Newton-based Iowa Telecommunications Services Inc. could be in the center of a consolidation among rural phone service providers as the industry looks to cut costs and boosts earnings as more customers switch from home phone lines to services provided by wireless and cable companies, Reuters reported.

Windstream Corp., the second-largest rural operator by revenue, could be the first company to make a move after it said this month that it hoped to participate in consolidation. Analysts predicted it could make a bid for Connecticut-based Frontier Communications Corp., which has a market value of about $4 billion and 2.3 million access lines, compared with Windstream’s $5.6 billion value and more than 3 million access lines.

Meanwhile, analysts said Iowa Telecom could be one of several companies looking for deals, along with the largest rural phone company, Embarq Corp.; CenturyTel Inc.; and Consolidated Communications Holdings Inc.

Or Iowa Telecom could receive an offer to be bought out. According to Stanford Group analyst Michael Nelson, Iowa Telecom, whose market value is about $568.3 million, could go for as much as $830 million.

Still, most analysts agree that deals could take longer than expected because of tight credit markets and a consolidation period could be delayed until companies’ stock values improve.