Cloud OSS BSS Market To Grow At CAGR of 11.3% And Reach USD 68.5 Billion by 2031
Increase in cloud adoption across several industry verticals and increasing 5G adoption to surge the demand for cloud OSS BSS drive the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, February 28, 2023 /EINPresswire.com/ — The rise in cloud adoption across various industry verticals and the surge in 5G adoption drive the growth of the global cloud OSS BSS market. In addition, the demand for convergent billing systems supplements the growth. However, the lack of technical proficiency to carry out the implementation of cloud-native OSS BSS solutions restrains the market growth. On the other hand, the increase in the implementation of cloud technologies to transform the telecom industry presents new opportunities in the coming years.
According to the report, the global cloud OSS BSS industry generated $24.0 billion in 2021, and is estimated to reach $68.5 billion by 2031, witnessing a CAGR of 11.3% from 2022 to 2031.
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Based on components, the solution segment contributed to the highest market share in 2021, contributing to nearly three-fifths of the global cloud OSS BSS market, and is expected to maintain its leadership status during the forecast period. This is due to assistance to organizations in forecasting the conditions, calculating the output, managing market transactions, and ensuring compliance with regional, state, and national regulations.
However, the service segment is projected to witness the largest CAGR of 12.4% from 2022 to 2031, owing to the effective functioning of network services along with the management of customer services, business operations, and platforms throughout the process.
Based on industry vertical, the IT and Telecom segment held the highest market share in 2021, accounting for nearly three-fifths of the global cloud OSS BSS market, and is expected to maintain its lead position during the forecast period. This is due to the efficiency provided by OSS BSS in product management, business operations, revenue management, customer management, and IT in telecom services.
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However, the retail and e-commerce segment is projected to manifest the fastest CAGR of 14.5% from 2022 to 2031. This is attributed to its ability to simplify the systems and deliver personalized customer experience. Moreover, retail-as-a-service (RaaS) integrates various verticals such as inventory and order processing to enhance the capabilities of restocking.
Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global cloud OSS BSS industry, and is expected to maintain its dominance in terms of revenue by 2031. This is owing to the rise in the adoption of cloud OSS BSS solutions across end-user industries such as media & entertainment, retail, and financial sectors in the region.
However, Asia-Pacific is projected to manifest the fastest CAGR of 13.5% during the forecast period. This is attributed to the rise in demand for cloud OSS BSS solutions in the BFSI sector for enhancing customer experience and capitalizing on new avenues of growth.
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Leading Market Players:
• Amdocs Limited
• Telefonaktiebolaget LM Ericsson
• Huawei Technologies Co., Ltd.
• Hewlett Packard Enterprise Company
• IBM Corporation
• Netcracker
• Nokia Corporation
• Optiva, Inc.
• Oracle Corporation
• ZTE Corporation
Covid-19 Scenario:
• Organizations adopted a “work from home” or remote working culture due to lockdown restrictions put by governments of many countries. This led to the adoption of cloud OSS BSS, which, in turn, raised investments and reliance on OSS BSS services and solutions.
• In addition, the demand from various industry verticals such as IT & telecom, BFSI, retail, and others increased considerably to avail benefits of integrating different service charges into a single invoice. This consolidated the demand for convergent billing tools and cloud-native OSS BSS solutions.
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