NEWARK, Del, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The global telecom analytics market is poised for exponential revenue growth and is expected to reach an impressive US$ 22.91 billion by 2033 from US$ 6.21 billion in 2023.
Telecom companies are focusing on offering a better customer experience, and here, telecom analytics helps achieve this, creating multiple opportunities in the telecom analytics market.
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Market Opportunities
The increasing demand for big data analytics in telecom industry businesses needs solutions that help them map future demand as telecom analytics can help companies analyse network patterns for millions and analyse service performance using business intelligence technologies such as 5G.
Key Takeaways
- The telecom analytics market is expected to generate significant revenue, projected to increase from US$ 6.21 billion in 2023 to US$ 22.91 billion by 2033.
- The telecom analytics market is expected to grow steadily, with a CAGR of 13.9% from 2023 to 2033.
- The North American market for telecom analytics is large and mature and accounts for a 30.1% share of the global market. This is due to the region's strong telecom industry and the increasing adoption of cloud-based solutions and big data analytics.
- The European market for telecom analytics is innovative and data-driven, accounting for a 21.7% share of the global market. This is due to the region's focus on innovation and the increasing demand for data-driven decision-making.
- The Chinese market for telecom analytics is rapidly growing, accounting for a 17.8% share of the global market. This is due to the region's rapid growth in mobile data traffic and the increasing adoption of 5G networks.
- The Japan telecom analytics market is emerging, accounting for a 6.7% global market share. The market is expected to grow significantly in the coming years due to the region's increasing investment in telecom infrastructure.
Competitors Winning Strategies
Competitors in the telecom analytics market are focusing on the needs of their customers. With this, businesses get to know what customers exactly want. They provide comprehensive data collection, storage, analysis, and visualization solutions. They are trying to develop new solutions that meet the demands of telecom companies.
They are building partnerships with other companies to get more customers from new markets.
Oracle, IBM, SAP, Microsoft, Huawei, Cisco, Altitude Software, and Google Cloud are competitors in the telecom analytics market.
Recent Developments
- SAP: SAP unveiled its new telecom analytics solution, SAP Customer Data Cloud for Telco. This service lets companies in telecom better understand their clients and customize their products.
- Microsoft: Microsoft launched the wide release of its new telecom analytics product, Azure for Telecom. Azure for Telecom is a cloud-based platform offering telecom organizations the resources they need to gather, store, and analyze data.
- Huawei: Huawei introduced its recent telecom analytics platform, Huawei Analytics Platform for 5G. This tool allows telecom firms to improve their 5G networks and gather insights regarding 5G traffic.
- Cisco: Cisco cooperated with Google Cloud to develop a unified solution for telecom analytics. This solution may combine Cisco's proficiency with telecom networks and Google Cloud's expertise in big data analytics.
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Restraints:
Despite the market's promising growth trajectory, challenges persist. Data privacy concerns, regulatory complexities, and the high cost associated with implementing advanced analytics solutions pose as notable restraints hindering the market's expansion. Addressing these challenges becomes imperative to sustain the market's upward trajectory.
Key Companies Covered
- SAP
- Oracle
- IBM
- SAS Institute
- Adobe
- Cisco
- Teradata
- Micro Focus
- TIBCO
- MicroStrategy
- Tableau
- Panorama Software
- Qlik
- OpenText
- Alteryx
- Sisense
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Segments Covered In Telecom Analytics Market Analysis
By Components:
- Software
- Services
- Managed Services
- Professional Services
By Application:
- Customer Management
- Sales and Marketing Management
- Risk and Compliance Management
- Network Management
- Workforce Management
- Other Applications
By Deployment Mode:
- On-premises
- Cloud
By Organization Size:
- Large enterprises
- SMEs
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- Latin America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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