Westford, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region’s telecom billing revenue management system market gained the biggest market share in 2021 and is predicted to gain the highest market revenue during the forecast period. The growth of the market can be ascribed to the expanding telecom sector and the rising adoption of online payment gateway methods across the region. Moreover, growing investment in the telecom sector by the government and leading market players’ significant efforts to boost the 5g network connectivity is predicted to boost the market growth during the forecast period.
SkyQuest’s latest insights show that India's telecom industry is undergoing a wave of reforms as a result of the country's success in connecting people to 5G network services and bringing down operating costs. The industry is poised to draw investments of USD 18 billion in the forthcoming years.
Browse in-depth TOC on " Telecom Billing Revenue Management System Market"
Pages - 157
Tables - 98
Figures – 68
The term "telecom billing revenue management system" refers to a collection of procedures involving communication service providers. It is a piece of corporate application software that contains all the guidelines and procedures intended to enable revenue management and billing for telecommunications services. Solutions and services are the primary elements of telecom billing and revenue management.
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Prominent Players in Telecom Billing Revenue Management System Market
- Openet (Ireland)
- TESCO (US)
- Intracom Telecom (Greece)
- Enghouse Networks (Canada)
- Nexign (Russia)
- Bearing Point (Netherlands)
- FTS (Israel)
- Subex (India)
- Sterlite Technologies (India)
- Tecnotree (Finland)
- Zuora (US)
- Apttus (US)
- Oracle Corporation
- Telefonaktiebolaget LM Ericsson
- Huawei Technologies Co., Ltd.
- SAP Se
- Nokia Oyj
Increasing Usage and Sales of Smartphones to Propel the Market Growth
It was found during research that each and every smartphone company thriving to add maximum features to their smartphones owing to the rising demand from consumers who want to access the world through the mobile window. Hence, the growing sales and manufacturing of smartphones are predicted to boost the need for reliable and smart telecom billing revenue management systems to make the billing and invoicing system easy for the consumers as well as the seller. SkyQuest found during research that as of 2022 there are over 5.20 billion people use smartphones worldwide, or 66% of the world's population.
The telecom billing revenue management system market in Asia Pacific region is predicted to dominate the market by holding the biggest market revenue during the forecast period. This spike has been spurred by rapid economic growth, a boost in smartphone usage, a rapid spread of OTT platforms, and technological transformation in significant countries of the region including China. India, Japan, and Korea. Moreover, the rapid expansion of 5G technologies and the rising need for better and fastest network solutions are expected to drive market growth. SkyQuest noted from the data released by GSM Association that there will be over 400 million 5G users in the APAC region by 2025 and this number will increase further during the forecast period.
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On-premises Segment to Witness Highest Market Growth Thanks to its String Safety and Security Features
The global telecom billing revenue management system market’s deployment type segment is further bifurcated into on-premises and cloud. Among these, the on-premises segment is predicted to gain the highest market share during the forecast period. The growth of the segment can be ascribed to the significant features of this type of deployment as they are readily available, easy to install, and structures are usually reusable. In addition to this, this billing management system provides high safety and security in terms of data management and sharing of confidential information and therefore, boosting its implementation across the world. Hence, the rising concerns over data theft and the price associated with it are predicted to boost segment growth. SkyQuest found that the average cost of a data breach in the United States increased to 9.45 million dollars in 2022 from around 9 million dollars the year before.
Mobile Network Operator Segment to Gain the Biggest Market Share
Based on the telecom operator segment, the mobile network operator segment is predicted to gain the biggest market share by growing at a significant CAGR during the forecast period. The growth of the segment can be ascribed to the increasing number of smartphone users, rising adoption of 5G technologies, and growing sales of e-sims across the globe. SkyQuest found during a market study that by 2025 majority or say more than 60% of smartphones will be e-sim compatible.
The telecom billing revenue management system market in Europe region is predicted to expand significantly during the forecast period. The growth of the market can be ascribed to the increasing government initiatives to boost 5G connectivity and the rising presence of key market players in the region. Moreover, with the rising number of mobile users and the constant addition of new services to telecom service providers' portfolios drives up the demand for effective invoicing and revenue management systems and services.
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Key Developments in the Telecom Billing Revenue Management System Market
- Mobility and Ericsson teamed in January 2020 to assist Saudi Arabia's government and commercial sector with a digital transformation using Ericsson's end-to-end solutions. The alliance aims to hasten the uptake of digital services and boost IoT usage.
- Progress, a provider of infrastructure and app development technologies, has acquired MarkLogic, a data management firm based in California. "MarkLogic offers Progress clients a special opportunity. According to Progress's Executive Vice President and General Manager of Application and Data Platform, John Ainsworth, by enhancing our data capabilities, our customers have greater flexibility in how and where they may use their data.
- Cybersecurity, cloud, and managed services company GreenPages Technology Solutions in New Hampshire has announced the acquisition of Arcas Risk Management in Massachusetts. Ron Dupler, CEO of GreenPages, said, "We're thrilled to welcome the brilliant Arcas team to GreenPages.
- In order to automate its end-to-end fulfillment processes and lower operating expenses, Vast Broadband has chosen Netcracker to conduct a Business Support System (BSS) and Processes Support Systems (OSS) transformation project in October 2019. The start of this project is planned. Netcracker will provide a system for controlling and automating invoicing, inventory, service fulfillment, and product management in order to improve the customer experience.
Key Questions Answered in the Telecom Billing Revenue Management System Market Research Report
- What are the growth-promoting variables for the telecom billing revenue management system market?
- What are the main threats and challenges impacting the target market?
- How can market participants take advantage of the current market opportunities?
- Which nations/regions are anticipated to experience more revenue growth?
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