While 2016 was marked as a transformational year for the networking industry, in 2017 we can expect the industry to pick up from where it left. Growing involvement of BFSI and the media and entertainment industry in B2B communication is most likely to shape the B2B telecommunication business sector globally in the near future.
According to a report published by Future Market Insights (FMI), demand for B2B telecommunication will gain further traction over the next couple of years. Expanding application of the Internet of Things (IoT) across various service and utility compartments is expected to create scope for B2B telecommunication implications. Owing to its cost efficient benefits and features such as machine to machine (M2M) communication, machine to user communication and wireless transactions dependency on the technology is growing at a swift pace. The ever increasing popularity of IoT amongst the general masses is pushing the overall networking industry to expand its service channels in order to tap into a larger pool of consumer. Correspondingly, rapid adoption of IoT-based solutions is creating new peripherals for network and connections and M2M analytics thereby fueling the demand for B2B telecommunication services.
Changing Approach in Business
Enterprises are investing in newer technologies to enhance and update their business modules. IT service providers are making a significant amount of contribution in inducing such evolution. This growing trend of technology-centric works structure is reducing the complexities of hardware and other operational limitations faced by organizations. Cloud-based offerings such as Platform-as-a-Service, Infrastructure-as-a-Service and Software-as-a-Service are gaining higher recognition in the Eastern Europe and APAC markets primarily characterized by their cost efficiency. Businesses across various domains are swiftly adopting IT-as-a-service (ITaaS) solution to support their operations. Therefore, the robust implementation of ITaaS model in enterprises and business is creating further opportunities for incorporating B2B telecommunication solutions and services.
Unified B2B Telecommunication Services are Helping Improve Customer Relationships
For telecom providers, unified B2B telecommunication supports clients to maintain a comprehensive all-round solution for their daily requirement of business communication. In order to improve market position providers are trying to establish constant access to mobile devices that are connected to the cloud, generating a real-time market analytics. Enterprise deploying B2B telecommunication services are presented with a range of solutions based on the facilities provided. In addition, cloud-based B2B telecommunication services account for maximum applications amongst all B2B telecommunication types. Increasing preference for unified communication and collaboration solution is likely to play an important role in augmenting the demand for cloud-based services. Further, the arrival of advanced M2M communication, WAN, VoIP services and solutions is also fueling the demand for B2B communication solutions.
B2B Telecommunication Opportunity Assessment Based on Revenue
The FMI report projects that global market for B2B telecommunication market is set to surpass US$ 100 Billion by 2026-end, riding at a strong compound annual growth rate of 13.6% during 2016 to 2026. The market is expected to create standard absolute dollar opportunity of over US$ 77 Billion during the projection period. In terms of revenue, the B2B telecommunication services generated a staggering US$ 30 billion globally in 2016.
Additional information on such research findings can be availed at here.
