Telecommunication Relay Service (TRS) Market size is anticipated to cross USD 15 billion by 2032, according to a new research report by Global Market Insights Inc.
The burgeoning advancements in telecommunications relay solutions and the mounting uptake of smartphones as the chief drivers of the telecommunication relay service business trends. Moreover, the significant use of VoIP devices with Teletypewriter (TTY) machines aids the deaf and hearing-impaired community to communicate over the phone. This is fueling the demand for unified communication & enterprise VoIP as it improves videoconferencing quality, live chat, and other calling capabilities, accelerating the TRS penetration further.
Rising demand for communication services to push traditional relay segment growth
The telecommunication relay service market from the traditional relay technology segment is speculated to grow at around 10% CAGR between 2023 and 2032. The segment growth is attributable to substantial demand for communication services from individuals using teleprinters, text telephones teletypewriters. Traditional relay services are the most common choice for TTYs, which is likely to support segment revenue growth.
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Fewer interruptions to spur IP captioned telephone service industry share
The IP captioned telephone service segment is slated to register at a nearly 15% growth rate through 2032. The soaring demand for IP captioned telephone service is due to its capability to control interruptions between calling individuals and communications assistants.
Browse key industry insights spread across 230 pages with 246 market data tables and 34 figures & charts from the report, “Telecommunication Relay Service (TRS) Market Size By Service (Text-to-Voice, Voice Carry Over, Captioned Telephone Service, IP Captioned Telephone Service, Internet Protocol Relay Service, Video Relay Service, Others), By Technology (IP Relay, Traditional Relay), By End Use (Personal, Government, Enterprise), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Favorable initiative to promote relay services to augment government segment revenues
The government end-use segment captured more than 65% of the market revenue share in 2022. Favorable government initiatives to promote digitalization are poised to push product adoption. The segment growth is further set to be driven by positive support from government agencies to enable enterprises to deliver relay services to customers across multiple locations.
Surging need for real-time captioning to boost Europe TRS industry growth
The Europe telecommunication relay service market is poised to hold over 30% of the revenue share by 2032. The region may emerge as a major hub for this industry owing to the strong utilization of UCC solutions, and the digitalization of businesses and mobile devices. Also, the emergence of advanced real-time captioning and speech recognition technologies is projected to stimulate regional growth.
Partnerships and acquisitions to remain key growth strategies
The strategic landscape of the telecommunication relay service industry is estimated to witness a series of growth partnerships, collaborations, and acquisitions by industry players. Some of the key market players profiled in the report include Bell Canada, Sprint Relay (T-Mobile USA Inc.), and Cisco Systems Inc., among others.