According to a research report "Telecom Analytics Market analyze opportunities in the market for stakeholders and provide the competitive landscape of the market and define, describe, and forecast the telecom analytics market based on components, deployment models, organization size, applications, and regions. The factors such as the growing need for churn prevention, increasing demand for effective revenue management, and rising attacks and suspicious activities are expected to fuel the market growth. 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 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 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 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).
Key
Market Players
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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