In 2017, the networking industry has certainly continued on a similar trail that it followed last year and also been benefited greatly from the increasing demand for B2B telecommunication services across various industrial verticals. In addition, intensified use of B2B telecommunication services in sectors such as media and entertainment and BFSI is expected to sustain the exponential growth that the industry is witnessing currently. The latest data released by Future Market Insights (FMI) reveals that there will be a robust demand for B2B services in the forthcoming years. Increasing application of IoT in various service compartments is considered to be a major factor behind this demand and is creating a further scope of business for service providers. Moreover, IoT’s incessantly growing popularity is compelling service providers to launch services that are more user-centric and can fulfil all the requirements of an individual. In addition, features such as machine to user communication, machine to machine (M2M) communication and capabilities of advanced wireless transactions is further encouraging the adoption of these modern networking technologies. Similarly, the arrival of IoT-based solutions is creating new service domains for M2M and B2B analytics thereby prompting adoption of B2B telecommunication services.
Contemporary Models of Business
In order to upgrade and improve business models, organisation are ramping up investments in newer technologies. This spectacle is also backed up by the unconditional technological support provided by IT service providers. Evidently, a technology-centric working environment reduces the hardships that are faced in conventional operational structures. As a result, demand for cost-efficient cloud-based offerings such as Software-as-a-Service, Infrastructure-as-a-Service and Platform-as-a-Service is gaining significant traction across the globe. Organisations are rapidly adopting to IT-as-a-service (ITaaS) solution to improve their operational efficiency. Hence, such robust implementation of ITaaS model in business and enterprises is creating opportunities for integration of B2B telecommunication technology as well.
B2B Telecommunication Tools Help Improve Customer Services
Most telecom service providers offer unified B2B telecommunication solution, delivering a comprehensive all-round support based on the client’s day-today-day requirements of business communication. Owing to the growing market competition, players are focusing on integrating services with mobile devices that are connected to the cloud, enabling users to obtain real-time analytic data.
Facility providers are offering an exclusive set of B2B telecommunication solutions to organisations in order to gain a competitive edge. Also, growing preference for collaborative solutions and unified telecommunication is expected to make cloud-based services more efficient. Correspondingly, the advent of communication technologies such as WAN, M2M communication and VoIP services is supporting the growth of B2B communication service market.
Market for B2B Telecommunication — Future Scope
The leading market research firm FMI projects that global market for B2B telecommunication will garner more than US$ 100 Billion by the end of 2026, reflecting a healthy compound annual growth rate of over 13% between 2016 and 2026. The market is anticipated to represent an absolute dollar opportunity of close to US$ 77 Billion over the assessment period. Reportedly, B2B telecommunication services accounted for US$ 30 billion in revenues last year.