The global telecom enterprise services market has risen remarkably over the last few years. The rapid growth of medium-, small-, and micro-size enterprises (MSMEs), worldwide, has fueled the demand for telecom enterprise services exponentially in the recent times. The increase in industrial activities globally has also significantly driven the growth of this market, which stood at US$149 bn in 2014.
The increasing investments in the IT sector in developing nations, aided by their economic development and the rise in the enterprises’ expenditure on IT across the world are likely to stimulate this market in the forthcoming years. Analysts anticipate this market to rise at a CAGR of 4.10% during the period from 2015 to 2023 and attain a value of US$218 bn by the end of 2023.
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Small and medium enterprises and large enterprises are the two major end-use categories of telecom enterprise services market. The demand for these services was the highest from large enterprises in 2014. A share of more than 75% in the total revenue generated by the global telecom enterprise market that year came from large enterprises. However, the demand from small and medium enterprises is anticipated to increase swiftly in the forthcoming years, on account of the increasing number of startups in the field of IT and ITeS in the global arena.
Voice Telecom Enterprise Services Leads Global Market
Voice, wireless/mobility, data/internet service, cloud service, and managed service are the major telecom enterprise solutions available in this market. In 2014, the demand for voice telecom enterprise solutions was the highest among all. The segment secured a share of 34% in the market based on total demand for telecom enterprise service solutions that year.
The enterprise-level unified communication and voice solutions assist enterprises in improving their productivity, decreasing their operating and travel expenditures, and utilizing the advantages of voice over IP (VoIP) such as improved collaboration, streamlined communications, and support mobility without any additional investment.
In the forthcoming years, the demand for wireless/mobility enterprise solutions is likely to increase rapidly, owing to which, this segment is projected to report growth at the fastest rate between 2015 and 2023. The data/internet solutions segment is also projected to witness a healthy rise over the next few years.
North America to Maintain its Dominance
In 2014, North America led the global market for telecom enterprise services in terms of revenue. The presence of a large pool of telecom service providers, as well as the increasing number of SMEs, has boosted the market for telecom enterprise services in North America significantly. Experts project this region to maintain its dominance in the worldwide market over the coming years.
Asia Pacific, however, is likely to emerge as the regional market exhibiting the fastest growth rate. The economic developments, improving GDP, and the overhaul of SMEs and manufacturing enterprises are anticipated to fuel the demand for telecom enterprise services in this region in the near future. The Middle East and Africa and Latin America are also projected to present lucrative opportunities to market players, prompting them to invest in these regional markets.