The global telecom cloud market size was valued at $18 billion in 2020, and is projected to reach $125 billion by 2030, registering a CAGR of 21.8% from 2021 to 2030.
Rapid expansion of IT organizations and telecommunication industry acts as the key driving force of the global telecom cloud market. Furthermore, the major driver of this evolving market is the modernization of information technology. The modernization process in the IT field represents optimum utilization of the resources and cloud services in reaping out the benefits in a modern and efficient environment. The advancements in the telecom cloud market outlook leads to the idea of more cost-saving methods and boost the idea of innovation.
According to a recent report published by Allied Market Research, titled, “Global telecom cloud Market by Type, Computing Services, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
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During the pandemic, as people stayed at home during lockdown and companies preferred to work remotely, huge consumption of data led to increase in the demand for the deployment of telecom cloud, which significantly contributed toward the growth of the overall market. The global market economy due to the telecom cloud market size will grow exponentially, as it is able to generate demand even in critical circumstances.
In 2020, the global telecom cloud market share was dominated by the public cloud segment, and is expected to maintain its dominance in the upcoming years. Rapid digital transition between industries, increase in penetration of internet & mobile devices, and rise in big data consumption foster the market growth.
The private cloud segment is expected to emerge as the fastest growing segment, as several vendors within the Telecom cloud market are focusing on increasing the privacy standards. The private cloud Market has grown as a result of rapid technological advances. The proliferation of internet services and applications, including social media, video streaming, and online payments has increased the need for secure data storage. Similarly, increase in data volume in the sectors such as BFSI, IT & telecom, healthcare, government, retail, and others has forced these sectors to adopt private cloud services.
Post COVID-19, the global telecom cloud market forecast is estimated to be valued at $18,000 million in 2020, and is projected to reach $125,000 million by 2030.
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The worldwide pandemic outbreak and the subsequent chain of lockdowns changed the global telecom sector. During this time, telecom networks saw tremendous traffic, and demand for more telecom bandwidth was at an all-time high. With the aftereffects of the COVID-19 pandemic, the global telecom sector was set on a path of technological transformation to help handle the increasing demands of its consumers. Adoption of next-generational communication technologies such as 5G network deployments were ramped up in many parts of the globe and automation of services were prioritized. According to a report published by the communications equipment and services provider Nokia, more than 64% of the communication services providers focused on improving the automation of operational services with the help of cloud technology. These trends helped the telecom cloud markets to prosper during the period.
Moreover, Work-from-home trends are expected to persist in the modern corporate environment even after the pandemic comes to an end. According to a research published by the AMR, more than 25% of the workforce is expected to continue working from home after the pandemic is over. This is anticipated to increase the need for telecom cloud solutions in the telecom industries.
These reasons supported the growth of the telecom cloud sector during the lockdown period, and the telecom cloud industry is projected to grow further in the coming years.
Key Findings Of The Study
- By type, in 2020, the public cloud segment is estimated to be the major shareholder. However, the private cloud segment is expected to witness highest growth rate during the forecast period.
- On the basis of computing service, the IaaS segment accounted for the highest revenue in 2020; however, the PaaS segment is expected to witness highest growth rate during the forecast period.
- Depending on end user, the BFSI segment accounted for the highest revenue in 2020; however, the healthcare & life science segment is expected to witness highest growth rate during the forecast period.
- Region wise, the market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.
Some of the key companies profiled in the telecom cloud industry are Microsoft, Aws, Google, Oracle, IBM, At&T, Verizon, Dell, Etisalat, and Telstra.
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