Telecom IT services are provided by telecommunication providers to deal with a huge amount of data generated while communicating. Communication is a key aspect for the companies to interact effectively internally and externally, both. Increased usage of the internet around the world with uninterrupted networks and high-speed data is likely to fuel the demand in the global telecom IT services market. The emergence of 5G technology is also contributing to the growth.
The outbreak of COVID-19 pandemic has led to the lockdown in several parts of the world. This has restricted mobility in terms of travel and communication. In this scenario, the broadband usage has increased and data traffic has also spiked turning out to be beneficial for the global telecom IT services market. This is one of the industries that have witnessed growth during the pandemic as well. Thus, key players are also working on their business strategies to leverage the situation and emerge as a credible name in the market within the forecast period. Especially, cloud-based service providers are stepping their game up by launching attractive features and schemes. The rising adoption of cloud based-technology by the market players is also foreseen to drive the market. Moreover, the increased number of mobile users and increased dependency on wireless technology all over the world is also a significant factor behind the growth of the global telecom IT services market.
The global telecom IT services market is broadly segmented into deployment type, solution type, end-users, and region. In terms of deployment type, the global market is bifurcated into on-premise and cloud-based. On the basis of solution type, the market is divided into OSS BSS solution, CRM, supply chain planning, mobile commerce, and others. As per the end-user, the global market is sectioned into SMBs and large enterprises.
Geographically, the global telecom IT services market is expected to be dominated by North America within the forecast period, owing to the existence of key players in the region, for example, Cognizant, IBM Corporation, AT&T, Verizon Communications, and others. The growth of these companies is foreseen to fuel regional development. The region is further trailed by Asia Pacific due to increasing investment by key telecom players in 5G technology and a rise in e-commerce. Japan, India, and China are foreseen to emerge as the key contributing countries in the regional growth. Moreover, the rising implementation of IoT in several business and industrial operations is also likely to provide a new scope of growth in the market.
The leading players operating in the global telecom IT services market are IBM Corporation, Ericsson, Cognizant, Capgemini, AT&T, Verizon Comunications, Huawei, and others. To cite, recently Verizon Communications and AT&T Inc. invested around US$70 Billion in 5G technology for improved network coverage.