Telecom Analytics Market to Generate $9.89 billion by 2026
Telecom analytics Market
Advent of new technologies such as 5G and the proliferation of mobile connections all over the world is like to boost the demand for telecom analytics market.
PORTLAND, OR, UNITED STATES, October 20, 2021 /EINPresswire.com/ — Telecom analytics includes sophisticated business intelligence technologies that are bundled to complete the complicated necessities of telecom organizations. These include dropping churn and fraud, increase in sales, enhancement in risk management, and decline in operational costs. Moreover, this telecommunication analytics enables the trend analysis and auto suggestions for resolving the frequently arising complaints based on the previously stored data and their solution, which drives the market growth. In addition, rise in focus on adopting customer-centric strategies and need for network optimization, propels the market growth. Use of AI and machine learning in multiple aspects of the telecom business for enhancing customer experience and predictive maintenance for improving network reliability is expected to offer lucrative opportunities for the telecom analytics market during the forecast period. In addition, market players are adopting various business strategies to strengthen their foothold in the market and increase their market penetration. AI-based predictive analytics can help telecom companies provide better services by fixing problems beforehand with communications hardware; monitoring the state of equipment, predicting catastrophe based on patterns.
According to a recent report published by Allied Market Research, titled, “Telecom analytics Market by Component, Deployment, Organization Size, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026,” the global market was valued at $3.52 billion in 2018, and is projected to reach $9.89 billion by 2026, growing at a CAGR of 13.9% from 2019 to 2026.
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The cloud segment dominated the telecom analytics market in 2018, and is projected to maintain its dominance during the forecast period. This is attributed to key benefits offered by cloud-based software for businesses such as unlimited accessibility, low cost, and ease of implementation. Cloud deployment is also expected to gain traction in the coming years owing to the need for more agility, scalability, and increase in amount of data generated in the telecom sector.
The network management segment held the majority of global telecom analytics market share in 2018 and is projected to maintain its dominance during the forecast period. However, the risk & compliance segment is expected to witness the highest growth rate, as the telecommunication industry is experiencing the threat of cyber-attacks & data breaches.
Region wise, the global market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the telecom analytics market growth in this region include surge in adoption of advanced technologies such as AI & machine learning by telecom operators in this region, great awareness about the advantages of adopting big data analytics among CSPs, presence of fastest connectivity services and major adoption of 5G and presence of large number of key vendors in this region. However, Asia-Pacific is expected to witness highest growth, owing to continuous increase in number of mobile device users, rise in number of internet subscribers, and surge in competition among telecom operators to offer faster connectivity in cheaper rates, and others. In addition, increase in spending for customer experience by telecom organizations across the developing countries such as India and Japan boosts the market growth.
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Key Findings of the Study
• Depending on component, the solution segment led the telecom analytics market size in terms of revenue in 2018.
• By deployment, the cloud segment accounted for the highest market share in 2018.
• Based on organization size, large enterprises dominated the telecom analytics market share in year 2018.
• Region wise, North America generated the highest revenue in 2018; however, Asia-Pacific is anticipated to exhibit substantial growth during the telecom analytics market forecast period.
• Depending on application, the network management segment is anticipated to exhibit substantial growth during the forecast period.
The global telecom analytics market analysis includes some of the key market players such as SAP SE, Oracle, SAS Institute, Teradata, Tibco, Adobe, Cisco, IBM, Tableau, and Sisense.
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October 20, 2021, 18:58 GMT
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