Increase in connectivity devices and subscribers and cost-effective business processes to gain a competitive edge in the industry are major factors driving the growth of the global telecom order management market
PORTLAND, Oregon, Dec. 13, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Telecom Order Management Market by Component (Solutions and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises And Small & Medium Enterprises), Network Type (Wireline and Wireless) and Product Type (Customer Order Management, Service Order Management and Service Inventory Management): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global telecom order management market was pegged at $2.24 billion in 2018 and is projected to reach $6.50 billion by 2026, growing at a CAGR of 14.30% from 2019 to 2026.
Prime determinants for market
Increase in connectivity devices and subscribers, surge in demand for network installations across rural areas, and cost-effective business processes to gain a competitive edge in the industry have boosted the growth of the global telecom order management market. However, requirement of highly proficient specialists to manage the telecom order hampers the market growth. On the contrary, integration of advance technology such AI, machine learning and big data and increase in demand from developing economies is expected to create lucrative opportunities in the near future.
Service segment to manifest the fastest growth
The service segment is expected to portray the fastest CAGR of 16.9% during the forecast period, owing to increase in need of various different services such as managed service and professional services. However, the solution segment held the largest share in 2018, accounted for nearly three fourths of the market, as automation solutions are cheaper than solutions and are faster to deploy.
The large enterprises segment held the largest share in 2018, contributing to nearly two-thirds of the market, owing to its capability to invest heavily on infrastructure development activities. However, the SMEs segment is projected to portray the fastest CAGR of 15.9% during the forecast period, owing to the rise in penetration of SME's that are propelling automation space to stay competitive in the market.
North America held the largest share in 2018
The market across the North America region held the lion's share in 2018, contributing to nearly two-fifths of the market. As the region is expected to adopt telecom order management software at a high rate to bring better quality customer services and improves the quality and performance of the services. On the other hand, the Asia-Pacific region is anticipated to register the fastest CAGR of 16.4% during the forecast period, owing to rapid digital transformation and soaring demand for managed IT services in emerging economies such as China and India.
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