Global Telecommunication Services Market : Snapshot
The global telecommunication services market is prophesied to lay its hands on a substantial growth due to the need of telecom operators to optimize their business processes. There is a rising pressure on telecom operators to grow in the current market and operate profitably owing to the industry’s increasing competition. New service launches and continuous mergers and acquisitions in the market are expected to further intensify the level of competition in the industry. Thus, competence needs and financial pressure could be among the top growth factors of the market.
Anticipated to expand at a CAGR of 6.6% between 2017 and 2025, the global telecommunication services market could obtain a valuation of US$1.4 bn by the concluding forecast year. In 2016, it exhibited its prominence while securing a US$0.8 bn valuation.
MSMEs Help Quad Play to Grow Faster with Increasing Adoption
End-use vertical and package type are the two main segmentation categories that the world telecommunication services market is classified into. With regard to package type, companies are projected to concentrate on three crucial segments, i.e. quad play, triple play, and double play. Amongst these types, quad play is predicted to account for a faster growth rate until the end of the forecast period. This could be because of the escalating rate of the adoption of quad play services chiefly by micro, small, and medium enterprises (MSMEs). Nevertheless, a higher market share is prognosticated to be secured by triple play, considering its outclassing performance in 2016.
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By end-use vertical, the world telecommunication services market is cataloged into two of the most common segments, viz. commercial and residential. Out of these, the residential segment is foreseen to hold a dominating share of up to a 61.8% in the market, whereas the commercial segment could rise at an outshining CAGR during the course of the forecast period. The growth in the commercial market is forecast to attain strength on the back of the accelerating demand for bundled services due to their high quality and lower rate.