Worldwide telecommunications industry revenue is set to reach $2.1 trillion this year according to market research firm Insight Research Corp. Despite the rocky global economy, industry revenue will grow further at an average annual rate of 5.3% to $2.7 trillion in 2017. The Asian region is seen as a key market and wireless revenue there is expected to grow 64%. Mobile broadband services and the transition from 3G to 4G will also be key growth drivers. “Despite global economic uncertainty, the telecommunications industry is showing strong revenue growth, which is being driven by consumer Internet usage and business mobility solutions. These are enabling new applications,” Insight Research analyst Fran Caulfield said in a statement. “Even amidst so much economic uncertainty, the fact remains that telecommunications is a key factor in economic growth. Telecommunications facilitates socio-economic advancement and is a critical utility for economic development, much like water and energy.” The firm’s full press release follows below.
Worldwide Telecommunications Industry Revenue to Reach $2.7 Trillion by 2017, says Insight Research Corp.
MOUNTAIN LAKES, N.J., Jan. 3, 2012 /PRNewswire/ — The global telecommunications industry continues to expand as spending by consumers and businesses for wireless services fuels industry revenue growth, says a new market analysis report from The Insight Research Corporation. According to the new industry market study, telecommunications services revenue on a worldwide basis will grow from $2.1 trillion in 2012 to $2.7 trillion in 2017 at a combined average growth rate of 5.3 percent.
“The 2012 Telecommunications Industry Review: An Anthology of Market Facts and Forecasts” notes that wireless subscriber growth, particularly in Asia and other emerging markets, will raise wireless revenues by 64 percent from current levels, while wireline revenues show only modest growth. Nearly all of the growth in both sectors is expected to occur in broadband services, with wireless 3G and 4G broadband services projected to grow at a compounded rate of 24 percent over the forecast period and wireline broadband services projected to grow at a 13 percent compounded rate over the same forecast horizon.
“Despite global economic uncertainty, the telecommunications industry is showing strong revenue growth, which is being driven by consumer Internet usage and business mobility solutions. These are enabling new applications,” says Fran Caulfield, Research Director for Insight Research. “Even amidst so much economic uncertainty, the fact remains that telecommunications is a key factor in economic growth. Telecommunications facilitates socio-economic advancement and is a critical utility for economic development, much like water and energy,” Caulfield concluded.
In addition to regional and sector forecasts, the report provides an assessment of the key drivers of this growth, including industry trends, network infrastructure and access technologies, telecom services, and enterprise telecom markets. An excerpt, table of contents, and ordering information are available online at http://www.insight-corp.com/reports/review12.asp.
