Innovative Technologies Reshape the Telecom Services Marketplace
FinancialBuzz.com News Commentary NEW YORK , June 17, 2022 |PRNewswire| -- The telecom services market is rapidly evolving, and thanks to various technological innovations as well as high consumer demand, it is expected to grow significantly. One of the major drivers of this market is the proliferation of smartphones around the world and particularly in emerging markets, which elevates demand for data connectivity and for related technologies. As a result, governments around the world are investing in creating new infrastructure for telecom services. Currently, the Asia-Pacific region has the largest share of the market, accounting for about 33% in 2021. And, according to data provided by Precedence Research, the telecom services market was valued at USD 1.73 Trillion in 2021 and is projected to reach approximately USD 2.65 Trillion by 2030, while growing at a CAGR of 4.85% from 2022 to 2030. uCloudlink Group Inc. (NASDAQ: UCL ), Lumen Technologies, Inc. (NYSE: LUMN ), Nokia Oyj (NYSE: NOK ), Vodafone Group Public Limited Company (NASDAQ: VOD ), CommScope Holding Company, Inc. (NASDAQ: COMM ). 5G technology is expected to play a major role the how this industry develops in the near future.
Innovative Technologies Reshape the Telecom Services Marketplace
FinancialBuzz.com News Commentary NEW YORK , June 17, 2022 |PRNewswire| -- The telecom services market is rapidly evolving, and thanks to various technological innovations as well as high consumer demand, it is expected to grow significantly. One of the major drivers of this market is the proliferation of smartphones around the world and particularly in emerging markets, which elevates demand for data connectivity and for related technologies. As a result, governments around the world are investing in creating new infrastructure for telecom services. Currently, the Asia-Pacific region has the largest share of the market, accounting for about 33% in 2021. And, according to data provided by Precedence Research, the telecom services market was valued at USD 1.73 Trillion in 2021 and is projected to reach approximately USD 2.65 Trillion by 2030, while growing at a CAGR of 4.85% from 2022 to 2030. uCloudlink Group Inc. (NASDAQ: UCL ), Lumen Technologies, Inc. (NYSE: LUMN ), Nokia Oyj (NYSE: NOK ), Vodafone Group Public Limited Company (NASDAQ: VOD ), CommScope Holding Company, Inc. (NASDAQ: COMM ). 5G technology is expected to play a major role the how this industry develops in the near future.