Telecom Order Management Market Overview
Telecom Order Management market is anticipated to reach $6.5 billion by 2026 at a CAGR of 14.3% during the forecast period 2021-2026. The market growth is attributed to factor of significant expansion in the telecommunications industry throughout the world. With the rising convergence of networks and connection devices and customer experience solutions, communication service providers (CSPs) are increasingly using sophisticated order management systems to produce tailored order and revenue management client orders and services while also facilitating the flexible operation of businesses. Furthermore, the widespread use of internet-enabled smartphones, as well as rising customer demand for online purchasing via ecommerce platforms, are boosting market development. Telecom order management systems help companies automate service fulfillment operations and improve customer service delivery. Other growth-inducing elements include different technical developments, such as the creation of next-generation telecom order management software. Artificial intelligence (AI), machine learning (ML), Internet of Things and big data are also being used by service providers to improve standardization and interoperability with current systems. Other variables to be considered include substantial infrastructural upgrades, particularly in developing countries, as well as the implementation of beneficial government policies. Hence, these factors will drive Telecom Order Management market size in the forecast period 2021-2026.
Telecom Order Management Market Segment Analysis- By Network Type
By Network type, Telecom Order Management market is segmented into Wireline, Wireless. Wireline segment is estimated to hold the highest market share among all the components during the forecast period 2021-2026. Interconnected connection and redistribution systems comprise a wireline network. The network allows speech and data to be sent via the internet. Local and long-distance telephony, including voice calls, message, and fax, have traditionally been the major wireline services. They were sent through a network of copper lines and switches. Calls between users were connected by cables and switches. The copper infrastructure linking old landlines and pay phones is now part of the network. It primarily consists of a broadband network that provides VoIP (Voice over Internet Protocol), Internet, television, and managed private communications services. Wired networks are now used by companies with sensitive data since they are regarded as extremely secure connections. Despite the widespread use of wireless networks, many businesses still prefer to use wired networking solutions in conjunction with wireless networks to provide better connection and secure services. Thus, above-mentioned factors are analyzed to drive the market in the forecast period 2021-2026.
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Telecom Order Management Market Segment Analysis- By Deployment Type
This market is segmented into on-premises, cloud, on the basis of deployment type. Cloud deployment model is anticipated to witness a significant amount of growth in the forecast period 2021-2026. It provides flexibility, scalability, affordability, and operational efficiency, among other benefits. Cloud deployment’s ability reduces the high expenses of telecom order management systems. For instance, Comarch’s digital full stack BSS/OSS (business and operation support systems) solutions implemented on the Microsoft Azure public cloud are set to make telecoms more flexible and cost-effective. In September 2020, ServiceNow launched a new version of its Now Platform, code-named Paris, with editions for telecommunications and financial services as well as workflows for business continuity, hardware asset management and legal services delivery. In March 2020, Google Cloud announced a comprehensive new strategy to help telecommunications companies digitally transform. Google Cloud’s approach focuses on key business outcomes for telecommunications companies, including improving operational efficiency across telecom core systems. Such developments are further set to boost the market growth.
Telecom Order Management Market Segment Analysis- By Geography
North America dominated the market by a market share of approximately 32% in 2020. The region’s telecommunications industry is well-developed, with fierce rivalry among communication providers, which is likely to enhance the market growth. The telecom order management market in this area is growing due to ongoing improvements in IT infrastructure and technology utilized for customer support, a large number of market suppliers, and the availability of skilled technical expertise regarding managing daily operations and helpdesk software. Furthermore, APAC is projected to have the fastest growth with a CAGR of 16.4% during 2021-2026, owing to increasing investment across industries, rapid digitalization, economic development and growing penetration of advanced technologies. The use of telecom order management has risen in tandem with the growth in smartphone penetration and internet purchasing. According to a survey performed by ICUBE in India in 2019, the number of internet users in India increased by 18 percent annually in 2019 and was expected to reach 627 million by 2020. Furthermore, the market’s growth has been fuelled by an increase in the adoption of connected devices.
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Telecom Order Management Market Drivers
Incorporation of cutting-edge technology such as artificial intelligence, machine learning, and others tend to drive the market growth for Telecom Order Management:
With the use of machine learning, artificial intelligence, and big data analytics in telecom order management, several sectors are undergoing fast development. Many telecommunications companies, for instance, have integrated sophisticated technology into telecom order management to make the solution smarter and more secure. Several businesses have used AI-based telecom order management solutions to improve a variety of applications, including automated procedures, self-service capabilities, sensor-powered capabilities, well-orchestrated operations, and 360-degree visibility. Thus, technological advancements positively impact market growth. According to a survey by Deloitte, 40% of Telecom, Media and Tech executives say they have garnered “substantial” benefits from cognitive technologies, with 25% having invested $10 million or more.
Rapid increment on the number of subscribers is analyzed to propel the market growth:
In recent years, there has been a significant growth in the number of people using the internet, which has been aided by numerous government programs. Furthermore, in developing countries such as India, China, and Japan, the number of internet users has grown. According to research performed in India, the number of internet users in the country is predicted to climb by 40% by 2023, while the number of smartphone users is forecast to rise by 50%.
Telecom Order Management Market Challenges
Lack of technical expertise act as hindrance to the market growth for Telecom Order Management:
The telecom sector faces a huge issue in the form of a skills shortage. According to a 2019 survey, 70 percent of those working in the telecommunications industry lack the various skillsets necessary to manage orders. The rising demand for telecom order management solutions necessitates a number of sophisticated talents, and the present talent pool is rather small, limiting its applicability.
Telecom Order Management Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Telecom Order Management market. In 2020, the market of Telecom Order Management industry outlook has been fragmented by several companies. Telecom Order Management top 10 companies include
1. IBM Corporation
2. Oracle Corporation
5. Fujitsu Limited
6. Pegasystems Inc.
7. Infosys Limited
8. Wipro Limited
9. Comarch SA
10. Cerillion, among others.
In July 2019, IBM and AT&T announced a multi-year strategic alliance. Under the coalition, AT&T Communications will utilize IBM’s expertise to transform AT&T Business Solutions’ internal software applications, enabling migrations to the IBM Cloud.
In February 2019, Ericsson and Omantel have established a collaboration to operate Omantel’s multi-access mobile networks. According to the telecoms firm, which is majority owned by the Omani government, the agreement would allow Omantel to use a variety of network functions virtualization (NFV) features. The agreement also includes fully managed end-to-end operations services, such as countrywide network operations, field maintenance, and support for Omantel’s fixed-line, 2G, 3G, 4G, and future 5G access.
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North America dominated held the major market share in 2020. This is mainly attributed to the rising digital transformation and growing adoption rates of advanced technologies in IT and telecommunication, and others.
The demand for Telecom Order Management is estimated to witness significant upsurge during the forecast period, owing to the growing adoption of connected devices across sectors globally.
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