The MVNO market will continue to grow for the foreseeable future, according to new research from Transparency Market Research. 

According to a new report from the firm, the global MVNO market is expected to reach a value of $75.25 billion by 2023. The market is estimated to expand at a CAGR of 7.4 percent during the forecast period from 2015 to 2023.

Transparency contends that unused bandwidth will continue to reap benefits for MVNOs. The report also expects that the MVNO model allows those playing in the market easy entry through existing operators and infrastructure, which in turn enables them to address niche markets. 

In 2014, Europe held the major market share in terms of revenue generated by MVNOs globally, followed by North America. However, Transparency expects Latin America and Asia Pacific to grow at a faster rate as compared to these mature markets.  

With the increase in number of travelers and migrants, Transparency expects the consumer market is inclined toward discounts and low international call rates offered by MVNOs to ethnic groups in mature markets such as Europe and North America. 

Transparency highlights some of the key players operating in the MVNO market include: AT&T, Lycamobile Group, Sprint, T-Mobile, Verizon, CITIC Telecom International Holdings Ltd., Telefonica, TracFone, Truphone, and Virgin Mobile.