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How Has the Cellular Or Mobile Telephone Services Market Been Growing, and What Is Its Potential Growth in The Future?
The cellular or mobile telephone services market has evidenced steady growth in preceding years. This market is estimated to burgeon from a considerable $216.15 billion in 2023 to a more substantial $223.37 billion in 2024, predicting compound annual growth rate CAGR of 3.3%. This uptick in growth during the historic period can be traced back to the advent of digital cellular networks, introduction of GSM standards, broader coverage areas, prevalence of mobile data services, and the increased adoption of prepaid services.
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The cellular or mobile telephone services market is expected to chart strong growth in upcoming years. It will mount to $273.72 billion in 2028 promulgating a CAGR of 5.2%. Factors contributing to growth in the forecast period encompass smart city initiatives, rise of MVNOs, mobile security solutions, network virtualization and slicing, along with shifting user behavior. Noteworthy trends to follow in the forecast period include the rise of 5G technology, expansion of internet of things IoT, surge in mobile data consumption, the evolution of mobile devices, and the growing need for remote work and connectivity.
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Which Factors Are Driving the Growth of the Cellular Or Mobile Telephone Services Market?
An accelerating number of mobile subscribers is predicted to steer growth of the cellular or mobile telephone services market over the forecast period. Data from the Cisco Annual Internet Report confirms that the number of mobile subscribers globally is slated for an increase to 5.7 billion, marking 71% of the population, by 2023. Therefore, the projected rise in mobile phone subscribers is set to boost the overall demand for growth of the cellular or mobile telephone services market.
Who Are the Key Industry Players in the Cellular Or Mobile Telephone Services Market?
Major players in this market include the likes of Google LLC, Tata Sons Limited, Verizon Communications Inc., China Mobile Limited, Alibaba Group Holding Limited, AT&T Inc., Deutsche Telekom AG, Nippon Telegraph and Telephone Corporation, T-Mobile US Inc., International Business Machines Corporation, SoftBank Corp., Cisco Systems Inc., Vodafone Group plc, Nokia Corporation, BCE Inc., Telus Corporation, Rogers Communications Inc., Juniper Networks Inc., United States Cellular Corporation, Gemalto N.V., along with many others.
How Are Companies Innovating within the Cellular Or Mobile Telephone Services Market?
Top companies operating in the cellular or mobile telephone services market are constantly innovating and launching new services like the World Mobile service to bridge connectivity gaps and serve both mainstream and under-represented regions globally. World Mobile Service combines blockchain and cryptocurrency technologies to offer mobile network services. In August 2023, UK based telecom company World Mobile, integrating blockchain and crypto technologies, launched their services in US, UK, Australia, Canada, and Tanzania through the World Mobile app. This app, initially available for Android users, aims to enhance connectivity in otherwise weak internet areas by harnessing the power of blockchain.
How Is The Cellular Or Mobile Telephone Services Market Segmented?
The cellular or mobile telephone services market covered in this report is segmented:
1 By Type: Basic Communication, Value-Added
2 By Service: 3G Services, 4G Services, 5G Services
3 By End User: Manufacturing, Energy And Utilities, Media And Entertainment, IT And Telecom, Transportation And Logistics, Healthcare
What Are Regional Insights Into The Cellular Or Mobile Telephone Services Market?
As of 2023, Asia-Pacific region held the title for the most prominent region in the cellular or mobile telephone services market, with North America holding the second largest share. The regions reported in the cellular or mobile telephone services market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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