Telecom Cloud Billing Market size is poised to grow significantly from 2021 to 2027 due to the rising instances of revenue leakages and the surging deployment of cloud-based technologies. The increasing requirement to leverage BI and insights in enterprises for advanced operations has steered the emphasis on real-time billing. The escalating preference for prepaid customer solutions has made way for the growing adoption of bundled services. The booming subscriber growth and the decreased operational & administration costs are other factors contributing to the market progression.
The increasing utility of legacy systems, the fluctuating regulatory telecom guidelines along with the spiraling number of cyberattacks, and the higher initial expenses may pose a barrier to the market penetration. However, the soaring competition in several value-added services (VAS) will complement the industry prominence.
The telecom cloud billing market size from the SaaS segment, with regards to platform, will attain substantial traction owing to the surging need for reduced initial capital costs. The SaaS model not only brings novel services at affordable prices barring installations but also allows the converging of multiple billing systems, inclusive of prepaid and postpaid into a single platform.
The customer management services will see inclination with its growing cruciality in business processes, like order management, invoicing, subscriber self-care management, sales & marketing, discounting, auditing, and product catalog. These services assist companies in handling all the customer management tasks whilst tracking all the interactions with the customer base and unifying the presentment of all the information for easy access. The urging obligation of cloud service providers (CSPs) to offer enhanced client experiences and establish healthy customer-provider relationships will fuel the market dynamics.
The demand for telecom cloud billing solutions in the Asia Pacific is anticipated to pick up significant momentum through 2027 driven by the expanding population and a vast subscriber base for telecom companies. The increasing internet penetration in the region has led to the growing acceptance of smart devices. The rapid economic progressions and globalization in various countries has paved the way for the increase in foreign direct investments. Demonetization along with the higher provision of flexible rate plans and services, mainly in India will further add to the regional growth.
North America telecom cloud billing market will gain traction with the rising preference for cloud-based solutions and the presence of mandatory government regulations. The burgeoning usage of customer relationship management (CRM) solutions is another ideal factor for the industry expansion.
Market players are striving towards targeted marketing ventures, namely partnerships, production expansions, acquisitions, and investments to facilitate their geographical presence. These firms are also focusing on technological upgradations to reinforce their competitive stronghold.
Ericsson, CGI Group, Aria Systems, Computer Science Corporation (DXC Technology), Tech Mahindra (Mahindra Group), Netcracker Technology (NEC CORPORATION), Redknee Solutions, Inc., Chargify, Asia Info, Cloudability (Apptio), Cerillion, and Amdocs are other major industry participants across the globe.
The global economy was significantly hit by the present COVID-19 crisis as it took a toll on almost all the operational activities of a higher number of businesses. In regard to the influx of social distancing and lockdown policies, telecom cloud billing considerably flourished on account of the increasing need for online billings. However, the jolt in the number of mobile ads as well as carrier billing frauds during the pandemic acted as a major roadblock for the market growth.