Kenneth Research, in its repository of market research reports, have recently added a report on Indian Telecom Services Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Indian Telecom Services Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Indian Telecom Services Market products.
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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The Indian Telecom Services Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2022, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
The Indian Telecom services market is one of the fastest growing markets in the world. Telecommunications is one of the prime support services needed for rapid growth and modernisation of various sectors of the economy. The policies and regulatory frame works implemented by TRAI (Telecom Regulatory Authority of India) created a potential environment for service providers. The increasing network coverage and decreasing of tariff rates due to heavy competition were the potential drivers in the past few years. Some of the major players include Bharti airtel, Vodafone, Idea Cellular and etc. The report provides unique insights into and in-depth analysis of Telecom Service Providers in India, drivers and restraints as well as growth opportunities. It also contains analysis and forecasted revenues, competitive landscape, company profiles and industry trends.
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