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Asia Pacific OSS/BSS Market is Projected to Grow at a CAGR of Over 10% by 2024

Author : Ronak Bora | Published Date : 2019-05-27 

The Asia Pacific OSS/BSS market is estimated to attain a noteworthy growth at a CAGR of over 10% during the forecast timeline. The increasing penetration of the internet and 4G network among the emerging economies including India and China is the primary factor driving the market growth. The rapid deployment of cloud computing services among the SMBs in China and India also augments the demand for the OSS/BSS system in the region.

Over the last few years, the revenue graph of OSS/BSS market has been depicting an exponential growth, on account of the surging digitization across the telecommunication, BFSI, and IT industries which have been deploying new communication technologies to accelerate the organizational workflow. The lure for inexpensive, safe, and time-saving operations has been encouraging companies to implement OSS and BSS solutions at the workspace. In addition, for empowering intelligent network management and automation, most of the industries have been giving preference for operational support services on a large scale.

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Service assurance segment in OSS/BSS market is anticipated to attain the growth rate of over 8% during the forecast timeline. The market is driven by the rising needs among enterprises to provide enhanced customer experience. As the customers are becoming more empowered due to rapid digitalization and easy availability of information, organizations start to focus more on improving enhanced customer experience to boost their churn rate. 

BFSI sector emerged as the major end-user of the OSS/BSS market. It is estimated to grow at the CAGR of more than 11% during the forecast period. As the BFSI sector is moving more toward digitalization and automation, it is looking for more advanced solutions to analyze the information from numerous areas to develop its own competitiveness. The OSS/BSS system allows the organization to analyze the data and financial situation of an organization. The system also enables financial institutes to streamline their operations, scale up their operation, and develop more effective marketing strategies while keeping the cost of the operations low.

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As per the deployment model, the on-premise segment is expected to dominate the overall OSS/BSS market with a share of over 63% in 2024. The growth of the market is attributed to the robust functionality and superior data security provided by the deployment model. Since the software used is licensed and the entire instance of software remains within an organization?s premises, there is more control in terms of security. The on-premise system also offers organizations with the more control over the implementation process. As a result, organizations can customize their systems as per their requirements.

The market is characterized to be highly competitive due to the presence of several multinational and regional players. Some of the prominent vendors in the OSS/BSS market are Amdocs, Accenture, HP Enterprises, CSG Systems, Ericsson, Netcracker, Optiva, Microsoft, Tata Consultancy Services (TCS), Oracle, and IBM.

The transition of companies towards automated operations from traditional manual processes to improve the working efficiency and accuracy is likely to stimulate the product demand over the years ahead. Indeed, the rising concerns among financial institutions, IT and telecom companies about data security and operational breaches are poised to increase the valuation of OSS/BSS market, slated to accumulate more than USD 50 billion by the end of 2024.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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