As the telecom industry continues to evolve rapidly, companies all across the globe continue to seek robust software systems that help these companies manage their daily activities. Telecom companies deal with hundreds of thousands of calls every second, and customer lies at the center of the entire ecosystem. OSS BSS system helps the companies from handling customers to represent real-time BI solutions to the companies and hence has become a critical aspect of the customer-driven telecom industry.
Most modern OSS BSS software systems come up with customer relationship management (CRM) solutions, convergent billing solutions, and a slew of other functionalities. The various add on functionalities has helped the industry grow by leap and bound in recent years.
The global OSS BSS system and platform hit a major high in 2018, and the industry is expected to grow at a compound annual growth rate of xx percent for the next few years. By the year 2025, the industry is expected to cross a major milestone.
The global OSS BSS system and platform has flourished all across the globe and has some of the major names in the industry. Some of the leading companies in the segment are Amdocs, Samsung Electronics, Ericson, Subex, Huawei, and others.
The OSS BSS System and platform can be segmented into several categories. The most important aspects for the categorization of the solutions are based on product type and the basis of industry.
Based on the product type, the global OSS BSS system and platform can be segmented into Operation Support System (OSS), Service delivery platform, and Business Support System (BSS).
On the other hand, based upon the industry, the system finds its application in the telecommunication industry, retail industry, banks, and financial institutes and media and entertainment industry.
Factors affecting the growth prospects
There is a slew of factors that affect the growth prospects of the industry. Rapid globalization and the growing need for providing better customer service has propelled the growth of the OSS BSS system and platform in recent times.
The OSS BSS system integrates well with business intelligence platforms, provide modern-day solutions to authenticate customers, and help cost reduction. This has helped the industry grow by leap and bound, and the industry is expected to flourish further in the coming years.
However, the lack of technically skilled individuals has emerged out as a key restraining factor. This has led to companies train according to the desired skills, which affects the overall budget of the company.
The Asia Pacific region has evolved out as major key drivers driving the sales prospects. The presence of numerous telecom companies has helped the OSS BSS system and platform grow rapidly in the region.
Developed regions like North America face fierce competition from different vendors who have been selling the same.
These companies have been in the industry long enough and know what works and what does not. Companies spend heavily on the newer systems and come up with great solutions once in every few years.