Telecommunication is communication at a distance by technological means, particularly through electrical signals or electromagnetic waves. Due to the many different technologies involved, the word is often used in a plural form, as telecommunications. Increased demand for high speed internet access and bandwidth in an untapped emerging market were the major drivers for the growth of the industry. The telecommunication services industry experienced good growth during the last five years and is expected to continue its growth momentum, reaching approximately US$1,776.7billion with a CAGR of 3.8% over the next five years. The global telecommunication services industry is expected to witness good growth as an increase in demand of social portals such as Facebook and Yahoo are expected to boost mobile VoIP applications for increased usage of wireless services through smart phones. High demand of network technologies such as HSPA/LTE would provide capacity, speed, and cost efficiency and enable mobile broadband development. Companies driven by innovations in technologies are expected to gain market share globally. Wireless and broadband are attractive growth avenues in the forecasted period. After the US credit crunch and increased sub-prime lending, the global economy rebounded due to increased disposable income and spending growth in advanced technologies, industry push by government stimulus packages, and foreign direct investment boosted the industry growth. Increasing disposable income, demand for high volumes of data application, increasing demand of 3G, edge, and 4G technologies, convergence of services, and competition for access in homes and businesses are the major drivers for the industry. The industry is expected to face certain challenges such as increased regulatory compliance, rapid deployment of new service bundles, high customer demand for innovative products and services, customer acquisition and retention, and increased network traffic. The global telecommunication equipment industry is expected to witness modest growth and reach an estimated $214.5 billion with 2.7% CAGR over the next five years. Asia Pacific (APAC), followed by North America and Europe, witnessed growth propelled by the demand of advanced technological products and video conferencing equipment. Over the next five years, North America is expected to experience the highest growth. Due to the acute competition in the industry, the equipment makers are opting for mergers and acquisitions to maintain propitious market position. Expanding liberalization is one of the major factors instigating a strong market competition. Some of the more attractive opportunities are focused on 3G wireless technologies and emerging 4G technologies.