These days it seems like we use our phones for virtually everything, whether it’s talking, texting, e-mailing, finding directions, or just browsing the web. Together, all of these functions comprise The Global Mobile Service Market, which currently nets at a whopping US$995 billion.
This market is about to witness some huge changes however, namely with respect to the huge decline in the usage of voice services which have been the major revenue generator for mobile service providers over the years. With the advent of free VoiP services like Skype and the convenience of texting however, less patrons are using their phones for voice calls.
So does this mean that the mobile service market is doomed for the downhill trail?
Not necessarily. In fact, our analysts anticipate the market to climb in the next four years at a CAGR of 2.26 percent and it’s all thanks to one word: data.
The growing popularity of mobile broadband, the increased adoption of smartphones and tablets, and high-speed networks have led to enormous demand for data oriented mobile services and deployment of next-generation networks across all geographies.
The exponential increases in 3G and 4G mobile networks across the globe is already playing a key role in pushing the market to new heights, but an even bigger impact is likely to be made by LTE deployment.
Verizon and AT&T are already making huge investments in the LTE sector of mobile services—mostly in the US. The Americas market are also witnessing CDMA EV-DO upgrades, mainly by Verizon Networks.
Once these next-gen networks hit the mainstream in the US, it’s only a matter of time before they take over in the rest of the world. The effect that this has on the Global Mobile Service Market will only be positive.
When it comes down to it, the way that we and consumers across the globe use our mobile devices is in a constant state of evolution. From a market point of view however, it doesn’t matter how end-users are using their phones, tablets, and PeDs, as long as they are using them. Where there are mobile devices, there is a steady demand for mobile services and that’s why we at TechNavio are confident in declaring this market as one that’s worth investing in!
For more info, view our 2012-2016 report on The Global Mobile Services Market 2012-2016.
