The global telecom service assurance market was 6.95 billion in 2018 and is expected to be valued at 7.8 billion in 2024 registering a CAGR of 2.24% during the forecast period (2019
NEW YORK, June 25, 2019 /PRNewswire/ -- Market Overview
The global telecom service assurance market was 6.95 billion in 2018 and is expected to be valued at 7.8 billion in 2024 registering a CAGR of 2.24% during the forecast period (2019-2024). A significant growth opportunity lies with the new mobile internet subscribers across the globe where every year 1.75 billion subscribers are added to reach a milestone of 5 billion by 2025 according to GMSA.
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- According to GMSA by 2025 the unique mobile subscribers will reach 5.9 billion which is about 71% of the world's population as the subscribers increase the service providers need to address the critical issues such as demand for niche products, high customer churn rate, a faster response rate which will drive the adoption of Telecom service assurance market.
- However, the lack of infrastructure in emerging economies may burden the companies with high initial costs which may hinder the growth of the market.
- The growth of IoT connections which is expected to grow three-fold by 2025 from 2017 reaching 25 billion by 2025 which will be a huge opportunity for telecom service assurance providers.
- The growth of the market is going to be driven by APAC, Latin America and MEA due to the regions growth penetration of mobile and internet users. The growth in developed economies is slowing down due to its mature internet and mobile penetration.
Scope of the Report
The service assurance will enable communication service providers to resolve issues timely manner to reduce the downtime, includes processes and policies proactively to reach the desired SLAs. They will help to resolve issues without causing any interruption to services.
Key Market Trends
Services to Account for a Significant Share
- Telecom service providers are struggling to keep pace with customer demands for bandwidth-intensive applications and high-quality network experiences.
- Additionally, there is a necessity to manage multi-vendor environments with technology and operations silos that could lead to inefficiencies and negatively impact customer experience and brand value to overcome these above difficulties the telecom service providers are partnering with telecom service assurance providers to integrate with existing systems and provide timely feedback for the data.
- IoT can be a great driver for the market as the adoption of IoT driven communication devices increases the scope for telecom service assurance market. According to GSMA, there are 7.5 billion IoT connections in 2017 which is set to increase to 25.2 billion connected devices by 2025.
- The transition from connected customer to digital customer is going to drive the services segment in the market across regions.
Asia-Pacific to Execute the Fastest Growth Rate
- Vast geographic variations combined with a huge customer base that is increasing at a rapid pace is creating complexities in operation for telecom service providers. These complexities have led telecom service providers to invest in telecom service assurance.
- The increasing consumer purchasing parity in emerging economies such as India, Bangladesh, and other southeast Asian countries is set to increase mobile and internet penetration. APACs mobile penetration will increase from 67% in 2017 to 73% in 2025. Mobile internet penetration is expected to rise from 41% in 2017 to 64% in 2025 according to GSMA. The above-cited reasons will drive the growth in the region.
- Further, broadband and mobile infrastructure are in a developing stage, The mobile workforce, BYOD is gaining momentum in the region which will require monitoring the devices which will foster the growth of Telecom service assurance.
Competitive Landscape
The telecom service assurance market is highly fragmented due to a large number of players spread across various regions. Some key players include Tata telecommunication services, IBM, Cisco, Accenture among others. Some key recent developments in the telecom service assurance market are:
- May 2019 - ONI Telcom chooses Nokia telecom to deploy 10G services in key Portuguese cities. Nokia will give ONI customers SLAs for retail enterprise and wholesale data center interconnect and cloud services.
- July 2018 - IBM teamed up with NETSCOUT to integrate the latter's network analytics tools into its telecommunications analytics suite.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
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