Cloud OSS BSS Market worth $36.6 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 20, 2022 /PRNewswire/ -- According to a research report "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 - Global Forecast to 2027", published by MarketsandMarkets™, the global 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.
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By component, the services segment to have a higher growth during the forecast period
The cloud OSS BSS services segment is expected to have a higher growth rate during the forecast period. The Cloud OSS BSS Market, by service, is segmented into professional services and managed services. The need for consulting expertise to guide the enterprises to deploy the right solutions to improve operational efficiency will drive the demand for professional services. 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.
By BSS solution, the billing and revenue management segment to account for the highest market share during the forecast period
In BSS solution, the billing and revenue management segment is expected to have the highest market share during the forecast period. Billing and revenue management solutions are designed to handle the accounting challenges of telecom companies with complex revenue streams and billing requirements. The main drivers for the growth of billing and revenue management solutions includes the need to assist telecom operators in handling all bill-related processes across various lines of business and fulfill the need for highly efficient ecosystems and deliver a range of capabilities. Also, the need for CSPs to offer digitalized services to attract new customers and increase customer retention will drive the demand for billing and revenue management solutions in the market.
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North America region to account for highest market share in Cloud OSS BSS Market
North America is one of the prominent regions in the cloud OSS/BSS market. Some top companies, such as Oracle, IBM, Amdocs, and HPE, are headquartered in the region. North America can further be considered one of the leading regions in the adoption of 5G and IoT technologies. CSPs in the region are enhancing their networking infrastructure to meet the increasing demand for 5G services in the future. Cloud OSS BSS is expected to play a key role in the development of new networking infrastructure. The deployment of a 5G network in the region is expected to boost the demand for cloud OSS/BSS solutions in the region. The key drivers such as increased focus on the rapid adoption of 5G and other technologies by vendors in North America would drive the growth of the Cloud OSS BSS Market. Also, tough competition among telecom players in the US to provide quality services has also contributed to the demand for cloud OSS BSS solutions and services in the region.
Key and innovative vendors in the Cloud OSS BSS Market are Amdocs (US), Ericsson (Sweden), Huawei (China), Netcracker (US), Oracle (US), HPE (US), Optiva (Canada), Nokia (Finland), CSG (US), ZTE (China), Comarch (Finland), Subex (India), STL (India), TEOCO (US), IBM (US), InfoVista (US), Comviva (India), Cerillion (UK), Tecnotree (Finland), Whale Cloud (China), Bill Perfect (US), Telgoo5 (US), NMSWorks Software (India), Wavelo (US), ChikPea (US), LiveAction (US), Kentik (US), Knot Solutions (India), Hughes (US) and Mavenir (US).
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