The increasing number of phone users will enable growth in the global mobile virtual network operators (MVNO) market, according to a recent report by Fortune Business Insights.

The report is titled "Mobile Virtual Network Operators (MVNO) Market Size, Share and Global Trend by Operational Model (Reseller MVNO, Service Provider MVNO, Full MVNO), Service Type (Postpaid, Prepaid), Subscriber (Business, Individual/Residential) and Geography Forecast till 2025."

It states that in 2017 the global mobile virtual network operators market was valued at US$62.5 billion and is anticipated to expand at a CAGR of 7.8% to reach US$113.9 billion by the end of 2025.

Asia Pacific is among the leading regions in the global market, valued at US$18.2 billion in 2017, and is expected to expand at a relatively higher CAGR during the forecast period.

The growth witnessed in the region is attributable to increasing collaborations taking place between mobile phone manufacturers and key market players.

Additionally, nations such as India, China, and others are witnessing fast development and attracting mobile virtual network service providers to invest in the region.

This is anticipated to enable growth in the Asia Pacific mobile virtual network operators market.

India, China, and others are also constantly working to improve their network infrastructure to offer seamless services, which should result in higher adoption of mobile network services.

In terms of operational model, the full MVNO segment emerged dominant in the global mobile virtual network operators market in 2017.

The segment accounted for 37.7% of the global market in 2017 and is anticipated to witness impressive growth over the forecast period.

Increasing adoption of e-financial services and rapid adoption of digitalisation are a few factors anticipated to drive the global mobile virtual network operators market during the forecast period.

Moreover, MVNO service providers are providing great offers and cheaper tariffs to its customers, which is likely to fuel the demand in the global market.

"Key market players are giving emphasis on raising awareness about mobile network servicers in undeveloped and developing nations. Such initiatives are expected to enable growth in the global market," says a Fortune Business Insights lead analyst.