The cloud OSS BSS market revenues were estimated at US$ 24 Billion in 2021 and are anticipated to grow at a CAGR of 8.4% from 2022 to 2032, according to a recently published Future Market Insights report. As more suppliers concentrate their investments on accelerating digital transformation, demand for Cloud OSS BSS is increasing.
For instance, in May 2021, EY and IBM announced the establishment of a Center of Excellence to aid financial institutions in accelerating their digital transformation through the use of hybrid cloud technologies. To assist clients in using the cloud at scale, the Center of Excellence is an integrated virtual center that provides services in digital trust, security, and regulatory compliance.
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The technology helps telecom network back-office activities while retaining customer service. Information processing systems are frequently used by operators to manage their communications networks. It supports operators in the creation, edification, and maintenance of communication networks.
Modern OSS and BSS may assist businesses in anticipating market trends, enhancing customer happiness, boosting operational effectiveness, and gaining market and operational insights from big data.
The impact of Covid-19 on the Cloud OSS BSS Market:
Significant adjustments have been made to people’s routines, workplaces, and surroundings as a result of the COVID-19 outbreak. This is because operators can deal with the bandwidth issues brought upon by the pandemic with these technologies. In addition, consumers will expect consistent bandwidth as regulations supporting remote work, video conferencing, and distance learning become increasingly common.
By the beginning of May 2020, AT&T forecasts a 75% increase in gaming traffic, a significant increase in call volume, and a 33% increase in call time. As a result, telecom operators are updating their OSS BSS systems to keep up with the evolving needs of their customers. The outbreak will probably present the OSS & BSS sector with alluring opportunities.
For instance, MATRIXX Software declared in June 2020 that AT&T Mexico, an AT&T subsidiary, would introduce the cloud-native digital commerce platform of MATRIXX Software for its prepaid customers. In order to deliver a web-scale BSS that will increase business agility and innovation, MATRIXX Digital Commerce has replaced various legacy Corporate Support Systems as well as the Intelligent Network.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the Cloud OSS BSS market are focused on alliances, technology collaborations, and product launch strategies.
Some of the recent developments of key Cloud OSS BSS providers are as follows:
In November 2021, Vonage Holdings, a provider of cloud-based communications agreed to be acquired by Ericsson. In order to provide the framework for the establishment of industry business, the organization sought to create dominant mobile networks through technological leadership. In terms of providing consumers with a platform to monetize network investments, Vonage is also the most current innovation, assisting businesses and developers.
In June 2021, CES 21, Amdocs announced that the latest edition of its cloud-based OSS-BSS integrated suite, has been released. It will help service providers to build, deploy, and monetize novel services by leveraging investments in technologies such as 5G standalone networks, AI, MEC, SDN, ML, and the cloud.
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Future Market Insights, in its new offering, presents an unbiased analysis of the Cloud OSS BSS Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Cloud OSS BSS in terms of Component (Solution (OSS, BSS) Services (Professional Services, Managed Services) Cloud Type (Public Cloud, Private Cloud, Hybrid Cloud) Operator Type (Mobile Operator, Fixed Operator) Organization Size (Large enterprises, SMEs) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).