The global telecommunications industry continues to expand as spending by consumers and businesses for wireless services fuels industry revenue growth, a market analysis report from the Insight Research Corp. says.

According to the report, “The 2012 Telecommunications Industry Review: An Anthology of Market Facts and Forecasts,” telecommunications services revenue on a worldwide basis will grow from $2.1 trillion in 2012 to $2.7 trillion in 2017 at a combined average growth rate of 5.3%.

“Despite global economic uncertainty, the telecommunications industry is showing strong revenue growth, which is being driven by consumer Internet usage and business mobility solutions. These are enabling new applications,” said Fran Caulfield,  research director for Insight Research.

Wireless subscriber growth, particularly in Asia and other emerging markets, will raise wireless revenues 64% from current levels, while wireline revenues will show only modest growth, according to the report.

North America is expected to have the slowest CAGR, at less than 4% over the forecast period. From 2012 to 2017, the region’s carrier revenue will grow from $459 billion to $554 billion at a CAGR of 3.8%.

Europe, Middle East, and Africa will have stronger growth, primarily from developing countries. From 2012 to 2017, carrier revenue in the region will grow from $683 billion to $893 billion, a CAGR of 5.5%.

“Asia and the Pacific Rim (AP) and Latin America and the Caribbean (LA) are the fastest-growing regions, driven by the economies of China, Korea, Mexico and Brazil. Many of the countries in these regions have a combination of a rapidly expanding middle class and increased privatization of key industries. The resulting demand for telecommunications services, much of which is satisfied by wireless services, is reflected in their higher CAGR relative to the worldwide composite,” the report said.

Carrier revenue in Latin America and the Caribbean will grow from $157 billion to $207 billion at a CAGR of 5.7% from 2012 to 2017, while carrier revenue in Asia and the Pacific Rim will growth from $775 billion to $1 trillion at a CAGR of 5.9%.

The report also states that most of the growth is expected to occur in broadband services, with wireless 3G and 4G broadband services projected to grow at a CAGR of 24% over the forecast period and wireline broadband services projected to grow at a CAGR of 13%.