SELBYVILLE, Del., June 14, 2020 /PRNewswire/ -- According to the latest report "OSS/BSS Market by Solution (OSS [Service Assurance, Network Management, Inventory Management], BSS [Billing and Revenue Management, Service Fulfillment, Customer and Product Management]), Deployment Model (On-premise, Cloud), Enterprise Size (SME, Large Enterprise), Application (IT & Telecom, BFSI, Media & Entertainment), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of OSS/BSS solutions will reach $90 billion by 2026. The increasing demand to streamline customer service functions and ensure high-quality service delivery will contribute significantly to the market growth.
Changing market dynamics and the emergence of next-generation technologies are fueling the adoption of BSS/OSS solutions. Communication service providers are leveraging advanced OSS/BSS platforms to meet higher service delivery standards. These platforms identify network faults, track service performance, and resolve issues that occurred. They also support network processes, such as network inventory maintenance & service delivery, and enhance customer support operations.
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The BSS solution segment is expected to grow at a significant rate during the forecast period. BSS solutions, such as customer & product management systems, assist in providing better customer experience, and support the process of development, sales, & management of products. It also assists enterprises in pricing decisions, cross-product offerings, and managing products that are linked to one another. To sustain in the competitive market, enterprises are expected to adopt advanced customer & product management systems to offer more personalized products and services.
The media & entertainment sector in the OSS/BSS market will observe steady growth until 2026. The increasing digitalization & technological advancements across industries is fueling market growth. With an increase in competition, companies are focusing on delivering high-quality services to their customers. In addition, due to the growing popularity and penetration of on-demand video streaming services, companies are looking for advanced OSS/BSS solutions to improve service quality.
The cloud deployment segment is anticipated to witness an exponential market growth from 2020 to 2026. Enterprises are leveraging cloud-based OSS/BSS systems that provide scalability and flexibility to the cloud system. Cloud-based systems are cost-effective alternatives to on-premise systems and allow companies to access their solutions, programs, and applications over the internet. Furthermore, the configuration of newly developed services is faster compared to on-premise alternatives.
The Asia Pacific OSS/BSS market is predicted to expand at over 17% CAGR throughout the forecast period due to growing telecommunication and entertainment industries in the region. Government authorities and telecom companies are jointly focusing on the development of advanced network infrastructure.
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The adoption of the OSS/BSS systems across SMEs is expected to grow significantly over the coming years. The SMEs segment will register growth of over 15% through 2026. Digitization and an increase in the adoption of cloud services will drive SMEs to adopt OSS/BSS systems. Unlike large enterprises, SMEs majorly focus on cost-effective alternatives to support operational efficiency. The cloud-based OSS/BSS systems help SMEs to drive operational efficiency without compromising on the service quality and CAPEX.
Major players in the OSS/BSS market are Amdocs Ltd., Cisco Systems, Inc., Huawei Technologies Co., Ltd., and IBM Corporation. Companies operating in the market are focusing on the collaborative development of integrated OSS/BSS solutions to accelerate the service or product development.
Table of Contents (ToC) of the report:
Chapter 3. OSS/BSS Market Insights
3.2. Industry segmentation
3.3. Impact of COVID-19 outbreak
3.4. OSS/BSS industry ecosystem analysis
3.5. Evolution of OSS/BSS technology
3.6. Benefits of OSS/BSS
3.7. OSS/BSS architecture
3.8. Technology & innovation landscaped
3.8.1. Big data analytics
3.8.2. 5G commercialization
3.8.3. Next generation OSS/BSS
3.9. Regulatory landscape
3.10. Open Digital Architecture Initiative (TM Forum)
3.11. The General Data Protection Regulation (GDPR), Europe
3.12. The Federal Trade Commission (FTC) Act
3.13. Classified Catalogue of Telecommunication Businesses, MIIT
3.14. Cloud Computing Regulatory Framework, CITC (Saudi Arabia)
3.15. Health Insurance Portability and Accountability Act (HIPAA)
3.16. Industry impact forces
3.16.1. Growth drivers
3.16.2. Industry pitfalls & challenges
3.17. Porter's analysis
3.18. PESTEL analysis
3.19. Growth potential analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global OSS/BSS Market growth predicted at 13% till 2026: GMI
Major players in the OSS/BSS market are Amdocs Ltd., Cisco Systems, Inc., Huawei Technologies Co., Ltd., and IBM Corporation.
SOURCE Global Market Insights, Inc.