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If it seems that the telecommunications field is growing faster than you can keep up with it, you’re not alone. A recently released report shows that the global telecom enterprise services market is forecast to grow at a compound annual growth rate (CAGR) of 4.1 percent between now and 2023. This, from a market that was already valued at $148.7 billion just a year ago.

The new report from Transparency Market Research (TMR) also uncovered some other positive signs for the industry, all of them showing an upward trend.

For example, growth of the so-called micro, small and medium enterprises (MSMEs) across the world, along with high industrial activity driving telecom enterprise services, are key factors driving the growth of the telecom enterprise services market.

“In addition, more investments and economic growth of emerging markets in the APAC region and [an] increase in worldwide enterprise IT spending across verticals is further expected to drive the growth of this market over the forecast period,” TMR said.

But drilling down, it’s easy to see why the rosy forecast was not unexpected. The global telecom enterprise services market (by solution) was dominated by the voice segment, with a market share of 34 percent in 2014. Enterprise-level voice services and unified communications are two offerings that enable enterprises to improve productivity, reduce operating and travel expenses, and reap the benefits of VoIP while leveraging the existing legacy system investment made by enterprises.

“Advantages of voice solutions include streamlining communications, improved collaboration, and support mobility,” TMR noted. “Wireless/Mobility market share is forecast to grow at the fastest rate during the forecast period from 2015 to 2023. [The] Data/Internet Service segment is expected to witness the second fastest growth during the forecast period from 2015 to 2023.”

It’s also not surprising that North America led global telecom enterprise services in 2014 with a share of about 36 percent of that market.

“There are approximately 3,800 independent communication technology partners and vendors who consult with business end-users,” TMR said. “These partners include master agents, agents, Telco agents, channel distributors, and VARs who enable sales of products and services of various telecom operators (vendors) globally. North America is one of the regions with the highest mobile penetration rate.”