Telecom Market in Mexico to grow at a CAGR of 6.51% during 2024-2028
The Telecom Market in Mexico is expected to grow at a CAGR of 6.51% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13.09 billion. In the telecom market of Mexico, mobile financial services have emerged as a game-changer, enabling consumers to execute various financial transactions via their mobile phones. These services encompass money transfers, utility bill payments, merchant transactions, and mobile top-ups. Telecom operators serve a pivotal role in facilitating these transactions by supplying the essential network infrastructure and mobile connectivity for mobile payment platforms. Mobile financial services foster financial inclusion by extending banking and payment services to the underbanked and unbanked populace. In Mexico, where a substantial segment of the population remains devoid of conventional banking services, mobile financial services present an attractive alternative, empowering individuals to engage with the formal financial sector. Moreover, mobile wallets are increasingly popular in Mexico, permitting users to securely store funds, execute payments, and perform financial transactions on their mobile devices.
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Technavio analysts predict that the Voice subsegment will lead the Type segment during 2024 and 2028 The telecom market in Mexico experiences significant growth due to the expanding population and urbanization. With over 80% of the population residing in urban areas, the demand for voice communication services increases, as these densely populated regions typically exhibit higher economic activity and greater connectivity needs. The population growth directly correlates with the requirement for effective communication among individuals, households, businesses, and organizations. Furthermore, technological advancements, such as the shift from circuit-switched networks to IP-based networks, have expanded the capabilities and accessibility of voice services, thereby enhancing their appeal to consumers and businesses alike.
Here are the various ways based on which the market is segmented:
Key Companies and Market Insights
Some of the key companies in the Telecom Market in Mexico include:
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There are several factors that are causing the market to flourish advances in telecom technologies
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The Telecom market in Mexico is witnessing significant growth, particularly in the areas of Machine-to-Machine (M2M) eSim and IoT connectivity solutions. With the upcoming 6G technology, the demand for high-speed data connectivity is expected to surge, driving the need for IMT/5G spectrum. The telecommunications industry is gearing up for this shift, investing in 5G infrastructures to cater to the increasing number of mobile subscribers and smartphone devices. OTT players are also entering the Mexican market, offering value-added managed services to enhance the communication network experience. The transportation & logistics, healthcare, IT & telecom, media & entertainment, and e-commerce retail industries are some of the key verticals set to benefit from the advanced connectivity solutions. The cost of connectivity is a critical factor in the Mexican telecom market, and 5G is expected to offer more affordable options for high-speed data. The communication instruments market is also evolving, with new devices and applications emerging to support the growing demand for connectivity. Overall, the Mexican telecom market is poised for growth, driven by the adoption of advanced technologies and the increasing need for high-speed data connectivity.
According to Technavio, the telecom market in Mexico is classified as part of the global communications equipment market, which falls under the broader information technology sector. This market encompasses the manufacturing of enterprise networking equipment, such as LANs, WANs, routers, telephones, switchboards, and exchanges, as well as communications infrastructure or telecom equipment. The global communications equipment market size is determined by the revenue generated from the sales of communication equipment, broadcasting equipment, and telecommunication equipment, as well as investments made by service providers to enhance their communication infrastructure. Notably, the market size does not include revenue from cellular phone manufacturers, which are categorized under the Technology Hardware, Storage and peripherals sub-industry.
The Telecom Market in Mexico is experiencing significant growth, fueled by the advances in telecom technologies. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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