Cloud OSS BSS is service-oriented with a highly efficient system to facilitate resource distribution, automation, and tracking usage. Cloud OSS BSS often connects technologies such as 5G, Internet of Things (IoT), and cognitive billing systems to completely automate business processes.
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For instance, cloud OSS BSS can handle all telecom business operations and through cloud-hosted networks instead of businesses manually handling them or storing them in a central database.
Furthermore, reduced cost through reusable assets and auto-scalability and zero downtime for infrastructure resizing in the telecom sector drive the global cloud OSS BSS market. Furthermore, increase in cloud adoption across several industry verticals and increasing 5G adoption to surge the demand for cloud OSS BSS drive the cloud OSS BSS market growth. Moreover, the growing demand for convergent billing systems boosting the cloud OSS BSS market size.
However, lack of technical proficiency in implementing cloud-native OSS BSS solutions hampers the cloud OSS BSS market forecast. On the contrary, rise in inclination toward cloud technology and the adoption of cloud technologies transforming the telecom industry operators is expected to offer remunerative opportunities for expansion of the market during the forecast period.
Based on component, the solution segment contributed to the highest market share in 2021, contributing to nearly three-fifths of the global cloud OSS BSS market, and is expected to maintain its leadership status during the forecast period.
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This is due to assistance to organizations in forecasting the conditions, calculating the output, managing market transactions, and ensuring compliance with regional, state, and national regulations. However, the service segment is projected to witness the largest CAGR of 12.4% from 2022 to 2031, owing to the effective functioning of network services along with the management of customer services, business operations, and platforms throughout the process.
Based on industry vertical, the IT and Telecom segment held the highest market share in 2021, accounting for nearly three-fifths of the global cloud OSS BSS market, and is expected to maintain its lead position during the forecast period. This is due to the efficiency provided by OSS BSS in product management, business operations, revenue management, customer management, and IT in telecom services.
However, the retail and e-commerce segment is projected to manifest the fastest CAGR of 14.5% from 2022 to 2031. This is attributed to its ability to simplify the systems and deliver a personalized customer experience. Moreover, retail-as-a-service (RaaS) integrates various verticals such as inventory and order processing to enhance the capabilities of restocking.
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Based on region, North America contributed the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global cloud OSS BSS industry, and is expected to maintain its dominance in terms of revenue by 2031. This is owing to the rise in adoption of cloud OSS BSS solutions across end-user industries such as media & entertainment, retail, and financial sectors in the region. However, Asia-Pacific is projected to manifest the fastest CAGR of 13.5% during the forecast period. This is attributed to rise in demand for cloud OSS BSS solutions in the BFSI sector for enhancing customer experience and capitalizing on new avenues of growth.
The key players profiled in the cloud OSS BSS market analysis are AMDOCS LIMITED, Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd., HEWLETT PACKARD ENTERPRISE COMPANY, International Business Machines Corporation, Netcracker, Nokia Corporation, OPTIVA INC, Oracle, ZTE Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud OSS BSS industry. For Purchase Enquiry:
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