LONDON, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the IOT telecom services market, the increasing adoption of 5G networks across the world will propel the IoT telecom services market during the forecast period. 5G is the 5th generation mobile network for higher speed and responsiveness of wireless networks. With increased 5G network speed, bandwidth, and lower latency, connected devices can communicate effectively, giving telecom companies quicker and better asset management and remote system monitoring options. According to a 2022 study conducted by Verizon, a US-based telecommunications company and Incisiv, a US-based consumer industry insights company, the overall 5G adoption stands at about 13%, which is expected to triple by 2024. Therefore, increasing the adoption of 5G networks will drive the IoT telecom services market.
The global IoT telecom services market is expected to grow from $10.20 billion in 2021 to $13.59 billion in 2022 at a compound annual growth rate (CAGR) of 33.19%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The IoT telecom services market is expected to grow to $47.29 billion in 2026 at a compound annual growth rate (CAGR) of 36.59%.
Technological advancement is a key trend gaining popularity in the IoT telecom services market. Major market players are focusing on creating innovative technologies for strengthening their portfolios, such as integrated Internet of Things (IoT) solutions. For instance, in April 2021, Vi, an Indian telecom operator, announced its integrated Internet of Things (IoT) solutions for organizations to expand its IoT portfolio by offering solutions across industries for smart infrastructure, smart mobility, and smart utilities across its 5G-ready network. The new offering is a secure end-to-end IoT solution that includes connection, hardware, network, application, analytics, security, and support.
Major players in the iot telecom services market are AT&T Intellectual Property, Verizon, Deutsche Telekom AG, Huawei Technologies Co, Aeris, China Mobile Limited, Entrust Datacard Corporation, HARMAN International, IBM, Modius Inc, Vodafone Group, Sprint Corporation, Swisscom AG, Singapore Telecommunication Limited, T-Mobile, Vodafone Group PLC, BT Group, CenturyLink, Nippon Telegraph & Telephone Corp, Panorama Software, SAP SE, Softbank Group Corp, Telefonica SA , Telstra, Sierra Wireless, PureSoftware, Sequans Communications, Orange, Telus and MediaTek.
North America was the largest region in the IoT telecom services market in 2021. The regions covered in the IoT telecom services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global IoT telecom services market is segmented by service type into business consulting services, device and application management services, installation and integration services, IoT billing and subscription management, M2M billing management; by connectivity into cellular technologies, LPWAN, NB-IoT, radio frequency-based; by network management solution into network performance monitoring and optimization, network traffic management, network security management; by application into smart building and home automation, capillary networks management, industrial manufacturing and automation, energy and utilities, smart healthcare, other applications.
IOT Telecom Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide IOT telecom services market forecast size and growth, IOT telecom services market segments, IOT telecom services market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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