New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Telecom Billing and Revenue Management Market information by Operator Type, by Components, by Deployment Mode and Region – forecast to 2027” market size to reach USD 19.74 billion, growing at a compound annual growth rate of 11.0% by 2026.
The global telecom billing and revenue management market report by Market Research Future (MRFR) encompasses a myriad of factors and challenges to be encountered by telecom providers amid growing digitalization. It contains projections for new revenue pockets and identification of new niches for investments for the forecast period. The COVID-19 analysis on the industry has been included while covering latest laws and policies.
Dominant Key Players on Telecom Billing and Revenue Management Market Covered are:
Huawei Technologies Co.
CSG Systems International Inc.
Sterlite Technologies Limited
Telefonaktiebolaget LM Ericsson
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Market USP Exclusively Encompassed:
Maximizing Revenue from Customers to Drive Market Growth
The global market is driven by high penetration of mobile manufacturers and rivalry between customer service providers. Cross-selling of products to ensure timely payments of bills as well as partnerships with over-the-top (OTT) providers can bode well for the market. Development of business models for catering to various types of customers and creation of packages of prepaid, postpaid, and hybrid customers can propel market growth. For instance, Cerillion has launched a revenue manager software to ensure CSPs can provide timely alerts to customers and ensure collection of payments.
Expansion of Telecom Industry to Favor Global Market
The expansion plans of the telecom industry as well as supportive government policies for rolling out higher spectrum of bandwidth can drive the telecom billing and revenue market growth. Auctions for licenses of new spectrum ranges and relaxed regulations for new players can lower prices of data and talktime plans. Proliferation of OTT platforms and aim of gaining profits can provide new opportunities to revenue management solution providers.
Strict Government Regulations to Limit Market Growth
Stringent government regulations pertaining to customer data and privacy can hamper market growth. Policies protecting sharing of user data and customer patterns for offering service packages can limit the opportunities of the market.
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Segmentation of Market Covered in the Research:
Solutions to Garner Huge Revenues
By component, the global telecom billing & revenue management market has been divided into software and services. Further, the software sub-segment is bifurcated into billing & charging, mediation, partner & interconnect management, revenue assurance, and fraud management. Whereas services are divided into professional services and managed services. Among the two, solutions are expected to garner huge revenues for the market during the forecast period for evaluating, analyzing, and optimizing each step of the billing cycle.
Mobile Operators and ISPs to Capture Major Market Share
By operator type, the global telecom billing & revenue management market has been divided into mobile operators and internet service providers, satellite communication providers, and cable network providers. Mobile operators and internet service providers can dominate market demand owing to high competition and demand for optimum service. Acceleration of solutions through timely releases or upgrades as well as automation of business processes can drive market growth.
Cloud Deployment to Lead in Global Market
Depending on its deployment mode, the telecom billing & revenue management market is split into cloud and on-premises. The cloud deployment mode is poised to deliver a stellar growth rate during the forecast period owing to modern platforms and applications running on cloud.
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Rise in Mobile Connections to Drive North America Market
North America is expected to dominate the global telecom billing and revenue management market owing to increased consumption of data, surge in IoT connections, demand for novel solutions, and expansion of the telecom sector. Rollout of 5G services and use of B2B companies to offer billing solutions for smart homes, smart meters, and wireless data can bode well for telecom providers.
Surge in Data Consumption to Favor APAC Market Growth
Asia-Pacific is estimated to deliver a stellar growth rate during the forecast period owing to rising use of smartphones, surge in OTT subscriptions, innovation in network communication protocols, and economic growth in Australia, China, Malaysia, India, and Singapore.
COVID-19 Impact on the Global Telecom Billing and Revenue Management Market
The COVID-19 outbreak has negatively affected the telecom billing and revenue management market owing to financial pressures faced by customers. Slowdown of economic growth and slow recovery of businesses can lead to low collections from bills and delay in payments. But utilization of letters and SMS and use of automated collection agents to customers to ensure timely payment of bills can drive market growth. Use of omnichannel solutions to improve customer experience and minimize pressure on contact centers can bode well for the market.
Governments had announced plans to stabilize the telecom industry owing to loss of jobs and inability to provide payments for phone and internet bills. Recently, the FCC in the U.S. announced an emergency broadband benefit program for individuals struggling to pay bills in a timely manner. Telgoo5, a telecom service provider in the U.S., integrated the services of the program into their website for disbursing money to struggling individuals. This had sustained numbers of connections during the pandemic and sped up eligibility of customers looking to working remotely.
Dynamic customer demands and new opportunities for the telecom industry in terms of gaming, streaming, business services, and others can shape the industry over the forecast period. Telecom providers need software to optimize on revenue pockets and provide parallel services to attain profits. Partnerships and collaborations will be witnessed in huge numbers as the market consolidates and new opportunities emerge in augmented and virtual reality. This is exemplified by the partnership between Bouygues Telecom and Netcracker in 2021.
Business support systems can rise in demand due to surge in customers and huge demand for data and internet speeds. The critical nature of the software to leverage on new networking technologies and investments in customer relationship management to assure continuity of services can drive market growth.
Bouygues Telecom has extended its partnership agreement with Netcracker Technology for continued use of the latter’s revenue management and billing software.
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