Public Cloud-Based Telecom Cloud Market to Register a CAGR of over 15.2% in the Next Decade
The Telecom Cloud Market revenues were estimated at US$ 19.8 Bn in 2021 and are anticipated to grow at a CAGR of 15.2% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 24 Bn. The market is projected to gross 15.2% CAGR through the public cloud.
During the pandemic, as individuals lived at home during the shutdown and businesses opted to work remotely, massive data consumption led to a spike in demand for telecom cloud installations, which significantly contributed to the market growth. Cloud has been one of the key themes of conversation in the telecom business in 2021 with the development of cloud-native 5G technology.
The public cloud solution provides on-demand infrastructure, lowering capital expenditure as well as continuous operational and life-cycle control. The public cloud may be a terrific incubator environment for not just developing new apps and services, but also bringing them to market and scaling them quickly.
Many corporate firms rely on the public cloud as their base. Telecom companies are increasingly looking to collaborate using public cloud services to use their computational capacity and use their strong network skills on the back end.
Hyperscalers such as Amazon, Google, Microsoft, and Oracle often establish and manage a uniform tech environment with public cloud platforms. CSPs, on the other hand, buy solutions from a variety of vendors who compete and advance in different directions, sometimes marginally, sometimes significantly.
Also, The BFSI sector outsources non-core functions to save money and enhance efficiency. As a consequence, targeted content views and precise financial data are required, which may be merged via a telecommunications cloud service.
With a revenue share of more than 40% in the global telecom cloud market in 2021, North America held the top spot. American businesses place a high value on digitization and are more frequently seen as early adopters of cutting-edge technologies like the Internet of Things, additive manufacturing, big data analytics, connected businesses, intelligent systems, AR, ML, and VR, as well as the most recent telecommunications technologies like 4G, 5G, and LTE.
The public cloud category is anticipated to increase at a CAGR of around 15.2% between 2022 and 2032. Utilizing the public cloud is a path of technology advancement, organizational modifications, and service evolution.
The development of public cloud technology and wider cloudification initiatives is a key enabler for the digital telecom industry. Due to operational improvements in cloud efficiency, CSPs can promote service convergence by judiciously integrating disparate internal processes.
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Telecom Cloud Market are focused on R&D to produce innovative technological solutions.
- In April 2021, Momentum Telecom, a global provider of managed network and cloud voice, revealed that it had accomplished its purchase of Atlus Technology, a Tennessee-based leader in the development of cloud-based unified communications solutions.
- In December 2020, Cisco announced the purchase of IMImobile, a cloud telecommunications software and service provider, allowing Cisco to provide its customers with an end-to-end client engagement management solution.