According to a research report "Telecom Analytics Market demand is increasing for effective revenue management, and rising attacks and suspicious activities are expected to fuel the market growth. Telecom Analytics Market by major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market based on components, deployment models, organization size, applications, and regions - Global Forecast to 2023" published by MarketsandMarkets. The telecom analytics market size is expected 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.
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The consulting segment to grow at the highest CAGR during
the forecast period
Consulting services mainly
steer around the critical issues and opportunities related to strategies,
marketing, operations, technologies, mergers and acquisitions, and finance,
leading to increased effectiveness, boosted performance, reduced costs, and
enhanced resilience. Consulting in the telecom analytics market is poised to
grow at a steady speed, as companies in the telecom industry vertical are
realizing the significance of analytics in their value chain and are selecting
appropriate technologies and vendors based on their requirements and budgets.
The software segment to hold a larger market size during
the forecast period
The telecom analytics market by
component covers software and services. The software segment outperforms the services
segment and would see maturation in the future, due to a higher adoption of
software. Telecom analytics software are currently being deployed to cater to
complex Business Intelligence (BI) requirements of the telecom industry
vertical. These requirements include churn reduction; fraud detection; risk
management; cross-sell and upsell product and services plans; customer
segmentation and analysis; revenue management; and security and compliance.
The
cloud deployment model to grow at a higher CAGR during the forecast period
The cloud deployment model is expected to
grow at a higher CAGR during the forecast period. Cloud-based solutions are
gaining a firm hold in the market due to various benefits, such as cost
control, resource pooling, and less implementation time.
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North America to account for the largest market size during
the forecast period
The global telecom analytics market by region covers 5
major geographic regions, namely, North America, Asia Pacific (APAC), Europe,
Middle East and Africa (MEA), and Latin America. North America is expected to
account for the largest market size during the forecast period. It is expected
to hold the highest market share and dominate the market from 2018 to 2023, due
to the presence of a large number of solution vendors in the US. The APAC
region is witnessing significant growth opportunities, owing to growing
technology expenditure in major countries, such as Japan, China, and India and
rising demand for cost-effective analytical software and services by Small and
Medium-sized Enterprises (SMEs).
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).
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