The global telecom cloud market is expected to jump from $11 billion last year to $38.5 billion by 2022. That’s a compound annual growth rate (CAGR) of more than 19 percent, with AT&T, Verizon, and CenturyLink among the major players.

That’s according to TechSci Research’s Global Telecom Cloud Market report. Other big names in this market include BT Group, China Telecommunication, Telus, Deutsche Telekom AG, Fusion Telecommunications International, Telstra, NTT Communications, TATA Communications, Singapore Telecommunications, ZTE, IBM and Telefonaktiebolaget LM Ericsson.

The telecom cloud market across the globe has been growing rapidly on the back of increasing need to minimize operational and administrative costs of telecom companies, the report said.

Increasing deployment in the banking, financial services and insurance sector, and rising demand from the media and entertainment industry are driving demand for telecom cloud across the globe. Unified communication and collaboration is gaining immense popularity among telecom service providers to offer better and efficient services, according to the report.

Demand for communication-defined network services also is growing worldwide due to the increasing need for responding quickly to user questions.

Global spending on cloud infrastructure is expected to reach $266 billion in 2021.