Press release
16.4% CAGR, Telecom Billing and Revenue Management Market is Exploring High Growth with Increasing Data Consumption Trend by 2027
The surge in numbers of global internet users, along with the growth of the telecom industry, has positively impacted the growth of the telecom billing and revenue management market, and the factors are likely to continue to be key growth enablers in the coming years as well.The telecom industry has experienced massive growth in the last decade, and it is highly competitive in nature. This industry has experienced paradigm shifts from wire line communications systems and equipment to wireless equipment. In addition, the improving need for uninterrupted connectivity worldwide is a key factor fueling the growth of the telecom industry. Inception of various new technologies and trends such as Internet of Things (IoT), Machine to Machine (M2M) communication, Software Defined networking (SDN), and Network Functions Virtualization (NFV), and increase in the use of social media for information exchange and interaction have massively impacted the way telecom companies operate as well as provide solutions and services.
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According to latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the currently active COVID-19 pandemic. The COVID-19 crisis had a positive impact on the growth of a few sectors, including IT and telecommunications. The demand for digital services especially has escalated at a high rate in past few months. Nevertheless, the decrease in business activities such as partnerships meant to boost the adoption of telecom billing and revenue management solutions in various countries is anticipated to hinder the growth of telecom billing and revenue management provider in the next few financial quarters. Thus, due to a mixed impact, the market growth would drop by a small margin in 2020 and 2021.
Strategic Insights:
In the telecom billing and revenue management market, companies mainly adopt the market initiatives strategy to expand their footprint worldwide by meeting the growing demand for their offerings. This strategy is mostly observed to be implemented in the market in North America. A few of the recent initiatives in the telecom billing and revenue management market are listed below:
2020: TDC, a Danish operator, has selected Comarch SA to offer its BSS solutions. The company offered TDC its customer order management and convergent billing system, and application integration framework.
2020: Bell, a Canada-based company, signed an agreement with CSG to help the later with Bell Fibe and Alt TV services, which are residential customer service and billing services. This partnership would enable Bell to leverage the company’s suite of billing solutions, which help millions of voice, video, and data subscribers worldwide
2020: Huawei announced a launch of convergent billing system R20, a 5G SA network, which is based on a monetization solution. The solution has been installed over the STC Kuwait 5G SA’s network. The company’s billing system is serving 2.2 billion subscribers through ~ 200 CSPs across the globe.
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