As per the Allied Market Research report, the global B2B telecommunication industry was pegged at $46.36 billion in 2020, and is estimated to generate $181.35 billion by 2030, growing at a CAGR of 14.8% from 2021 to 2030.
Major determinants of the market growth
Rise in adoption of IoT, surge in need for B2B telecommunication among governmental & private organizations, and increase in urbanization & industrialization across the globe drive the global B2B telecommunication market. However, high implementation cost of B2B telecommunication and privacy & security concerns hinder the market growth. On the contrary, integration of novel technologies would unlock new opportunities for the market players in the future.
- The Covid-19 pandemic encouraged the demand for B2B telecommunication due to lockdown restriction imposed by the government and adoption of work from home culture.
- The majority of the companies adopted B2B telecommunication to transmit information in several forms including voice, sound, text, and video.
The SMEs segment to portray the highest CAGR through 2028
By enterprise size, the SMEs segment would register the highest CAGR of 15.9% during the forecast period, owing to the presence of small and medium-scale organizations and rise in need to enhance telecommunication systems among the SMEs to increase their business reach. However, the large enterprise segment held the largest share in 2020, accounting for nearly two-thirds of the global B2B telecommunication market, as it helps in auto-attendant and calls transferring.
The BFSI segment held the lion’s share
By industry vertical, the BFSI segment dominated the market in terms of revenue in 2020, contributing to around one-fourth of the global B2B teIecommunication market, as it allows leading banks to securely process unique transactions as per business requirements in a day. However, the media and entertainment segment is projected to register the highest CAGR of 17.7% from 2021 to 2030, as it offers secure communication solution, which enables media houses to contact with big media houses and producers.
North America dominated the market in terms of revenue
By region, the market across North America held the largest share in 2020, contributing to around one-third of the market, due to increase in adoption of IoT and cloud-based products. However, the global B2B telecommunication industry across Asia-Pacific is anticipated to portray the highest CAGR of 16.1% during the forecast period, owing to the presence of several large-scale manufacturers and availability of high-speed communication networks across the region.
Key market players B2B Telecommunication
- Cisco Systems, Inc.
- AT& T, Inc.
- Deutsche Telekom AG
- Comarch S.A.
- Orange S.A.
- NTT Communication
- Vodafone Group PLC
- Telefonica, S.A.