Global telecommunication market is estimated to grow at a CAGR of nearly 4.0% during the forecast period (2024-2031). The market growth is driven by the increasing usage of the internet and the rising availability of attractive subscription plans. The global telecommunication market is segmented by type (hardware, software, and services), by end-use industry (retail & e-commerce, manufacturing, media & entertainment, healthcare, automotive, and others), and by geographies (North America, Europe, Asia-Pacific, and Rest of the World).

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Asia-Pacific is anticipated to hold the largest market share during the forecast period. The regional market growth is attributed to the large unmet demand for telecom services in the region. Additionally, the rise in the number of users of telecommunication services in economies such as India and China is contributing to the increasing adoption of various communication platforms, supporting market growth.

The major players in the global telecommunication market include Verizon Communications Inc., Vodafone Group Plc, NTT Corp., Deutsche Telekom AG, Huawei Technologies Co., Ltd., Telefónica SA, América Móvil, BT Group, Turkcell Iletisim Hizmetleri, and VEON Ltd., among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.

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Recent Developments

• In September 2024, the Department of Telecommunications issued the Telecommunications Right of Way Rules, 2024 (RoW Rules). The draft rules for the RoW Rules were published on July 10, 2024, for a 30 (thirty) day period of public consultation. The final RoW highlights 14 amendments in Rule 3, Rule 4, Rule 6, Rule 8, Rule 10, Rule 12, Rule 14, Rule 15, Rule 17, Rule 18, Rule 19, and Rule 20.
• In September 2024, the Telecom Regulatory Authority of India (TRAI) released recommendations on the ‘Framework for Service Authorisations to be Granted Under the Telecommunications Act, 2023’. The Department of Telecommunications (DoT) informed TRAI of the publishing of the Telecommunications Act, 2023 in the Official Gazette of India, in June 2024. The letter talks about the recommendations in Section 3(1)(a) and Section 11(1)(a) of the TRAI Act, 1997.
• In June 2024, the Telecommunications Act, 2023 amended and consolidated the law relating to the development, expansion, and operation of telecommunication services and telecommunication networks, assignment of spectrum, and matters connected therewith. It also repealed existing legislative frameworks like the Indian Telegraph Act, of 1885 and the Indian Wireless Telegraph Act, of 1933 owing to huge technical advancements in the telecom sector and technologies.

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