According to a recent study conducted by Future Market Insights, the BFSI sector and the media and entertainment business would drive global demand for B2B telecommunication. According to a survey by Future Market Insights, global B2B telephony revenues topped US$ 30 billion in 2016. The global B2B telecommunication market is expected to reach US$ 107.47 billion by 2026, growing at a 13.6 percent compound annual growth rate (CAGR). The BFSI industrial vertical would account for more than one-fourth of global B2B telecommunication sales over the projected period, totaling more than US$ 27 billion by the end of 2026.
Government and administrative bodies, as well as healthcare organizations such as hospitals and medical research institutes, would be attractive industrial verticals for B2B telecommunication, accounting for about 30% of worldwide market value by the end of the projected period. The media and entertainment industry’s B2B telecommunication sales are expected to grow at a quicker rate, with a CAGR of 14.7 percent.
B2B telecommunication services that are unified are gaining traction.
Businesses that use B2B telecommunication services can choose from a variety of options based on the features available. While cloud-based B2B telecommunication services presently account for half of the global market sales, that share is likely to decline over the next ten years. Increased usage of unified communication and collaboration solutions is expected to partially offset the global market contribution of cloud services. Globally, sales of unified B2B telephony services are expected to generate over US$ 25 billion in revenue by 2026. Furthermore, throughout the next decade, demand for VoIP services, WAN solutions, and M2M communication solutions is predicted to expand at a consistent rate.
Competitive Environment:
NTT Telecommunication Corporation, Vodafone Group PLC, Orange S.A., Telefonica S.A., AT&T Inc., Telstra Corporation Limited, Deutsche Telekom AG, Verizon Telecommunication, and SoftBank-owned Sprint Corporation are among the prominent players in the worldwide B2B telecommunication market featured in the report.
