APAC OSS/BSS market is estimated to attain a CAGR of 20% through 2028 led by the government regulations and diverse subscriber base residing in this region.
SELBYVILLE, Del., April 5, 2022 – The OSS/BSS market size is anticipated to record a valuation of USD 130 billion by 2028, according to the most recent study by Global Market Insights Inc. The standardization and integration capabilities of OSS/BSS solutions into all major network virtualization platforms are further fueling market growth.
The OSS/BSS market is growing rapidly owing to the increasing demand to streamline customer service functions and ensure high-quality service delivery. In addition, an extensive digitization trend is observed across organizations with their shift toward cloud-based software solutions. Cloud-based solutions are providing major opportunities for the industry expansion in the future. The leading companies are focusing on emerging technologies, such as big data analytics and 5G, to develop innovative solutions for their customers.
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The customer & product management segment is estimated to register growth of 15% during 2022 to 2028. It play an important role for operators in the development, sales, and management of products. Enterprises are adopting customer & product management in their business operations due to changing customer behavior and lifestyle. This creates more opportunities for enterprises to offer more personalized services to sustain the stiff competition.
The cloud segment in the OSS/BSS market is expected to hold a larger market share during the forecast period. The growth is attributed to flexible configuration and re-usability, simplifying the process of launching a new service. Furthermore, cost effectiveness along with scalability and flexibility of the cloud system is the primary factor augmenting its demand among CSPs and other enterprises.
The SME segment is projected to witness an exponential growth over the coming years. The growth is credited to the widespread adoption of OSS/BSS across small and medium enterprises to improve operational productivity and increase entrepreneurs’ skills and knowledge.
The OSS/BSS market for media & entertainment segment is predicted to grow at a CAGR of over 15% through 2028 owing to the increasing demand for on-demand videos and video streaming services. As customers are becoming more demanding, enterprises are required to deliver services rapidly with higher quality; thus, companies are looking for new ways to improve their service delivery for customers.
Asia Pacific OSS/BSS market is poised to expand at 20% CAGR till 2028 led by the mandatory government regulations and diverse subscriber base residing in this region. The wide opportunity for the introduction of new services, mainly in countries including China, Korea, and India, along with a growth in the telecommunication industry, is augmenting the industry value. The plummeting Average Revenue Per Unit (ARPU) is also slated to positively impact in the market expansion. The region is also expected to become the largest 5G network globally by 2025.
Major players operating in the market are Accenture Plc, Agile Network Systems, Amdocs Ltd., BMC Software, Inc, CA Technologies, Cisco Systems, Inc, and Comarch SA. Several companies are focusing on forming partnerships with cloud providers to launch innovative solutions for customers.
The leaders are focusing on digital transformation across communication service in order to serve user-friendly solutions across geographies. Strategic partnerships are enabling the companies to solve the most difficult monetization, customer experience, and commerce challenges that occur with CSPs.
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SOURCE Global Market Insights Inc.