The global Telecom Billing And Revenue Management Market size is projected to reach USD 31.2 billion by 2027, expanding at a CAGR of 11.6% during the forecast period, according to a study conducted by Grand View Research, Inc. Telecom billing and revenue management benefits the service providers in exchanging their invoices, billing data, and sharing revenue information with partners, allowing operators to continue the billing accuracy, enhance customer experience by ensuring the end-to-end management of revenue, and disputes and adjustments. It also provides a complete end-to-end solution for supporting key business processes for managing revenue. As a result, the growing importance of identifying profitability and value that customers bring to the enterprise coupled with growing preference for mitigating and identifying the revenue leakages and frauds with automated payment processing solutions and integrated workflows is expected to accelerate the growth of the market over the forecast period.
Growth in
the number of subscribers for the telecom services worldwide is one of the key
factors driving the growth of the market. As there is a rise in the number of
cellular or mobile subscribers, challenges including network congestion and
fallout of services are rising. This rise is thereby resulting in structural
progress for the development of efficient billing and revenue management
software solutions and services. These solutions and services are used by
Communication Services Providers (CSPs) to boost their revenue while optimizing
telecom networks.
Additionally,
telecom billing and revenue management solutions support the telecom service
providers in the detection and management of frauds and revenue leakages,
thereby resulting in reduced operational costs in the longer run. As a result,
telecom companies are investing in telecom billing and revenue management
solutions and services to not only help themselves in increasing their revenue
growth by optimizing network but also for improving fraud management and
reducing operational costs in the long run. This, in turn, is projected to
boost the market growth in the near future.
In
addition, the telecom billing and revenue management help telecom service
providers in creating innovative solutions and services in the market while
enhancing the customer experience. Furthermore, with the growth in networks,
solutions, and services, telecom operators endure high operational costs. High
implementation and operational costs are one of the major challenges likely to
deter the progression of the market.
Nevertheless,
with the continuous need and requirement to provide improved and high-quality
customer experiences and rich communication services, telecom billing and
revenue management providers are focusing to further develop advanced solutions
and services, which are compatible and at-par to fulfill the dynamic
requirement of end-users with improved flexibility, scalability, and
functionality. Efficient telecom billing and revenue management solutions help
the CSP’s to monetize the usage data and service. It further provides enhanced
real-time data analytical capabilities and efficacy to channelize the revenue
streams by providing tailored solutions.
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Telecom
Billing & Revenue Management Market Report Highlights
- The cloud segment is expected to witness
a CAGR of 15.6% over the forecast period. Owing to low investment cost,
scalability, and agility offered by cloud deployment model, the segment is
expected to witness significant growth in the coming years
- The solutions segment accounted for
67.8% of the market share in 2019. The segment is expected to witness
significant growth over the coming years
- Asia Pacific is expected to witness a
CAGR of more than 15.0% over the forecast period. The growth is accredited
to increasing mobile and internet penetration across the region coupled
with growth in the telecom industry across the region particularly in the
developing economies such as India and China.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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