The global telecommunication services industry to reach approximately $1,776.7 billion in 2017 with a CAGR of 3.8 percent during 2012-2017, said Research and Markets.
The report said the telecom services industry is expected to witness good growth as an increase in demand of social portals such as Face book and Yahoo are expected to boost mobile VoIP applications for increased usage of wireless services through smart phones.
High demand of network technologies such as HSPA/LTE would provide capacity, speed, and cost efficiency and enable mobile broadband development. Companies driven by innovations in technologies are expected to gain market share globally. Wireless and broadband are attractive growth avenues in the forecasted period.
Increased demand for high speed internet access and bandwidth in an untapped emerging market were the major drivers for the growth of the industry. The telecom services industry experienced good growth during the last five years and is expected to continue its growth momentum.
This research indicates that after the US credit crunch and increased subprime lending in 2009, the global economy rebounded in 2011 due to increased disposable income and spending growth in advanced technologies, industry push by government stimulus packages, and foreign direct investment boosted the industry growth.
Increasing disposable income, demand for high volumes of data application, increasing demand of 3G, edge, and 4G technologies, convergence of services, and competition for access in homes and businesses are the major drivers for the industry.
The industry is expected to face certain challenges such as increased regulatory compliance, rapid deployment of new service bundles, high customer demand for innovative products and services, customer acquisition and retention, and increased network traffic.
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