NEW YORK, Jan. 27, 2022 /PRNewswire/ -- From an estimated $5,307.2 million in 2021, the telecom consulting market value is set to reach $14,519.6 million by 2030, witnessing an 11.8% CAGR between 2021 and 2030. Key players in the industry are Bain & Company Inc., L.E.K. Consulting LLC, Telefonaktiebolaget LM Ericsson, Boston Consulting Group Inc., Capgemini Services SAS, McKinsey & Company, Wipro Limited, CGI Inc., Accenture PLC, Tata Consultancy Services Limited, Atos SE, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, KPMG International Limited, and Ernst & Young Global Limited.
Apart from merely planning and consulting, these firms offer system integration and operations and maintenance services to telecom operators worldwide. Among these, the demand is the highest for planning and consulting, because of the changing network demands of people, which is making telcos adapt their own systems. Thus, they are engaging consultants to offer expert advice, analyze their existing systems, and help them enhance their network coverage with maximum cost saving.
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Key Findings of Telecom Consulting Market Report
- The adoption of artificial intelligence, online news, TV, and gaming; digital personal assistants, connected and autonomous vehicles, digital baking and shopping, and other virtual solutions is driving telcos to enhance their network connectivity, which is why they are engaging consultants.
- In this regard, the rapid rollout of 5G is the strongest telecom consulting market growth driver. Telecom companies will need to quickly and cost-effectively enhance their existing infrastructure, add new towers, and adopt artificial intelligence to predict peak traffic, forecast end user distribution, and enhance network capability.
- This is also why most telecom companies avail consulting services as the first step in the installation of new wireless networks and the enhancement of the existing ones.
- Most of the requests for telecom consulting services are made for cloud services, which have revolutionized the IT sector by allowing companies and individuals to store their data and access advanced software on third-party servers.
- North America generates much of the telecom consulting market revenue as its telecom and IT sectors are undergoing swift technological advancements, especially with the rollout of 5G networks.
- The fastest-rising demand for consulting services will be witnessed among the telcos of the Asia-Pacific (APAC) region, where an increasing number of people are getting connected to the internet and demanding faster network speeds and low latency.
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As the services offered by the market players are highly technical and require immense skill and knowledge for their dispersal, the industry is consolidated, with only established consulting companies operating in it. The players at the top have extensively engaged in collaborations and partnerships, service launches, and mergers and acquisitions to enhance their offerings and gain the trust of more customers.
These measures of telecom consulting market players are being encouraged by the rapid digital transformation of businesses across all industries. This is leading to the changing demands of companies with respect to networks and connectivity. With individuals and entities in all corners of the world demanding higher download and data transmission speeds with low latency, telecom companies are being compelled to work with consultants to enhance their services.
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5G Infrastructure Market -In the preceding years, North America dominated the 5G infrastructure market due to the hefty investments made by the governments of the regional countries in 5G infrastructure development. For instance, the Canadian Wireless Telecommunications Association estimates that $26 billion will be spent on 5G infrastructure development in Canada between 2020 and 2026.
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