Telecommunication services market to garner $2,556.2 bn by 2031

The global telecommunication services industry was accounted for $1,602.5 billion in 2021, and is expected to reach $2,556.2 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031, according to Allied Market Research.

Major determinants of the market growth
Rise in mobile data traffic, 5G network, and fiber deployment required for connectivity have boosted the growth of the global telecommunication services market. However, strict government network radiation rules hinder the market growth. On the contrary, advent of IoT would open new opportunities in the future.

The mobile data services segment dominated the market
By service type, the mobile data services segment held the largest share in 2021, accounting for more than one-fourth of the global telecommunication services market, due to owing to increase in mobile users and number of devices they own, as well as popularity of high-bandwidth applications such as streaming video and video conferencing, is causing the amount of mobile data consumed every year to grow. However, the fixed internet access services segment is estimated to register the highest CAGR of 6.4% during the forecast period. This is because fixed internet access services are a good internet option for streaming videos, listening to music, sending large emails, running credit card machines, and other web-based tools.

The wireless segment to portray the highest CAGR through 2031
By transmission, the wireless segment is projected to manifest the highest CAGR of 5.5% from 2022 to 2031. In addition, the segment held the largest share in 2021, contributing to more than three-fourths of global telecommunication services industry, due to adoption of wireless telecommunication services allow customers to send and receive messages through electronic devices and a wireless medium. The report includes analysis of the wireline segment as well.

The business segment to showcase the highest CAGR by 2031
By end user, the business segment is expected to manifest the highest CAGR of 5.9% during the forecast period, owing to rapid business digitization and Industry 4.0 evolution. However, the consumer segment dominated the market in 2021, accounting for more than three-fifths of the global telecommunication services market, due to ongoing trends such as remote working and bring your own device (BYOD).

CT Bureau