The latest report by IMARC, titled “Telecom Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global telecom cloud market size has reached US$ 27.08 Billion by 2027. Telecom cloud refers to the migration of telecommunication industries from outdated landline services to advanced cloud computing systems. It allows the usage of networking resources efficiently, offers unlimited network capacity to manage unpredictable data growth and provides an improved customer experience. It requires minimal management effort or service provider interaction to provide instant technical and profitable business values. Some of the various benefits of telecom cloud include facilitation of the virtualization of storage, networks and servers, reduction of the cost of infrastructure, and efficient sharing of resources. As a result, telecom cloud is extensively adopted in various industry verticals, including banking and financial services and insurance (BFSI), retail, healthcare, media and environment, manufacturing, transportation, and government.
We are regularly tracking the direct effect of COVID-19 on the industry, along with the indirect influence of the associated industries. These observations will be integrated into the report.
Global Telecom Cloud Market Trends:
One of the primary factors driving the market is its ability to provide telecommunication organizations to migrate to the internet and eliminate the requirement for costly hardware. Additionally, the changing preferences toward cloud services among organizations to improve business agility and operational efficiency are creating a positive market outlook. Other than this, there has been a significant rise in the number of individuals working from home and online education on account of the sudden outbreak of the coronavirus disease (COVID-19), thus positively influencing the market growth. Besides this, the extensive growth in the consumption of data and the escalating demand for over-the-top (OTT) cloud services are catalyzing market growth. In line with this, key players are planning to introduce industry-specific web real-time communication (WebRTC) solutions and services to cater to consumers with an economical and user-friendly browser-based communication solution, along with focusing on increasing privacy standards. Other than these factors, faster deployment and scalability of services, and reducing capital through telecom cloud are strengthening the market growth. Moreover, the growth witnessed by the cloud-native environment is driving the market growth. Other major growth-inducing factors include the rising trend for virtual environments, emerging digitalization trend, increasing internet penetration, increasing demand for rich media content and technological advancements. Looking forward, IMARC Group expects the market value to reach US$ 88.43 Billion, expanding at a CAGR of 20.70% during the forecast period (2022-2027).
- Based on the type, the market has been divided into public, private, and hybrid cloud.
- On the basis of the computing services, the market has been SaaS, IaaS, and PaaS.
- Based on the application, the market has been segmented into computing, data storage, achieving, enterprise application, and others.
- Based on the end user, the market has been categorized into BSFI, retail, manufacturing, transportation and distribution, healthcare, government, media and entertainment, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, along with some of the key players being Amazon Web Services Inc. (Amazon. Com Inc.), BT Group plc, China Telecom Corporation Limited, Dell Technologies, Deutsche Telekom AG, Google LLC, International Business Machines, Microsoft Corporation, Nippon Telegraph and Telephone Corporation, Oracle Corporation, Singapore Telecommunications Limited, Telefonaktiebolaget LM Ericsson, Telstra Corporation Limited, Telus Corporation and Verizon Communications Inc.
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