Pune, India, June 11, 2019 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) states in an exclusive report that the global market will see a CAGR of 29.01% during the forecast period. Additionally, the market is anticipated to reach a valuation of USD 11,300 million by 2023. The global telecom analytics market is anticipated to witness considerable growth during the forecast period from 2018 to 2023.
Competitive Landscape
The global telecom analytics market hosts a number of prominent players. This includes names such as Nokia Networks, Huawei Technologies Co. Ltd, Cisco Systems Inc., Dell Technologies Inc., Amdocs, Inc., Vizualytics, Hewlett Packard Enterprise Development LP, SAP SE, Oracle Corporation, Ericsson, Teradata, International Business Machine Corporation, and others.
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The Imperative Need for Analytics in Telecommunications
The telecommunication industry not only hosts a large customer pool, but a customer pool that is constantly evolving and changing with time. Additionally, the highly competitive nature of the industry makes the industry even more dynamic and challenging. This, thereby, heightens the need for taking effective decisions that are based upon extensive data analytics. This way, the decisions become more guided and ensure the effective and efficient use of business resources. Therefore, analytics holds a highly important role in the telecommunication sector.
Growing Applications in the Telecom Sector
Nowadays, organizations are adopting telecom analytics to enhance their process and operations visibility, curb down the cost of operations, and expand their pool of customers. Various types of analytics are available in the market, such as price analytics, network, analytics, customer analytics, location analytics, subscriber analytics, and service analytics. These analytical insights hold multiple applications in the telecom industry, whether it be for reducing churn and deception, developing sales, or enhancing risk management capability.
Growing Awareness Slated to Push the Market Growth
Telecom analytics caters to the complicated and intricate needs of various telecommunication companies. This analytics-driven big data solution aid in attaining accurate and timely insights. It does so by text mining, predictive analytics, and data mining techniques to help make the best decisions possible. With the growing awareness concerning the Telecom Analytics Market, the players present and emerging in the market are most likely to come across various new avenues of growth. However, at the same time, the technology requires a significant amount of investment, one which can cause constraint to the overall growth of the market.
Solutions Segment to Hold the Upper Hand
The global telecom analytics market segmentation on the basis of components is divided into solutions and services. The solution segment is broken down further into network management, sales & distribution, customer management, marketing management, and others. Whereas, the services segment narrows down into managed services and professional services. The solutions segment held the primal position and is expected to grow at an impressive annual rate of 27.91% during the forecast period.
Cloud-based Segment to Edge Past its Counterpart
The global telecom analytics market segmentation on the basis of deployment models is categorized into on-promise and cloud-based segments. The on-premise segment held the highest share of the global market as per the last conducted market study. However, it is anticipated, during the ongoing forecast period, the cloud-based segment will edge past the former. This is due to the high rate of adoption of cloud deployment as compared to on-premise deployment.
North America to Spearhead the Global Market
The global telecom analytics market is geographically segmented into Europe, Asia Pacific, North America, and the Rest of the World (RoW). Among these regions, the North America market was reported to dominate the global rankings with the highest share percentage. The valuation of the region stood at USD 1,022.4 million and is expected to garner a growth rate of 27.73% over the forecast period. The market standing of North America can be attributed to the increasing penetration of internet in the region. Add to this, the strong presence of various key players providing cellular service in the US and Canada is further expected to result in the widespread application of analytics to improve the quality of service.
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Asia Pacific Expected to Garner the Fastest Growth Rate
Although North America leads the global landscape with the highest share percentage, the Asia Pacific regional market is projected to attain the fastest growth rate during the forecast period. The reported growth percentage is expected to stand at 31.17% during the forecast period. The growth of the regional market is due to the burgeoning need for downsizing telecom frauds.
Industry Buzz
May 1st, 2019, the Hong Kong Polytechnic University (PolyU) and a pioneering telecommunication firm in Hong Kong announced to the public a Memorandum of Understanding (MoU) in order to conduct a spatial big data analytics study upon the needs and preferences of the tourists in Macau. This is aimed at enhancing the tourism service of Macau and for improving the experience of tourists through various innovative means and approaches.
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