Consumer Communication Services Market Segmentation By Services (Network Management Services, HD Voice and Video Calling, Cloud Integration Services and others); By End-Users (Insurance Companies, Healthcare, Telecommunication Industries and others) – Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 692 | Published Date: Feb 10, 2023
Major factor driving the growth of consumer communication services market is the high adoption of smart technology. These services allow their customers to connect with other organizations such as healthcare providers can also provide home care services. The increasing need to keep customers engaged in communication over various channels has also ensured substantial growth of consumer communication services market. The growing usage of advance technologies, for instance, cloud, 4G, smartphones, social networking and others are continuously increasing. Growing utilization of such technologies has resulted in high market growth attributed to which consumer communication services providers have increased their attention towards technology setup, value added services and other customer support services.
Increasing awareness among the customers for the adoption of the smart technology is a crucial driving factor for the growth of consumer communication services market. With innovations such as 5G wireless communication on its way, the use of smartphones is expected to increase multifold. This tends to increase the demand for the latest models to raise the bar continuously, and in turn facilitating the growth for customer communication services.
The factor that challenges the growth of consumer communication service market is to manage revenue expenses. Top players in this market are offering various services owing to which communication service providers have to manage the costly expansion of their networks to fulfill needs and demand of their customers. Furthermore, enterprises have started to set up their business applications on cloud rather than on purchasing heavy machines. Heavy machines are known to unnecessarily increase the work of consumer communication services providers. Thus these factors are likely to hinder the growth of consumer communication market.
The global consumer communication services market is estimated to grow at a healthy CAGR over the forecast period i.e. 2019-2027. The customer communication services market is mainly driven by consistently growing inclination towards the adoption of managed IT services. Another major factor driving the adoption of consumer communication services is the high acceptance of smart technologies among individuals. Consumer communication services allows a customer to connect with other organizations on an actual time basis. For instance, an insurance company can update consumer on claim processing and telecom providers can manage appointment notifications. Leading players in the market are focusing on significantly developing the services to their customers. They are also using advanced technologies to enhance user experience and to attract their customers.
Our-in depth analysis of the global consumer communication services market includes the following segments:
Based on geography, the consumer communication services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America communication services market is anticipated to witness fast growth on account of faster adoption of digital technologies among small and medium business. The adoption of cloud-based application platform has also positively affected the growth of this regional market. Various companies in the region have adopted different expansion strategies such as acquisitions and partnerships in order to gain more market opportunities.
In the European region, the market for consumer communication services has witnessed substantial growth rate attributed to the increasing demand for social analytics and consumer support service for network operations, security management, and cloud application management.
Customer communication services market in Asia Pacific is expected to witness faster growth rate during the forecast period on account of the adoption of cloud based business application and growth in the cloud service providers.
Global consumer communication services market is further classified on the basis of region as follows:
Samsung
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
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