The global telecom managed services market, valued at $22.9 billion in 2023, is projected to increase to $25.5 billion by the end of 2024, according to a report from Future Market Insights (FMI).
According to forecasts, this market is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.90%, reaching a valuation of $85.5 billion by 2034.
Market Expansion Trends
Historically, the telecom-managed services market expanded at a 10.60% CAGR. Specific growth projections for various regions include a 10.70% CAGR in the United States, a 12.30% CAGR in Japan, a 14.10% CAGR in Germany, a 13.40% CAGR in China, and a 16.40% CAGR in Australia through the forecast period.
By 2024, the cloud segment is expected to hold a 55% share of the market, while the large enterprise segment might comprise 68% of the market, the authors say.
Industry Expert Insights
Sudip Saha, managing director, FMI, commented on the findings:
"The telecom managed services market is experiencing significant growth due to the increasing demand for flexible and scalable communication solutions, influenced by the global shift towards remote work and the adoption of 5G technology."
Competitive Landscape and Developments
Innovations in the telecom managed services sector are being driven by startups utilizing cloud computing, automation, and artificial intelligence. Meanwhile, established companies are adapting their services to include 5G, advanced technology, and automation.
Key developments include Verizon Business and Nokia's 2023 5G Innovation Sessions tour in Dallas, showcasing the capabilities of 5G technology. In another development, AT&T completed a major public-private fiber project in Vanderburgh County, Indiana, in 2023, aimed at enhancing digital connectivity in the region.
