As per the current report by Market Research Future (MRFR), the global cryogenic equipment market is expected to record up to USD 29 billion by 2022 from the USD 9 billion recorded in 2016, at a 20% CAGR during the forecast period.
Top Boosters and Main Restraints
The recent COVID-19 outbreak has had a profound impact on a number of industries, which also includes the ICT sector. Telecom cloud is one such market that can be drastically affected by the growing pandemic, with the biggest challenge being faced by the vendors in the form of the fragile supply chain network. With that said, compared to others, the telecom cloud market can note significant boom in the coming years. With cloud computing gaining momentum in the telecom industry, data and the application areas are rapidly shifting from on-premise to cloud, which helps the users connect using the data on the server. This is especially instrumental during these times, when work from home has become the most prevalent means of carrying out all the operations.
Demand for telecom cloud services has escalated among enterprises and consumers in the worldwide lockdown situation, largely on account of the rising need for collaborative tools for virtual schooling, group video conferencing, gaming and entertainment. The cloud-technology is being increasingly deployed across telecom organizations, which has led to more use of the internet and has prevented the requirement for high priced hardware to stay connected globally. Several government agencies as well as public enterprises reply on essential information infrastructure services, which benefits the market. They are also opting for cloud services with the aim to fulfill all the requirements arising during business operations.
Escalating demand for reduction in administrative and operational costs, mounting awareness among enterprises about telecom cloud and the rising demand for over the top cloud services also induce market growth. Given the rapid surge in the demand for user-friendly and cost-effective browser-based communication services and solutions, renowned vendors are prompted to come up with WebRTC solutions as well as services. This is deemed to have a positive impact on the market growth for telecom cloud in the following years.
The telecom cloud market share has been analysed on the basis of applications, solutions, services, end-users and cloud platforms.
The services segment of the market comprises of network as a service and communication as a service.
The segmentation of the telecom cloud market on the basis of applications encompasses billing, customer management & provisioning, and traffic management among others.
The solutions segment consists of Content Delivery Network (CDN), WebRTC, Unified Communication and Collaboration (UCC), and Over-the-Top (OTT), among others.
The cloud platform segment consists of SaaS, PaaS, and IaaS. The end-users segment includes healthcare, banking, government, transportation, and entertainment among others.
The growth of the telecom cloud market over the forecast period will be apparent in the main regions of APAC or Asia Pacific, Europe, North America, and RoW or the rest of the world.
In the approaching years, the top position is anticipated to be clinched by North America, as the telecom cloud market benefits from presence of large organizations with high technical brilliance that offer innovative and advanced technologies. The region’s dominance is also the result of the rising mobility along with the increasing use of smart mobile devices among employees of the enterprises in the U.S and Canada.
The APAC market can experience considerable boost in the years to come, due to the surge in government regulations that drive the adoption rate of the latest technologies, one of which is the cloud technology. The trend of connected devices has picked up speed among the telecom operators, who leverage the boom in cloud services in the region. The increasing investments in data centers, and the rising preference for cloud infrastructure among SMEs and large organizations can also favor the regional market during the evaluation timeline.
A few of the leading companies that are working on getting a hold of a better position in the telecom cloud market industry include Telstra Corporation Limited (Australia), Telus Corporation (U.S.), Verizon Communications, Inc.(U.S.), AT&T Inc. (U.S.), T-Mobile International AG (Germany), CenturyLink, Inc.(U.S.), China Telecommunications Corporation (China), NTT Communications Corporation(Japan), BT Group PLC (U.K.), Fusion Telecommunications International, Inc.(U.S.), to mention a few.
Vodafone Group has cut down on the use of VMware's network virtual infrastructure, mainly in 21 markets across Europe. This has resulted in 50% drop in the cost of the overall core network functions. This move has helped the telecom vendor to curb manual intervention significantly, which is ideal during the coronavirus pandemic.
Also Read: http://www.marketwatch.com/story/cloud-computing-market-size-share-upcoming-opportunities-segmentation-growth-analysis-current-trends-business-revenue-challenges-and-analysis-of-covid-19-2021-02-09