July 28, 2020
According to the research report titled ‘Global Telecom Consulting Market Size study, by Network (Wireline, Wireless) by Services (Planning & Consulting, Operations & Maintenance, System Integration) by Application (4G/LTE/FTTH, Mobile Broadband, Cloud Services, Mobile Video/Content, Unified Communications, Mobile Money and M-payments, Smart Grid) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global telecom consulting market is slated to record considerable growth during 2020-2026.
Notably, telecommunication comprises of exchange of information over long distance through video, data, or audio. Consultants in telecom sector help in identifying the type of service an enterprise requires and subsequently offers specific tools & equipment to manage telecom operations.
Increasing dependency on consultants and rapid expansion of telecommunication sector are key factors fueling the growth of global telecom consulting industry. Escalating investments towards IT infrastructure across various industry verticals is further aiding the market expansion. According to Statista, global IT expenditure on enterprise software solutions accounted for USD 352 billion in the year 2017, which reached USD 391 billion and USD 424 billion in 2018 and 2019 respectively.
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Increasing number of small & medium sized enterprises and inclination towards adopting in-house network solutions are stimulating the industry outlook. Rising penetration of smart homes, connected vehicles, and smartphones along with shifting preference towards advanced technologies are favoring the expansion of global telecom consulting market. However, concerns regarding data privacy and network security may act as restraining factor to the overall market growth.
As per network type, the market is segmented into wireless and wireline. In terms of service type, the industry is bifurcated into system integration, operations & maintenance, and planning & consulting. Based on application spectrum, global telecom consulting market is fragmented into smart grid, mobile money & M-payments, unified communications, mobile video/content, cloud services, mobile broadband and 4G/LTE/FTTH.
Regionally, North America telecom consulting industry is poised to accumulate notable returns in the forthcoming years, primarily driven by increasing popularity of IoT, connected vehicles and smart home technologies. Rising adoption of telecommunication systems among private entities is also augmenting the regional demand.
On the other hand, Asia-Pacific market is expected to register robust CAGR through 2026. Increasing investments towards development of telecom & IT infrastructure and rapid expansion of small & medium sized enterprises are swaying the business outlook in the region.
Tellabs Inc., Logica plc, Dimension Data, Gartner Inc., McKinsey & Co., Deloitte Touche Tohmatsu Ltd., IBM Corp., Alcatel-Lucent SA, Telefonaktiebolaget LM Ericsson and Accenture Inc. are the major companies in global telecom consulting market.