Major companies in the wireless telecommunications carriers market include AT&T; China Mobile; Verizon Communications; Deutsche Telekom AG and Telefonica SA. The global wireless telecommunication carriers market is expected to grow from $744.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wireless Telecommunication Carriers Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009779/?utm_source=GNW
75 billion in 2020 to $764.23 billion in 2021 at a compound annual growth rate (CAGR) of 2.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $975.78 billion in 2025 at a CAGR of 6%.
The wireless telecommunications carriers market consists of sales of telecommunications services and related goods by entities (organizations, sole traders and partnerships) that operate and maintain switching and transmission facilities to provide telecommunications services via airwaves. The services provided by the companies in this industry include cellular phone services, wireless internet access, and wireless video. The wireless telecommunications carriers market is segmented into cellular/mobile telephone services and wireless internet services.
North America was the largest region in the global wireless telecommunication carriers market, accounting for 40% of the market in 2020. Asia Pacific was the second largest region accounting for 38% of the global wireless telecommunication carriers market. Africa was the smallest region in the global wireless telecommunication carriers market.
The biggest forthcoming change in the telecoms industry is the emergence of fifth-generation mobile networks (5G). 5G is expected to be much faster than the present 4G network. The 5G network is yet to be commercially available and this new generation mobile network is likely to provide the capacity needed to support the IoT (Internet Of Things) revolution. Low latency is another important feature expected from 5G.
The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the wireless telecommunication carriers market in 2020 as supply chains were disrupted due to trade restrictions and employees working for these establishments faced difficulties related to infrastructure and communication owing to lockdowns imposed by governments globally, forcing them to work from home. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the wireless telecommunication carriers market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.?
The number of people using mobile payments to pay for goods and services at the point of sale is expected to increase significantly. Particularly in the USA, mobile payment sales are expected to grow exponentially because of the growth in the number of overall users of the technology. For instance, number of people using mobile payments in the US increased from 48.1 million in 2017 to around 55 million (approximately 20.2% of population) in 2018. Mobile wallets like Apple Pay, Android Pay and Samsung Pay are likely to become a standard feature on new smartphones, according to e-Marketer research. Increasingly, merchants are also likely to adopt point-of-sale systems that can accept mobile payments. To encourage and promote the use of m-payments, incentives like promotions and loyalty programs will be integrated to attract new users.
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