The Global Cloud OSS/BSS Market is Gaining Traction, as it Helps CSPs Transform into Full-Fledged Digital Service Providers
DUBLIN, May 26, 2022 /PRNewswire/ -- The "Global Cloud OSS BSS Market by Component ((Solutions and Services), Solution (OSS and BSS), Service (Professional and Managed Services)), Cloud Type (Public, Private, and Hybrid), Operator Type, Organization Size and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global cloud OSS/BSS market is gaining traction, as it is helping the CSPs transform into full-fledged Digital Service Providers (DSPs) by offering a superior omnichannel customer experience with the help of cloud-enabled support systems.
Today, with the emergence of new technologies, legacy OSS BSS solutions have been replaced by new digital cloud-based OSS BSS solutions, which provide seamless connectivity to telecom and mobile operators to achieve automated service fulfillment, excellent customer experience, service velocity, reduce operational cost, and for improving productivity and efficiency.
The continuous need of evolving customers has enforced communication service providers to transform their infrastructure to manage networks and customer-centric services, thereby adopting modernized OSS BSS solutions.
The Cloud OSS BSS Market size is expected to grow from USD 20.1 billion in 2022 to USD 36.6 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.8% during the forecast period.
In the cloud OSS BSS Market by Component, solutions segment is expected to hold the largest market size. These solutions are based on new technologies, such as AI, ML, and big data analytics, which help gather, visualize, analyze, and monitor data to gain valuable insights. Moreover, cloud OSS BSS solutions have enabled CSPs to manage operations and business process efficiently and monitor their performance.
The rising adoption of innovative network infrastructures, such as cloud services, Software-defined Networking (SDN), Network Function Virtualization (NFV), IP networks, fixed and mobile broadband networks, and mobility is streamlining business operations. To support and automate the infrastructure, companies are cloud OSS BSS solutions.
In the cloud OSS BSS market by OSS Solutions, the analytics and assurance segment is expected to record the highest CAGR during the forecast period. Analytics and assurance solutions are an innovative, intelligent suite based on artificial intelligence, machine learning, and big data.
They provide various algorithms for predictive analysis and information gathering solutions to detect and resolve network issues. The need to use 5G services efficiently in day-to-day operations and improve service quality is expected to surge the demand for analytics and assurance solutions in this market.
This is expected to propel the demand for best-in-class services in this market. The need to increase efficiency and profitability offered by managed services is expected to boost their adoption in this market. These services help service providers in delivering a high level of customer experience and allow them to focus on new business verticals to stay hyper-competitive in the market.
By Cloud type, hybrid cloud segment is expected to lead the market during the forecast period. The hybrid cloud deployment model offers greater control, reduced risk, cost efficiency, and better performance. Additionally, it also provides usage-friendly, versatile, and cost-effective features of public cloud and the greater control and security of private cloud.
Hybrid cloud allows enterprises to move their mission-critical data to private cloud without compromising on security and the non-sensitive data to public cloud. The need for a highly scalable, flexible, and more secured solution is fulfilled by hybrid cloud. These combined capabilities are largely attracting new customers to adopt this type of cloud in this market.
Asia Pacific is expected to record the highest CAGR during the forecast period. Asia Pacific consists of many developing and developed economies. The region has been segmented into China, India, Japan, and the rest of Asia Pacific.
Some developed countries in the region are rapidly adopting new technologies, while some developing countries require a significant amount of time to catch up with the developed countries. The region demonstrates a combination of high growth, developing economies, and increasing adoption of mobile and the internet.
The enormous population in the region has led to an extensive pool of subscriber base for telecom companies, vast and diverse geographies, and a large subscriber base. China is the biggest marketplace in Asia Pacific for the development of smart cities. The region is expected to provide significant growth opportunities over the next five years.
The market study covers the cloud OSS BSS market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on component (Solutions and Services), solution (OSS and BSS), service (professional and managed Services), Cloud Type (Public, Private, and Hybrid), operator Type (mobile and fixed), organization size (large and SMEs), and region (North America, Europe, Asia Pacific, Middle East and Africa, Latin America). The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall cloud OSS BSS market and its segments.
This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Market Overview and Industry Trends
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