market consists of sales of telecom goods and services by entities (organizations, sole traders and partnerships) that provide communication hardware equipment for the transmission of voice, data, text and video. The telecoms market also includes manufacturers’ sales of goods such as GPS equipment, cellular telephones and switching equipment.
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What drives the Global Telecom Market?
IoT technology adoption by manufacturing and transportation services companies is driving the telecom market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics, software, sensors and network connectivity enable these objects to collect and exchange data. For instance, Microsoft and Rolls-Royce have announced a partnership centering on future Rolls-Royce intelligent engines, which will integrate Microsoft Suite into its service solutions to expand its digital capabilities. Smart Grid encompasses inter related technologies entering public use to manage electricity consumption. Thus, IoT technology adoption is expected to expand the demand for telecom services.
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Global Telecom Market Segments
The global telecom market is segmented:
By Type: Wireless Telecommunication Carriers, Wired Telecommunication Carriers, Communications Hardware, Satellite and Telecommunication Resellers
By Application: Household, Commercial
By Product: Telecom Hardware, Telecom Services
By Geography: The regions covered in the telecom market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Telecom Global Market Report 2022provides market size and growth forecasts for the global telecom market, global telecom market share, telecom market segments and geographies, telecom market competitive landscape including leading competitors’ revenues, profiles and market shares. The telecom market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Telecom Industry Playersinclude Apple, Verizon Communications, China Mobile, AT&T Inc., Deutsche Telekom AG, Huawei, Comcast Corporation, T-Mobile USA, Inc., China Telecom and Telefonica SA. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
