The global wireless telecom services market was valued at almost USD850 billion in 2016 and is expected to surpass USD950 billion by 2021
Procurement market intelligence analysts have announced its latest market research report on wireless telecom services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global wireless telecom services market during the forecast period. Some of the top vendors listed in this industry analysis include Vodafone, Telefónica, China Mobile, AT&T, and Verizon.
The suppliers in the market are focusing on the development of advanced cellular networks to sustain the competition in the market. The market is also witnessing the deployment of 3G, 4G, and LTE technologies to increase the mobile penetration among end-users. Service providers are undertaking long-term capital investments in advanced technologies and platforms to support these networks.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “Telecom providers are offering services in all forms of communication that includes voice, data, and video services. The bundling of these services helps in reducing the maintenance and operation costs. Furthermore, it is estimated that such initiatives will increase the subscription base of customers. For instance, Verizon is offering bundled packages, which include phone, high-speed internet, and satellite TV services to attract more consumers.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
IoT – Digital interconnectivity is empowering business
The emergence of IoT ecosystems requires continued network connectivity, equipment, and services which are providing the telecom service providers opportunities to generate exponential revenues. The advent of wearables, smartphones, connected cars, and smart homes is creating opportunities for industries such as manufacturing, transport, retail, and hospitality for growth and profitability. Therefore, telecom companies can leverage these opportunities to take initiatives such as building smart cities.
Alliances and cross-sector partnerships
Telecom companies are partnering with leading vendors to offer high-speed, affordable network connectivity which is important for the smooth execution of any modern-day business. These strategic collaborations will help them improve their market presence and diversify the revenue and profitability structures. These partnerships aim to create new solutions for city governments and mid-sized utilities for better urban planning and cost reduction. For instance, Airtel recently partnered with an e-commerce company, Flipkart, and Samsung to bundle 4G SIMs and 4G handsets. This collaboration will help improve the 4G adoption rates in India.
Adoption of alternate operating models
Wireless telecom service providers are adopting dynamic business models to stay competitive in the market. The suppliers are focusing on developing core capabilities while creating strategic partnerships for other support areas such as media, content, and network infrastructure. The companies are investing in cost-saving opportunities in their business model by using processes such as Wi-Fi offloading, alternative vendor models, backhaul optimization, infrastructure sharing, and scientific procurement.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Wireless Telecom Services – Procurement Market Intelligence Report 2017-2021.’
