Technavio market research analysts forecast the global telecom software professional services market to grow at a CAGR of more than 8% during the forecast period, according to their latest report.
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Technavio has published a new report on the global telecom software professional services market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global telecom software professional services marketfor 2017-2021. The report also lists hosted and product related services, systems integration, and outsourced services as the three major segments based on services.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global telecom software professional services market:
- Growing demand for cloud-based BSS
- Increased adoption of telecom software
- Increased deployment of LTE networks
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Growing demand for cloud-based BSS
SMEs have become increasingly important to CSPs as a means of growing their business. The enterprise market is highly competitive with the long-term relationships providing converged communications technology suite coupled with cloud-based services to its clients. Most of the CSPs are providing cloud-based business support systems (BSS) model to SMEs to ensure better manageability of resources.
CSPs require vendors that can offer a wide range of professional services from design consulting, business consulting, tailored development for new features and use cases, systems integration, and hosted managed services with the standard product related services.
"Cloud-based BSS effectively deliver business agility and scalable IT infrastructure. This feature of cloud-based services helps overcome the complexities of hardware, licenses management, and software. In addition, with the increasing adoption of M2M solutions in vertical industries, service operators have been focusing much on delivering a real-time experience to customers. The growing demand for cloud-based BSS is driving the telecom software and professional services market," says Sunil Kumar Singh, a lead analyst at Technavio for IT professional services research.
Increased adoption of telecom software
Today's telecom sector is very competitive, and players in this market are focused on channels that maximize their revenue with the implementation of telecom software to attain a competitive edge. Revenue management system (RMS) has undergone an extreme shift from traditional basic billing and charging procedures, and accounting function to fully new platform that establishes new revenue streams. This system includes features such as pricing management, credit limit management, invoicing, payments, and rating and charging.
With the adoption of third generation partnership project (3GPP) standards, the payment processes for postpaid and prepaid plans across enterprise and retail domains have started converging into a single revenue management function. In addition, maintaining and enhancing customer related services are the crucial tasks of the telecom operators. The RMS helps achieve lower operations cost by minimizing errors and increasing automation.
"The telecom software enables new business models with a unified definition framework for pricing and rating. It enables customers to visualize the real-time consumption and spending across a service or a payment mode. It reduces total cost of ownership through consolidation of individual billing systems. It also empowers telecom operators in scaling from entry level to large scale volumes with flexible and robust rating," says Sunil.
Increased deployment of LTE networks
4G LTE provides higher bandwidth as well as faster data connections. These devices are connected with each other wirelessly through M2M connections. Currently, most M2M applications function with low data rate 2G networks, but an increasing number of IoT applications will require a high-speed data connection.
For instance, smart meters can operate with low data rate 2G connection, but applications such as traffic management, vehicle diagnostics, and video surveillance require 4G networks for proper functioning. Also, infotainment systems and connected advertising require high speeds, stable data connections, and shorter response times, which can be fulfilled by 4G LTE wireless broadband.
All these different applications require different service plans that vary in their charges. In addition, network provisioning to these services with minimal faults is a crucial factor to be handled by the telecom operators. Telecom software supports telecommunications companies to achieve effective order and fraud management, revenue management, and customer relationship management (CRM). Therefore, increased adoption of LTE networks will also drive the telecom software and professional services market during the forecast period.
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