New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Telecom IT Services Global Market Report 2023" - https://www.reportlinker.com/p06466536/?utm_source=GNW
, Intellisys Communication Inc, and Telecom Brokerage Inc.
The global telecom IT services market is expected to grow from $957.28 billion in 2022 to $1,089.43 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The telecom IT services market is expected to reach $1,905.39 billion in 2027 at a CAGR of 15%.
The telecom IT services market includes revenue earned by entities by providing infrastructure management solutions, big data analytics, customer experience management, and transfer management.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Telecom IT services refer to the services that aid telecom firms in developing a robust and high-performance communication network and implementing new business models. It is used to increase productivity in corporate core connectivity workloads and provide effective customer service.
Asia-Pacific was the largest region in the telecom IT services market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in telecom IT services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main solutions of telecom IT services are CRM, mobile commerce, enterprise mobility, network management, supply chain management, OSS BSS and others.CRM refers to customer relationship management, a user-friendly tool that enables customer service agents to create distinctive and individualized customer relationships.
The various deployment types involved are cloud-based, on-premise and hybrid used in small and medium-sized businesses (SMBs) and large enterprises. It is used for commercial and residential applications.
The increasing use of smartphone devices is expected to propel the growth of the telecom IT services market going forward.Smartphones are portable electronic gadgets enabling users to browse the internet, send and receive texts.
Mobile technology allows users to access information, making services more flexible.Telecom IT service providers are concentrating on providing backend support and creating data-based offers; thus, the increasing use of smartphone devices will propel the market’s growth.
For instance, in December 2021, according to the annual business report published by Samsung Electronics Co., Ltd., a South Korea-based electronics corporation, the global smartphone market has grown significantly to reach 1.36 billion units in 2021, from 1.30 billion units in 2020. Therefore, the increasing use of smartphone devices is driving the growth of the telecom IT services market.
Technological advancements are key trends gaining popularity in the telecom IT services market.Major companies operating in the telecom IT services market are adopting new technologies to sustain their position in the market.
For instance, in February 2023, HCL Technologies Limited, an India-based information technology services and consulting company, launched CloudSMART Modernization Experience and Site Reliability Engineering (SRE), two new technology suites to help expedite the modernization of telecom networks using Cloud Native platforms.HCLTech’s cutting-edge CloudSMART Modernization Experience for telecom enables the use of open-source and off-the-shelf IT vendor solutions.
This allows telecom service providers to develop bespoke solutions by merging best-of-breed platforms from various network solution vendors.HCLTech’s SRE enablement for Cloud Native telecom allows a comprehensive set of practices required to conduct large-scale telecom operations on current Cloud Native platforms successfully.
It enables telecom service providers to improve and sustain industry-leading dependability levels by incorporating modern SRE practices into their operations. This results in increased efficiencies while decreasing lock-in with traditional telecom network providers.
In February 2023, Waterfield Technologies Inc, a US-based customer engagement solutions provider, acquired Dice Communications for an undisclosed amount.The acquisition will expand Waterfield Tech’s solution portfolio with complementary services and add new, value-added services for current customers, increasing contact center efficiencies and having a favorable financial impact.
Dice Communications is a US-based IT and telecom solution company providing networking, security infrastructure, wireless LAN infrastructure, Disaster Recovery as a Service, and IT-managed services.
The countries covered in the telecom IT services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The telecom IT services market research report is one of a series of new reports that provides telecom IT services market statistics, including telecom IT services industry global market size, regional shares, competitors with telecom IT services market share, detailed telecom IT services market segments, market trends, and opportunities, and any further data you may need to thrive in the telecom IT services industry. This telecom IT services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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