According to a recent study by Future Market Insights, the BFSI sector and the media & entertainment business will account for a substantial portion of the global demand for B2B telephony. The analysis from Future Market Insights estimates that B2B telecommunications generated global revenues of more than US$ 30 billion in 2016. The global B2B communications market is anticipated to grow at a 13.6% CAGR to reach US$ 100 billion by the end of 2026.
By the end of 2026, the BFSI industrial vertical, which will generate more than US$ 27 billion, will account for more than one-fourth of all B2B telecommunications revenues worldwide.
By the conclusion of the projection period, healthcare organizations like hospitals and medical research institutes, as well as governmental and administrative bodies, would be deemed attractive industrial verticals for B2B telecommunication, accounting for a combined global market value share of about 30%. A CAGR of 14.7% is forecast for growth in B2B telecommunication revenues from the media & entertainment sector.
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Unified B2B Telecommunication Services Gaining Traction
Businesses availing B2B telecommunication services are able to select suitable types of solutions, on the basis of facilities provided. While cloud-based B2B telecommunication services currently account for half of the global market revenues, their revenue share is expected to drop over the period of the next ten years. Increasing adoption of unified communication and collaboration solutions is predicted to partly instrument the dip in cloud services’ global market contribution.
By 2026, nearly US$ 25 billion in revenues are projected to be harvested globally from sales of unified B2B telecommunication services. Furthermore, the demand for VoIP services, WAN solutions, and M2M communication solutions is also expected to grow at a steady rate over the next decade.
North America & APEJ – Dominant Regions
In 2016, North America’s B2B telecommunication market was valued at an estimated US$ 8.5 billion. The surging adoption of cloud and VoIP services by US-based businesses has been assessed as the key attribute for growing sales of B2B telecommunication services in North America. Although, B2B telecommunication revenues in North America will increase at a 15.3% CAGR.
On the other hand, the B2B telecommunication market in Asia Pacific excluding Japan (APEJ) region is projected to register rampant expansion at the highest CAGR of 17.3%. By 2026-end, the APEJ B2B telecommunication businesses will dominate the global B2B telecommunication market with a 28.5% global revenue share.
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Segmentation of the Global B2B Telecommunication Market:
- By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- Middle East and Africa
- By Solution:
- Unified Communication and Collaboration
- VoIP
- WAN
- Cloud Services
- M2M Communication
- By End User:
- Small & Medium Enterprises
- Large Enterprises
- By Vertical:
- BFSI
- Healthcare
- Media and Entertainment
- Government
- Energy and Utility
- Retail
- Transportation and Logistics
- Others
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Key Insights from the Study:
- Revenue Growth: According to the study, B2B telecommunications generated global revenues of over US$ 30 billion in 2016. The analysis forecasts a robust compound annual growth rate (CAGR) of 13.6% for the global B2B communications market, with an estimated value of US$ 100 billion by the end of 2026.
- BFSI and Media & Entertainment: The BFSI sector is expected to account for more than one-fourth of all B2B telecommunications revenues worldwide, generating over US$ 27 billion by the end of 2026. The media & entertainment sector is also anticipated to experience significant growth, with a projected CAGR of 14.7%.
- Attractive Verticals: Healthcare organizations, including hospitals and medical research institutes, along with governmental and administrative bodies, are identified as attractive industrial verticals for B2B telecommunication. They are estimated to account for a combined global market value share of about 30%.
- Unified B2B Telecommunication Services: Businesses can now choose from a range of B2B telecommunication solutions. While cloud-based services currently dominate the market, the study suggests a shift towards unified communication and collaboration solutions. By 2026, revenues of nearly US$ 25 billion are projected from sales of unified B2B telecommunication services.
- Regional Dominance: North America is currently the largest B2B telecommunication market, valued at US$ 8.5 billion in 2016. However, the B2B telecommunication market in Asia Pacific excluding Japan (APEJ) is projected to grow at the highest CAGR of 17.3%, capturing a significant global revenue share of 28.5% by the end of 2026.
Conclusion: The global B2B telecommunication market is witnessing significant growth, driven by factors such as the increasing adoption of unified communication solutions and the rise of industries like BFSI and media & entertainment. As technology continues to advance, businesses are exploring diverse B2B telecommunication solutions to enhance their communication and collaboration capabilities.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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