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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Further key findings from the report suggest:
- 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.