Mumbai: Worldwide spending on telecommunications and pay-TV services is forecast to reach $1.5 trillion in 2021, representing an increase of one per cent over 2020, according to the latest report released by Intelligence Data Corporation (IDC).

This growth will largely be driven by remote working, collaboration, and rising online media consumption said the market intelligence firm. The fastest expansion is still expected in the Asia-Pacific region.

While the value of fixed voice and mobile voice services segments will gradually decline, the value of fixed data and mobile data services portions will slowly grow.

As per the report, the major driver in the mobile segment will be a gradual recovery of roaming revenues fuelled by the recuperation of the global tourist industry. The market for traditional pay-TV services will continue to decline slowly due to the migration of customers to over-the-top (OTT) video services platforms, it added further.

The overall market's growth rates are expected to remain stable during the entire forecast period and even speed up slightly in 2025.

5G will constitute 38.8 per cent of total mobile connections and 41.3 per cent of total mobile spending by the end of the forecast period in 2025.

"The troubles related to Covid-19 are still not in the rear-view mirror as the worsening pandemic dynamics in some low-income countries and the global supply-chain disruptions threaten to harm the fragile recovery of the market," said IDC research director, telecommunications Kresimir Alic. "But because of the resiliency the industry showed during 2020, we are convinced that the market will remain in a positive mood for at least the next couple of years.”a