CHICAGO, June 9, 2021 /PRNewswire/ -- According to a new market research report "Telecom Cloud Market by Type (Public, Private, and Hybrid), Service (Colocation, Network, and Management Services), Application, Cloud Computing Service (SaaS, PaaS, and IaaS), Organization Size, End User, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market size to grow from USD 19.8 Billion in 2021 to USD 52.3 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.4% during the forecast period.
The presence of various key players in the ecosystem has led to a competitive and diverse market. Technology represents huge opportunities for enterprises enabling remote working in businesses. However, on the other hand, there are significant growth opportunities for Telecom cloud vendors. The reduced Capex and Opex, the importance of accessing the data from anywhere anytime, and the rising need for the virtual environment have overall increased the spending of companies on telecom cloud solutions.
Colocation service segment is expected to grow at the highest CAGR during the forecast period
The colocation service segment is expected to hold the larger market size with telecom cloud solution vendors enabling organizations to centralize, manage, and deliver information in a secure way. The services help manage all the activities by using the infrastructure-as-a-service, platform-as-a-service, and software-as-a-service and also helps in the storage of a large amount of data. Resource pooling, on-demand service, easy maintenance, large network access, availability, automatic system, security, pay-as-you-go, and measured service are the key features of the telecom cloud. These services provide benefits, which include low latency, lower downtime, and faster transcoding speed for end users.
Banking, financial services and insurance vertical is expected to have a larger market size during the forecast period
The banking, financial services and insurance vertical deals with the need to reduce non-core functions and has started outsourcing them. Outsourcing helps banks minimize costs and maximize efficiency. This results in the requirement for channelized content insights and accurate banking information that can be consolidated through telecom cloud Solution. The collaborations enable banking and financial service providers to offer enhanced facilities by providing them with improved communication options. The solution enables face-to-face interactions between customers and employees to discuss various banking options, located anywhere in the world. Telecom cloud technology also helps with customer experience enhancement. Currently, the Telecom Cloud Market is witnessing increased growth opportunities in the banking, financial services, and insurance vertical. This growth can be attributed to the increasing requirement for telecom cloud to enhance staff training, banking education, and customer communication.
APAC to account for the largest market growth during the forecast period
APAC is estimated to hold the largest market growth with higher CAGR during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India, and the increasing deployment of 4G and 5G networks present huge opportunities for the implementation of the telecom cloud.
The Telecom Cloud Market in the APAC region is growing at a significant rate during the COVID-19 pandemic. The usage of technologies, such as cloud computing, AI, and IoT, is increasing in the region to effectively operate connected devices in hospitals, medical facilities, and other healthcare organizations. To maintain business continuity, organizations in this region are adopting the remote working approach for their employees. As a result, there is a significant demand for telecom cloud solutions across industries in the region.
Key and innovative vendors in the Telecom Cloud Market are AT&T Inc. (AT&T), BT Group PLC (BT Group), Verizon Communications Inc. (Verizon), Vodafone Group PLC (Vodafone), China Telecom, Lumen Technologies Inc. (Lumen), Singapore Telecommunications Ltd. (Singapore Telecommunications), Nippon Telegraph and Telephone Corporation (NTT), Orange Business Services, Telefonica S.A (Telefonica), Deutsche Telekom A.G (Deutsche Telekom), Telstra Corporation Limited (Telstra), SK Telecom Co. Ltd (SK Telecom), Saudi Telecom Company (STC), Rogers Communications Inc.(Rogers), and Emirate Tele Group Company PJSC (Etisalat). This research report also studies the strategic alliances and lucrative acquisitions among various global and local players in the telecom cloud ecosystem.
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