Worldwide spending on telecom services and pay TV services increased 1.6 percent to $1.566 billion in 2021, the latest IDC report said.
IDC expects worldwide spending on telecom and pay TV services to increase by 1.4 percent to $1,588 billion in 2022.
Spending on telecom services and pay TV services in Americas increased 1.5 percent to $582 million in 2021.
Spending on telecom services and pay TV services in the Asia Pacific region increased 2.1 percent to $505 million in 2021.
Spending on telecom services and pay TV services in the Europe, Middle East, and Africa (EMEA) market increased 1.1 percent to $479 million in 2021, IDC said.
The higher-than-expected growth was also recorded in all technology segments except for Pay TV, which is logical because people were able to spend more time outside of their homes and therefore some decided to cancel subscriptions to TV packages acquired during the lockdowns, IDC said.
The latest Gartner research report said Communications Services revenue will reach $1,448.396 billion in 2022 and $1,477.798 billion in 2023 as compared with $1,443.419 billion in 2021.
Price and wage inflation compounded with talent shortages and delivery uncertainties are expected to be greater impingements on CIOs’ plans in 2022 but will not slow down technology investments, John-David Lovelock, distinguished research vice president at Gartner, said.