According to a recent report published by Allied Market Research, titled, "Telecom Order Management Market by Component, Deployment Mode, Organization Size, Network Type, and Product Type: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global market was valued at $2,245.18 million in 2018, and the telecom order management market forecast is projected to reach $6.50 billion by 2026, growing at a CAGR of 14.30% from 2019 to 2026.
Telecom order management system provides a centralized business framework allowing easy integration of future enhancements. The primary goal of this system is to enable communication service providers to create, manage, and modify various telecom services efficiently and effectively. Numerous benefits associated with telecom order management solutions, such as providing flexibility, reliability, and for tracking the communication order of the customers. In addition, rise in demand for network installations across rural areas and rapid increase in connectivity devices and subscribers are the major factors driving the growth of the market. In addition, cost-effective business processes to gain a competitive edge in the industry fuels the growth of the market. However, requirement of highly proficient specialists to manage the telecom order hampers the growth of the market. Furthermore, integration of advance technology such AI, machine learning and big data and lack of standardization and compatibility issues with the existing systems are anticipated to provide lucrative opportunities for the market. Thus, driving the growth of the telecom order management market.
The large enterprises segment dominated the telecom order management market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to increase in providing a smooth flow of the inventory and managing customer orders efficiently. Furthermore, the small & medium enterprises are expected to grow at a significant CAGR during the forecast period, owing to surge in adoption of telecom order management among SMEs is expected in the upcoming years for managing orders and increasing the revenue of the organization
The customer order management segment dominated the telecom order management market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to various benefits that include significant efficiency improvements and saving costs. Furthermore, the service inventory management segment is expected to grow at a significant CAGR during the forecast period, owing to rise in adoption of this systems among different enterprises for providing better quality services at a faster response time and at less competitive pricing.
Based on region, the global telecom order management market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region includes the expansion of long-term evolution networks in this region and various new innovative solutions introduced by various service providers for better customer service and improving the quality and performance of the service. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, due to rapid digital transformation and surge in demand for managed IT services.
Key Finding of The Telecom Order Management Market:
- Based on component, the solution segment led the telecom order management market size in terms of revenue in 2018.
- By organization size, the large enterprises segment accounted for the highest telecom order management market share in 2018.
- Based on region, North America generated the highest revenue in 2018.
- Depending on industry vertical, the healthcare segment is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the telecom order management market analysis IBM Corporation, Oracle Corporation, Cognizant, Ericsson, Fujitsu Limited, Pegasystems Inc., Infosys Limited, Wipro Limited, Comarch SA, and Cerillion.