Telecom Analytics Market 2023 Trends, Growth | Share, Size, Revenue, Outlook and Risk
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 according to report published by MarketsandMarkets. 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
North America is expected to account for the largest market size in the overall telecom analytics market during the forecast period. This region houses some of the major vendors, such as SAS Institute, IBM, Oracle, and Tableau. These players have their headquarters and direct sales offices in the region.
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). The study includes the in-depth competitive analysis of these key players in the telecom market with their company profiles, recent developments, and key market strategies.
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