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 Insight Research. According to the report, 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 report also 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.
Source: Cellular News.