Dublin, Feb. 23, 2021 (GLOBE NEWSWIRE) -- The "Service Fulfillment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Service Fulfillment Market is expected to register a CAGR of approximately 10% during the forecast period (2021 - 2026).
Service providers are building capabilities to provide services while reducing time-to-market for next-generation products and services, owing to the introduction of several technologies across industries. Technologies such as IoT, Connected Devices, 5G Technology, Digitization, and many more increase the demand for an enhanced connectivity solution.
For instance, the digital workflow company, ServiceNow, introduced new products for the telecommunications and financial services industry and delivered industry-specific workflows to assist the companies in accelerating their digital transformation. ServiceNow also formed a strategic partnership with KPMG to support healthcare providers as they digitize clinical and business workflows. Such activities are expected to exert pressure on the timely completion of the supply chain activities of the companies, hence, increasing the demand for enhanced service fulfillment solutions.
A dynamic service fulfillment process or software enables the creation of component-based services and simplifies the launch of new products. It automates the order-to-cash process to optimize supply chain activities, capital expenditures, and operating expenses. The supply chain management solutions streamline the procurement of network equipment while rationalizing the supplier ecosystem.
Further, automation drives business productivity, which is always desirable. The challenge is achieving it cost-effectively. The cloud has been efficient in streamlining the automation and use of IT infrastructures such as server virtualization and configuration. Still, network automation has been slower to evolve due to higher complexity levels, especially among communication service provider (CSP) networks, which often cross an increased number of domains (cloud, mobile, WAN, and IT) and require higher levels of investment.
Key Market Trends
Network Automation Expected to Dominate
The rollout of several technological advancements, such as 5G technology, IoT, AI, Digitization, and many more, Communication Service Providers (CSPs), face a constant pressure to enhance and exceed rising customer expectations while minimizing operational costs, with little visibility across platforms, systems, tools, and fragmented data.
With the increasing number of users, connected devices, mobile devices, applications, and the deployment of advanced technologies and capabilities, they are increasing the dependence on enhanced network infrastructure and enhanced connectivity solutions for essential connectivity to a wide range of endpoints.
Subsequently, organizations and CSPs are increasingly investing in new network architectures that incorporate advanced management tools to drive the adoption of autonomous networks, leveraging technologies like AI and ML. Hence, the CSPs are reaching out to Service Fulfillment solution providers to enhance their supply chain activities.
For instance, ServiceNow plans to launch Telecommunications Service Management and Telecommunications Network Performance Management, which will provide new workflows that connect customer service and network operations, including Proactive Customer Care and Automated Service Assurance.
Another trend in the market is the demand for continuous evaluation and performance of networks, due to increased network traffic and network processing, particularly from the local area networks, which requires real-time streaming network analytics and allows customers to keep track of the health of their network and continuously monitor traffic flows.
This also provides multi-dimensional visualization of application performance, network security, and utilization, thus, allowing companies to analyze and mitigate issues at the site level, application dimension, or individual IP address faster than ever before, thereby significantly improving the end-user experience.
North America Expected to Dominate the Market
The North America region is witnessing an increase in the demand for service fulfillment solutions, due to an increase in the demand for enhanced connectivity solutions across various platforms, such as video streaming, video calling platforms, teleconferencing, among various others.
This, coupled with a rapid increase in the number of subscribers on various networks such as 2G, 3G, 4G, 5G, etc. is propelling the players to adopt service fulfillment. For instance, According to Ericcson's Mobility Report of June 2019, the region is expected to hold close to 270 million 5G subscriptions accounting for more than 60 percent of mobile subscriptions.
According to Genesys, a vendor in the market, more than 65% of U.S. government agency employees stated customer experience as a priority. An important part of the equation is a strong omnichannel customer experience platform that easily enables agencies to connect with constituents anytime, anywhere. Minimizing costs, Timely activation of service and provisioning as per the technical and the business rules defined in numerous northbound BSS (Business support systems) is the goal of the service fulfillment market, thus proving to be a perfect solution for the vendors.
Also, the region has become a major hub for the 5G rollout, with Canadian service providers increasingly investing in the procurement of 5G licenses. For instance, in April 2019, wireless carrier Rogers acquired a 20-year license for USD 1.7 billion dollars and 600MHz spectrum blanketing Ontario, Northern Quebec, Atlantic Canada, Manitoba, and all three territories. Such instances are propelling the players to look for service fulfillment that would enable them to provide uninterrupted services to its consumers.
Key Topics Covered:
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Network Automation and Increasing Demand for Automated, Real-time Services
4.2.2 Rapid Adoption of Virtualized Network Functions into Usable Components for Customer Service Creation
4.3 Market Restraints
4.3.1 Lack in Awareness
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
5.1 By Type
188.8.131.52 Network Management
184.108.40.206 Inventory Management
220.127.116.11 Service Order Management
5.2 By Deployment Mode
5.3.1 North America
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Comarch SA
6.1.2 Accenture PLC
6.1.3 Cisco Systems, Inc.
6.1.4 Infosys Limited
6.1.5 TATA Communications Ltd.
6.1.6 Amdocs Group
6.1.7 Suntech S.A.
6.1.8 Telefonaktiebolaget LM Ericsson
6.1.9 NEC Technologies India Private Limited
6.1.10 Hewlett Packard Enterprise Development LP
6.1.11 TIBCO Software Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ty6jky
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