Telecommunications Services Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 5/20/2024
SIC Codes: 4812, 4813, 4841, 4899
NAICS Codes: 517
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Telecommunications Services Industry Profile

Companies in this industry operate or provide access to facilities for voice, data, text, sound, and video transmission through wired, wireless, or satellite networks. Major companies include US-based AT&T, Verizon, and Xfinity, as well as China Mobile (China), Deutsche Telekom (Germany), NTT (Japan), Telefónica (Spain), and Vodafone (UK).

Worldwide, the telecommunications services market generated about $1.8 billion in 2022 and is expected to experience growth by over 5% until 2030, according to Grand View Research. China and The European Union lead the world in value of the leading office and telecom equipment importers worldwide, according to Statista.

The US telecommunications services industry includes about 60,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $620 billion.


Telecommunications services providers operate in a highly competitive market that includes wireless companies, traditional telephone companies, cable companies, internet service providers, and software and application providers. Market saturation has led to a slowdown in wireless subscriber growth in certain developed regions, driving major carriers to lower their prices to compete. Because voice services may increasingly be considered a commodity, providers may attempt to compete by offering superior customer service or heavily investing in marketing.

The telecommunications industry in the US is highly concentrated: the 50 largest companies generate about 90% of revenue. Carriers around the world are in a consolidation push, seeking to grow their subscriber bases through acquisitions, improved ...

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