Growing Popularity of Internet Buying to Promote Global Market Share of Telecommunication
The development of new applications like distributed sensing and extended reality, among others, has increased the demand for 6G networks. Furthermore, reliable network connection is required for the increasing number of smart city programs and the increasing demand for driverless cars, which the 6G deployment may facilitate. Smart cities are expected to generate a substantial economic gain of roughly USD 20 trillion by 2026. Because of the rapid improvements in 6G technology, it is projected that the market players will have many opportunities for expansion in the future.
Some of the major growth factors and challenges that are associated with the growth of the global telecommunication market are:
Growth Drivers:
The COVID-19 pandemic’s ongoing contactless diagnosis is driving more demand for telemedicine services
Rising Penetration of Smartphones
Challenges:
These days, the telecom industry has expanded rapidly. But this company needs to make significant investments in order to develop its workforce and improve its infrastructure. Furthermore, the overall investment has increased because of the large increases in the cost of the raw materials utilized by the telecom sector over time. Consequently, the market’s potential to expand is restricted.
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By service type, the global telecommunication market is segmented into fixed voice services, fixed internet access services, mobile voice services, mobile data services, pay-tv services and machine-to-machine services. The mobile data services segment is to garner a highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. This can be explained by the substantial rise in the usage of cellphones by consumers. During the projected period, the rapidly growing demand for high-speed broadband services for both home and business applications is expected to further assist the segment expansion. Moreover, it is anticipated that the data services sector would grow at a rapid pace due to the high demand for cloud gaming and online 4K UHD video access.
By region, the Europe telecommunication market is to generate the highest revenue by the end of 2036. In this region, the growing trend of Industry 4.0 in conjunction with the growing demand for pay-TV services drives the telecommunications sector. Additionally, the rapid development of access to telecommunications networks and the increase in the number of service providers accessible have contributed to the growth of the European market. For example, the U.K. government collaborated on telecom innovation in October 2023 with nations including Australia, Canada, Japan, and the United States of America. The U.K. government contributed 70 million euros for telecom research and development as a result of this partnership.
This report also provides the existing competitive scenario of some of the key players of the global telecommunication market which includes company profiling of AT&T Intellectual Property, China Telecom Corporation Limited, Telefonica S.A., Vodafone Group Plc., KT Corp., Airtel India, Reliance Jio Infocomm Ltd., Deutsche Telekom AG, Verizon, and others.
Source: https://www.researchnester.com/reports/telecommunication-market/6258