Global Telecom Managed Services Market to Reach a Valuation of US$ 85.5 Billion by 2034 | Future Market Insights, Inc.
North America has consistently dominated the telecom managed services market due to a highly developed telecommunications industry with a massive subscriber base, which fuels the demand for managed services.
NEWARK, Del, Dec. 31, 2023 (GLOBE NEWSWIRE) -- In 2023, the market for telecom managed services was expected to be valued at US$ 22.9 billion. The market is projected to be valued at US$ 25.5 billion by the end of 2024. The global telecom managed service market is anticipated to grow at a 12.90% CAGR throughout the forecast period, reaching a valuation of US$ 85.5 billion by 2034.
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Key Takeaways from the Market Analysis
The market for telecom managed services expanded at a 10.60% CAGR throughout the historical period.
Throughout the projected period, the telecom managed services market in the United States is expected to expand at a rate of 10.70% CAGR.
Japan market for telecom managed services is expected to develop at a 12.30% CAGR between 2024 and 2034.
Telecom managed services will rise at a 14.10% CAGR in Germany over the course of the projected period.
From 2024 to 2034, the telecom managed services market in China is anticipated to accelerate at a 13.40% CAGR.
Over the course of the projected period, the telecom managed services market in Australia ought to expand at a rate of 16.40% CAGR.
By 2024, the cloud segment is estimated to account for a substantial portion of the market, with a projected 55% share.
The large enterprise segment is expected to have a 68% market share by 2024.
“The telecom managed services market is seeing enormous development prospects due to the demand for flexible and scalable communication solutions. This demand is driven by the global movement towards remote work and the growing adoption of 5G,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Competitive Landscape
Cloud computing, automation, and artificial intelligence are some of the developing technologies that startups in the telecom managed services space are using to innovate. Their primary focus is on offering adaptable and expandable solutions that meet the changing requirements of enterprises, particularly in light of the increasing prevalence of remote work and the necessity for effective communication infrastructure. These firms place an emphasis on agility, cost-effectiveness, and customization, contributing to the global dynamic growth of the telecom managed services market.
As technology advances, well-known players in the telecom managed services market are adjusting by adopting 5G, investing in advanced technology, and incorporating automation and artificial intelligence into their service offerings. Their primary objective is to offer all-inclusive, comprehensive services that guarantee the dependability and safety of communication networks. These companies also frequently enter into strategic alliances and acquisitions to broaden their service offerings, increase their global presence, and maintain their competitiveness in a market that is changing quickly.
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Key Developments
On December 6, 2023, Verizon Business and Nokia will make their final stop on the 2023 5G Innovation Sessions tour in Dallas, showcasing the power of 5G. The event will bring together partners, industry leaders, and experts to exchange insightful stories and provide a close-up look at the newest product developments that are revolutionizing the public and corporate sectors. They are encouraging cooperation and a wider range of perspectives through their 5G Innovation workshops in order to support the partners in solving problems and achieving their business objectives.
In 2023, AT&T declared that it had finished its public-private fiber project in Vanderburgh County, Indiana, little over a year after launching the first users on the new network. By bringing AT&T Fiber to almost 20,000 customer locations in unincorporated areas of the county, the $39 million initiative is now assisting in bridging the digital gap in the region.
Key Companies Profiled:
Cisco Systems Inc.
Huawei Technologies Co. Ltd
Telefonaktiebolaget LM Ericsson
Acuity Technologies
Verizon Communications Inc.
AT&T Inc.
NTT DATA
Comarch SA
Nokia
Fujitsu Ltd
Segmentation Analysis of the Telecom Managed Service Market:
By Service Type:
Managed Data Centre Services
Managed Security Services
Managed Network Services
Managed Mobility Services
Others
By Deployment:
On premise
Cloud
By Enterprise Size:
Large Enterprises
Small & Medium Enterprises
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East & Africa
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Authored by:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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