The global wireless communication market is expected to witness considerable growth over the forecast period owing to increasing smart device usage to access real-time data. Evolving consumer needs and rapid technological advancements have led to the development of new operating systems and high-performance smartphones and is also expected to be the key factor driving wireless communication market growth. Increasing social media awareness has led to increased adoption of wireless communication media and provides several market growth opportunities. Growing trends in internet marketing and advertising are also expected to fuel market growth over the next few years. Wireless communication technologies have revolutionized the means of communication, data exchange, and transactions giving way to new digital economy.
Technological proliferation and the increasing array of digital devices, improved interfaces for real-time web surfing, and applications have significantly increased data usage over wireless networks. Therefore, consumers are more prone to use wireless digital devices against personal computers to access real-time data. Based on current market trends and future needs, smartphones are expected to be a necessary utility over the next few years. Furthermore, wide-spread use of unified communication platforms by several organizations to save time and recede distance barriers through seamless mobile connectivity helps create avenues for the wireless communication market. However, technical issues related to connectivity and network may pose a challenge to the wireless communication market growth. In addition, the lack of infrastructure in rural areas is also expected to negatively impact market growth. Key market participants include Softbank, Deutsche Telekom, Nippon Telegraph & Tel, Telstra, Telefonica, America Movil, Vodafone, Verizon Communications, AT&T, and China Mobile.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.