ALSO READ the full report: Telecom cloud market forecast for 2021
The global size of the telecom cloud market is expected to grow to $30.79 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 23 percent, from $10.92 billion in 2016.
The growth in the worldwide telecom cloud market will be driven by the need for lower operational and administration costs, as telecom cloud is hosted on cloud platform. Telecom cloud offers flexible pricing for products & services and allows managing various types of revenue without constraints.
Telecom cloud market share will be dominated by the Unified Communication and Collaboration (UCaaS) solution segment. Various features, such as multimedia, unified messaging, conference bridges, presence management, and Customer Relationship Management (CRM) integration are helping improve business functions. Telecom service providers are providing UCaaS solutions in the market.
The network services of the Telecom Cloud Market is witnessing a potential growth, in comparison to other services, owing to the benefits, such as Local Area Network (LAN)/Wide Area Network (WAN)/Wireless Local Area Network (WLAN) management, Voice over Internet Protocol (VoIP), managed network services, Internet Protocol (IP) contact centre management, network integration, and network implementation services.
North America is dominating the global telecom cloud market because the region has several large enterprises.
Research and Markets says the telecom cloud billing market size is expected to grow to $8.22 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 27 percent from 2016 to 2021, from $2.49 billion in 2016.
The main growth drivers of telecom cloud billing market
# Lower operational & administration cost
# Increase in adoption of cloud-based technologies
# Increasing mobile penetration and high subscriber growth
# need for real-time billing
# increased demand for bundled services
Telecom regulations across the globe and usage of legacy systems would be the restraining factors for the telecom cloud billing market.
Customer management application is expected to dominate the worldwide telecom cloud billing market.
Among cloud platforms, SaaS platform is expected to dominate the telecom cloud billing market. The SaaS model allows CSPs to quickly support new services and also enables the converging of multiple billing systems like prepaid and postpaid onto a single platform.
editor@telecomlead.com