2023 Telecom Analytics Market Overview | Size Estimation, Revenue | Key Drivers by Manufacturers, Upcoming Trends
According to a research report “Telecom Analytics Market by Application (Customer Management, Sales and Marketing Management, Risk and Compliance Management, Workforce management, and Network Management), Component, Deployment, Organization Size, and Region – Global Forecast to 2023” published by MarketsandMarkets, The telecom analytics market size is expected to grow from USD 3.1 billion in 2018 to USD 6.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period. The key factors driving the telecom analytics market include the growing need for churn prevention, increasing demand for streamlined and effective revenue management, and rising online attacks and suspicious activities.
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The network management segment to grow at the highest CAGR during the forecast period
Network management incorporates network utilization analytics, capacity planning and management, traffic volume forecasting, call route optimization, and performance management. Telecom service providers have adopted data and analytics solutions to support better capacity planning and traffic management, achieve service assurance level, and deliver enhanced customer experience, leading to higher subscriber retention and increased revenue.
The services segment to grow at a higher CAGR during the forecast period
Based on components, the telecom analytics market is segmented into software and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through the business tenure. Furthermore, these services benefit enterprises by maximizing resource usage, improving project execution, and streamlining business operations. The need for services, such as consulting services, would also grow, as the adoption of telecom analytics software increases.
The on-premises deployment model to hold a larger market size during the forecast period
Based on deployment models, the market is segmented into on-premises and cloud. Flexibility to customize solutions, and data security and privacy in the heavily regulated telecom industry are the key factors driving the adoption of on-premises telecom analytics solutions. This deployment method enables telcos to have ownership of their data and analytics workloads manage risks; business processes; and industry policies, and compliance. This deployment model provides organizations the ownership of their data and the digital rights associated with it.
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North America to account for the largest market size during the forecast period
The global telecom analytics market by region covers 5 major geographic regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is expected to account for the largest market size during the forecast period. It is expected to hold the highest market share and dominate the market from 2018 to 2023, due to the presence of a large number of solution vendors in the US. The APAC region is witnessing significant growth opportunities, owing to growing technology expenditure in major countries, such as Japan, China, and India and rising demand for cost-effective analytical software and services by Small and Medium-sized Enterprises (SMEs).
Key Market Players
The telecom analytics market comprises major solution providers, such as SAP (Germany), Oracle (US), IBM (US), SAS Institute (US), Adobe (US), Cisco (US), Teradata (US), Micro Focus (UK), TIBCO (US), MicroStrategy (US), Tableau (US), Panorama Software (Canada), Qlik (US), OpenText (Canada), Alteryx (US), and Sisense (US).
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