MarketsandMarkets forecasts the global telecom analytics market to grow from USD 3.1 billion in 2018 to USD 6.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.3%
NEW YORK, March 26, 2019 /PRNewswire/ -- Need to reduce churn and retain customers to drive the growth of the market
MarketsandMarkets forecasts the global telecom analytics market to grow from USD 3.1 billion in 2018 to USD 6.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period. The growing need to reduce churn and retain customers, increasing demand for streamlined revenue management, and rising network attacks and online data security threats are propelling the growth of the telecom analytics market. However, the lack of awareness of telecom analytics among telecom operators is expected to limit the growth of the market.
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The need for understanding customer requirements and delivering personalized targeted services to drive the customer management segment
Telecom companies across the globe are adopting analytics solutions for customer management, sales and marketing management, and network management.Customer management in the telecom analytics market encompass use of analytics across customer life cycle that includes customer segmentation, satisfaction, loyalty analytics, sentiment analysis, customer experience, customer lifetime value, churn analytics, behavior analytics, delinquency analytics, and credit scoring.
With low margins and high competition, telecom service providers need to understand their customers, their changing interests and preferences, and create value-based offerings.
Rapid implementation, reduced operational cost, 24×7 data accessibility, scalability, and ease of use to drive the adoption of cloud-based telecom analytics solutions
The telecom analytics software can be deployed on-premises as well as on cloud as per business requirements.Cloud-based deployment provides organizations with increased scalability, speed, 24/7 services, and improved IT security.
Cloud-based telecom analytics solutions present a cost-effective and efficient way to handle all analytics requirements of telecom service providers, especially SMEs.Furthermore, the current solution in the market effectively addresses the data governance and security concerns of the heavily regulated telecom industry, leading to an increased interest toward cloud solutions.
In the cloud deployment model, the telecom analytics solution is offered as Software-as-a-Service (SaaS), and all the data and analytics workloads are cloud-based.
APAC to grow at the highest CAGR during the forecast period
APAC is an emerging region in terms of adopting telecom analytics software and services.China, India, Japan, and Australia are the major economies contributing to the exponential growth of the telecom analytics market in this region.
The tremendous growth in the market involves the implication of exhaustive telecom analytics by CSPs to manage customer data and undertake better decision-making analytically. The ease in availability of competent analytical tools has enabled APAC countries to substantially contribute to the widespread adoption of telecom analytics.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the telecom analytics market.
• By Company: Tier 1–22%, Tier 2–30%, and Tier 3–48%
• By Designation: C-Level–30%, Director Level–45%, and Others–25%
• By Region: North America–42%, Europe–26%, APAC–20%, and RoW–12%
The telecom analytics market comprises major solution providers, such as SAP (Germany), Oracle (US), IBM (US), SAS Institute (US), Adobe (US), Cisco (US), Teradata (US), Micro Focus (UK), TIBCO (US), MicroStrategy (US), Tableau (US), Panorama Software (Canada), Qlik (US), OpenText (Canada), Alteryx (US), and Sisense (US). The study includes the in-depth competitive analysis of these key players in the telecom analytics market with their company profiles, recent developments, and key market strategies.
Research coverage
The telecom analytics market revenue is primarily classified into revenues from software and services.The software revenue is associated with software and platform offerings, while the services' revenue is associated with managed and professional services.
The professional services comprise support and maintenance, consulting, and deployment and integration. The market is also segmented on the basis of software, services, organization size, deployment models, and regions.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall telecom analytics market and its subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
It also helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.
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