B2B Telecommunication Market Size is projected to reach USD 160.6 billion by 2031, growing at a CAGR of 14.6%: Straits Research
According to Straits Research, “The global B2B telecommunication market size was valued at USD 54 billion in 2022 and is projected to reach USD 160.6 billion by 2031, registering a CAGR of 14.6% during the forecast period 2023-2031.”
New York, United States, April 18, 2024 (GLOBE NEWSWIRE) -- B2B telecommunications provides services and solutions to suit organizations' and enterprises' communication and connectivity needs. B2B telecommunications is concerned with satisfying the specialized requirements of companies ranging from small businesses to multinational corporations.
The B2B telecommunications industry is predicted to increase at a CAGR of 15.4% because of the increased use of IoT and the growing need for B2B telecommunications among enterprises and government organizations. Furthermore, increased industrialization and urbanization in numerous countries have a beneficial impact on market expansion. However, expensive B2B telecommunication installation costs and privacy and security issues hinder the market's expansion.
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***Digital Transformation Initiatives Drive Market Growth**
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To update, streamline, and compete, businesses are embracing digital transformation. B2B telecommunications enable digitization with connectivity, cloud solutions, and communication tools. These shifts will impact the B2B telecommunication market trend. Many companies are transferring IT infrastructure and apps to the cloud. This transformation requires secure and fast cloud data delivery via robust telecommunications.
Amazon Web Services (AWS) cloud solutions need reliable B2B telecoms for integration. IDC's Worldwide Digital Transformation Spending Guide predicts $3.4 trillion in digital transformation spending by 2026. The telecommunications industry is digitizing. Telecom operators use SDN and NFV to improve network capabilities and offer businesses more agile and scalable services.
**5G Network Adoption Creates Tremendous Opportunities**
The widespread use of 5G networks offers B2B telecom providers a massive potential. 5G technology enables revolutionary commercial applications and services with ultrafast, low latency, and dependable connectivity. Compared to 4G, 5G's eMBB speeds download and upload faster. Businesses may access and transfer huge files, engage in HD video conferencing, and collaborate in real-time with little latency. Real-time collaboration on high-resolution 3D designs by architects and engineers boosts productivity and reduces project durations.
The GSMA's "The Mobile Economy" research predicts 1.7 billion 5G connections by 2025. This widespread adoption shows the growing need for 5G capabilities in B2B applications and other industries. Fast, low-latency, and reliable technology drives innovation across industries, from remote collaboration to IoT-driven manufacturing. B2B telecoms providers can help businesses exploit 5G's potential as infrastructure grows.
*Regional Insights*
North America is the highest contributor in the B2B Telecommunications market share and will likely continue throughout the forecast period. Large competitors offer cutting-edge solutions and invest heavily in technology, creating lucrative market prospects. Industrialization, industry diversity, and the need for optimal communication networks to support the region's outsourced operations are also growing the market. The US has the region's greatest market share due to its skilled workforce and research and development.
North America leads 5G network deployment. B2B telecommunications services have expanded with 5G. AT&T and Verizon have rapidly expanded their 5G coverage in the US, enabling businesses ultra-fast access. GSMA anticipates 192 million 5G connections in North America by 2025. This quick 5G adoption drives the region's need for innovative telecom services. Canada and the US pioneered IoT technologies for smart cities, agriculture, and logistics. The Internet of Things needs reliable communication networks to transmit data and link devices.
The Asia-Pacific (APAC) region's B2B telecommunication market is expected to grow at the fastest rate due to an increase in process outsourcing from multiple Western countries in India's emerging economy, an increase in the adoption of advanced telecom solutions in developing countries like China, India, South Korea, and others, and an increase in B2B telecommunication service providers. China Mobile, China Telecom, NTT Communications (Japan), Telstra (Australia), and Singtel (Singapore) are other prominent APAC telecom companies. Huawei and Cisco are also big in Asia-Pacific. As the region leads technical improvements, the B2B telecoms market is dynamic and growing.
*Key Highlights*
· Large enterprises and SMEs are the two types of enterprises. Large enterprises dominate the majority of the market.
· The market is divided into Cloud Services, Unified Communication and Collaboration, VoIP, WAN, and M2M Communication. Cloud Services has an impact on market growth.
· Industry verticals include entertainment, healthcare, government, retail and e-commerce, and others. BFSI is the market's primary revenue generator.
· Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.
*Competitive Landscape*
The key global B2B telecommunication market players are *Telefonica, Telstra, Verizon, Deutsche Telekom, Sprint (SoftBank), AT&T, Vodafone, NTT Communications, Orange, and Amdocs*.
*Market News*
· In September 2023, Atosa's order dispatching system was improved by Telefónica Tech.
· In September 2023, Total by Verizon continues its rapid retail expansion by adding 50 exclusive Los Angeles-area locations.
· In September 2023, AT&T recently launched our new AT&T Internet Air home fixed wireless service, as well as a collaboration with AST SpaceMobile to build the first smartphone-to-satellite phone communication.
· In June 2023, Hyundai Motor Group (HMG) and Vodafone Business recently announced a multi-year renewal of their ongoing strategic relationship to supply customers in over 40 European countries with innovative in-car streaming and infotainment services.
*Global B2B Telecommunication Market: Segmentation*
**By Enterprise Size**
· Large Enterprises
· SMEs
**By Solution**
· Cloud Services
· Unified Communication and Collaboration
· VoIP
· WAN
· M2M Communication
**By Industry Vertical**
· BFSI
· IT and Telecom
· Media and Entertainment
· Healthcare
· Government,
· Retail and E-Commerce
· Others
**By Region**
· North America
· Asia-Pacific
· Europe
· The Middle East and Africa
· Latin America
*Get Detailed Market Segmentation @ https://straitsresearch.com/report/b2b-telecommunication-market/segmentation*
*About Straits Research Pvt. Ltd.*
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