DUBLIN--(BUSINESS WIRE)--Feb 5, 2021--
The "Asia Pacific Telecom Billing and Revenue Management Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type (Telecom Billing, Cloud Billing, and IoT Billing); Component (Solution and Services); Deployment Type (Cloud, On-premise, and Hybrid); and Country" report has been added to ResearchAndMarkets.com's offering.
The telecom billing and revenue management market in Asia Pacific was valued at US$ 6350.5 million in 2019 and is projected to reach US$ 23007.6 million by 2027; it is expected to grow at a CAGR of 18.3% from 2020 to 2027.
Increasing mobile usage, substantial growth of telecom industry in the last decade, growing data consumption trend, increasing spending trends, demand for innovative solutions, and increasing need for IoT connections are the major factors propelling the growth of telecom billing and revenue management market across the region. Moreover, increasing demand for cloud-based solutions and services and inception of several trends and technology are anticipated to cater significant opportunities for the key players in the telecom billing and revenue management market. Various leading telecom billing solutions and services providers are collaborating and are developing new billing solutions which are compatible to leverage the SDN and NFV technologies. Telecom operators and CSP's are also adding cloud-based platforms to their legacy network infrastructure and systems to enhance their compatibility to address the increasing subscriber base and for managing new revenue streams. The overall growth of data consumption in the last few years and evolution in the telecommunication technology (2G, 3G and 4G) are the prime factors providing plentiful opportunities for the growth of telecom billing and revenue management market.
The telecom billing and revenue management market is segmented into component, type, deployment type, and country. Based on component, the market is segmented into solution and services. In 2019, the solution segment held a larger share of the telecom billing and revenue management market. Based on type, the telecom billing and revenue management market is divided into telecom billing, cloud billing, and IoT billing. The IoT billing segment is expected to be the fastest growing segment during the forecast period. Based on deployment type, the telecom billing and revenue management market is segmented into on-premise, cloud, and hybrid. The on-premise segment held the largest share of the market.
Various companies operating in the telecom billing and revenue management market are focused on adopting organic and inorganic growth strategies such as product launches, partnerships, and business expansions to sustain their position in the dynamic market. For instance, in 2020, Huawei announced a launch of convergent billing system R20, a 5G SA network, which is based on a monetization solution. The solution has been installed over the STC Kuwait 5G SA's network. The company's billing system is serving 2.2 billion subscribers through ~200 CSPs across the world.
The ongoing COVID-19 is anticipated to cause huge disruptions in the growth of various industries of Asia Pacific. For instance, China is the global hub of manufacturing and largest raw material supplier for various industries and it is one of the worst affected COVID-19 countries. India is another country where cases are rising constantly and business activities are halted due to nationwide lockdown. The COVID-19 crisis had a positive impact on the growth of some sectors such as IT and telecommunications. The demand for digital services especially has grown at a high rate in past few months. Nevertheless, the decrease in business activities such as partnerships to increase the adoption of telecom billing and revenue management solutions in various countries is anticipated to impact the telecom billing and revenue management provider's expansion growth negatively. Hence, there will be a mixed impact due to which the growth will drop a little in 2020 and 2021.
- Increasing Spending Trends and Requirements on Innovative Solutions
- Increasing Mobile Penetration in Emerging Market
- Substantial Growth of Telecom Industry in the Last Decade and Growing Data Consumption Trend
- Increasing Need for IoT Connections
- High Investments and Legacy Systems
- Increasing Demand for Cloud-Based Solutions and Services
- Inception of Several Trends and Technology
- Developments in Digital Ecosystems
- Accenture PLC
- Nokia Corporation
- Amdocs, Inc.
- Cerillion PLC
- Comarch SA
- CSG Systems International, Inc.
- Fiserv, Inc.
- Hewlett Packard Enterprise Development LP (HPE)
- Huawei Technologies Co., Ltd.
- NEC Corporation
- Oracle Corporation
- Optiva Inc.
- Mavenir Systems
- SAP SE
- Tata Consultancy Services Limited (TCS)
- AGILITY CIS
- Enghouse Networks
- PANAMAX INC
- Vcare Corporation
For more information about this report visit https://www.researchandmarkets.com/r/vplwa6
View source version on businesswire.com:https://www.businesswire.com/news/home/20210205005386/en/
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KEYWORD: ASIA PACIFIC
INDUSTRY KEYWORD: ACCOUNTING DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY TELECOMMUNICATIONS
SOURCE: Research and Markets
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PUB: 02/05/2021 11:16 AM/DISC: 02/05/2021 11:16 AM