DUBLIN, May 19, 2022--(BUSINESS WIRE)--The "Global Cloud OSS BSS Market by Component ((Solutions and Services), Solution (OSS and BSS), Service (Professional and Managed Services)), Cloud Type (Public, Private, and Hybrid), Operator Type, Organization Size and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Cloud OSS BSS Market size is expected to grow from USD 20.1 billion in 2022 to USD 36.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.
The presence of various key players in the ecosystem has led to competitive and diverse market. Implementation of SDN and NFV at large scale will surge the adoption of OSS BSS solutions.
The increasing adoption of customized cloud OSS BSS solutions and services has led CSPs to enrich the customer experience by providing bundled services. Due to the increasing service options and the complexities of cloud service providers' IT architecture, customized cloud OSS BSS solutions and services are gaining huge traction.
The solution segment to record the highest market share during the forecast period
In the cloud OSS BSS Market by Component, solutions segment is expected to hold the largest market size. These solutions are based on new technologies, such as AI, ML, and big data analytics, which help gather, visualize, analyze, and monitor data to gain valuable insights. Moreover, cloud OSS BSS solutions have enabled CSPs to manage operations and business process efficiently and monitor their performance.
The rising adoption of innovative network infrastructures, such as cloud services, Software-defined Networking (SDN), Network Function Virtualization (NFV), IP networks, fixed and mobile broadband networks, and mobility is streamlining business operations. To support and automate the infrastructure, companies are cloud OSS BSS solutions.
The Analytics and Assurance segment is expected to grow with the highest CAGR during the forecast period
In the cloud OSS BSS market by OSS Solutions, the analytics and assurance segment is expected to record the highest CAGR during the forecast period. Analytics and assurance solutions are an innovative, intelligent suite based on artificial intelligence, machine learning, and big data.
They provide various algorithms for predictive analysis and information gathering solutions to detect and resolve network issues. The need to use 5G services efficiently in day-to-day operations and improve service quality is expected to surge the demand for analytics and assurance solutions in this market.
The Managed Service segment to record the highest CAGR during the forecast period
In the cloud OSS BSS market by Service, managed service segment is expected to grow with the highest CAGR during forecast period. Managed services, focused on critical business issues, current requirements, and future growth opportunities, are majorly implemented by the telecom industry to enhance their service and business efficiency.
This is expected to propel the demand for best-in-class services in this market. The need to increase efficiency and profitability offered by managed services is expected to boost their adoption in this market. These services help service providers in delivering a high level of customer experience and allow them to focus on new business verticals to stay hyper-competitive in the market.
Hybrid Cloud segment expected to have a higher growth rate during the forecast period
By Cloud type, hybrid cloud segment is expected to lead the market during the forecast period. The hybrid cloud deployment model offers greater control, reduced risk, cost efficiency, and better performance. Additionally, it also provides usage-friendly, versatile, and cost-effective features of public cloud and the greater control and security of private cloud.
Asia Pacific is expected to have a higher growth rate during the forecast period
Asia Pacific is expected to record the highest CAGR during the forecast period. Asia Pacific consists of many developing and developed economies. The region has been segmented into China, India, Japan, and the rest of Asia Pacific.
Some developed countries in the region are rapidly adopting new technologies, while some developing countries require a significant amount of time to catch up with the developed countries. The region demonstrates a combination of high growth, developing economies, and increasing adoption of mobile and the internet.
Market Overview and Industry Trends
Increasing Adoption of Tailored Cloud OSS BSS Solutions
Increasing 5G Adoption to Surge the Demand for Cloud OSS BSS
Growing Demand for Convergent Billing Systems
Large-Scale Implementation of Sdn and Nfv
Growing Need to Reduce Capex and Opex
Concerns Over Data Privacy Hindering the Adoption of Solutions
Adoption of Cloud Technologies Transforming the Telecom Industry
Growth of the Telecom Industry with Next-Generation Operation Systems and Software (Ngoss) Framework
Operators Taking Service Innovation to the Next Level for Monetizing and Marketing Iot
High Volume of Customer Transactions and Increasing Complexities in Network Management
Lack of Technical Proficiency for Implementing Cloud-Native OSS BSS Solutions
For more information about this report visit https://www.researchandmarkets.com/r/krkrtc
View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005526/en/
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