The telecom services market revenue dropped 3.4 percent CAGR between 2012 and 2016 to $1.2 trillion, according to research firm MarketLine.

The latest report on global telecom operators’ services revenue shows that the market declined significantly in Europe and reduced in Asia-Pacific (APAC). There was low growth in the US telecom market.

“4G mobile internet is now standard in many markets, particularly developed ones, so the only way lots of mobile operators can differentiate themselves from the competition is on price. This has forced prices down and negatively impacted a market that has reached saturation point in many countries,” said Nicholas Wyatt, analyst for MarketLine.

The wireless revenues of telecom operators were around $775 billion, accounting for 64.9 percent of the market’s overall value.

Telecom services revenue is expected to grow 2.2 percent CAGR between 2016 and 2021 to $1.3 trillion by 2021. Growth in telecom services revenue will be seen in all regions. Asia Pacific’s lower saturation level will be contributing to slightly higher rates than those forecast for the US and Europe.