Increasing number of connected devices
The increasing number of connected devices is expected to drive the overall telecom order management market during the forecast period. The rising number of network operators and telecom service providers is also driving the growth of the market. Additionally, the effective management of large telecom service providers in order to enhance the business operations is expected to fuel the overall telecom order management market during the forecast period.
The complex operation involved with telecom order management is expected to inhibit the overall market. It involves various processes which includes various departments and systems. Additionally, highly customized orders are also expected to hinder the market growth.
The global telecom order management market is observing vibrant growth on account of increasing trend of digitization across the globe coupled with the rising number of the complexities in the management. This is expected to boost the growth of the overall telecom order management market during the forecast period.
Telecom order management market is anticipated to record a CAGR of 11% over the forecast period. The telecom order management market is expected to showcase a vibrant growth by the end of the forecast period. The market is expected to attain a total market value of USD 6 billion by 2027. The market can be segmented on the basis of deployment and application. On the basis of deployment, it is sub-segmented into cloud and on-premise. Cloud based service is anticipated to register highest CAGR during the forecast period. The increasing application of the cloud based services by various application is expected to be major reason for the growth of the overall market during the forecast period. On the basis of application, it is sub-segmented into revenue management, account management and customer management.
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Our-in depth analysis of the global telecom order management market includes the following segments:
On the basis of regional analysis, global telecom order management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to be the leading region for the overall market during the forecast period. The growth in the region can be attributed to the highly developed telecommunication sector in the region. North America is expected to generate the highest revenue during the forecast period. According to International Telecommunication Union, the total number of fixed broadband subscriptions in developed countries is 397 million in 2017 and it increased to 413 million subscriptions in 2018. The growing number of broadband subscriptions is expected to boost the telecom industry which in turn is expected to boost the growth of overall market in region. Asia-pacific is expected to be the fastest developing region for the overall market during the forecast period. The high penetration of digitization in the region is expected to major reason for the growth of the overall market during the forecast period.
Global telecom order management market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh