Telecom Services Market Size to Hit US$ 2.65 Trillion by 2030
According to Precedence Research, the telecom services market was valued at US$ 1.73 trillion in 2021 and it is projected to hit around US$ 2.65 trillion by 2030, growing at a CAGR of 4.85% from 2022 to 2030.
May 25, 2022 06:08 ET | Source: Precedence Research
London, May 25, 2022 (GLOBE NEWSWIRE) -- Asia Pacific Market had the largest share of 33% in 2021. The telecom services market is soaring due to 5G networks, availability of smartphones as well as e-commerce. Japan, India and China are key countries in the growth of this market. India and China were the leading global Internet users of to 854 million clients as stated by the international telecommunication Union. Increased government initiatives by incorporating ICT are expected to help in the expansion of the Asia Pacific market. There shall be a group of 100 smart city schemes with the amount of money spent which will be USD 600 and million in India. The introduction of IFC in North America and European countries is also expected to help the market grow. The Asia Pacific region will dominate this market due to rapidly growing population, rising Internet penetration and adoption of smartphones.
Report highlights
- Due to R&D in this field there is a major increase in the market share. Availability of smartphones and internet connectivity has increased the market share. The introduction of 5G internet has boosted the market. The Asia Pacific region is expected to grow well in future.
- Based on the type of transmission, the wireless segment hit largest market share 76% in 2021.
- Based on end user, the consumer/residential segment has garnered market share of 61% in 2021.
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Scope of the Report