$11.7 Billion Telecom Analytics Market, Forecast to 2027
The global telecom analytics market is expected to reach at US$ 11.7 billion by 2027, witnessing a growth of 18.88% CAGR across the forecast period of 2019 to 2027, according to with a study from Research and Markets.
Data analytics in the telecom sector brings value in decision making and provides more precise and actionable insights, giving competitive advantages to telecom companies and able them to chart a more efficient cost structure. A huge amount of unstructured data is created from social media, communication and connected devices; when converted into structured data, telcos can take out insightful information about their customer preferences and choices which in turn will help telcos to figure out a customer profile and produce more targeted offers.
The growing competition among telecom players along with the higher churning rate of customers has pushed the telecom operators to use data analytics and business intelligence in decision making.
Based on offering, the telecom analytics market was dominated by the solutions segment in 2018. Telcos are more concerned about churn prediction and its prevention, revenue management and effective marketing strategies targeted towards alike customers to improve subscriptions. In addition to this, with data analytics, telcos can derive real-time network performance measurement to optimize its network quality. Using data analytics, telcos can detect fraud calls and hacking, thereby improving their overall operations as well as customer experience.
All these benefits offered by data analytics have influenced the solution segment which in turn helps to grow the telecom analytics market.
In terms of geography, North America held the largest share in the telecom analytics market in 2018. The market here is primarily governed by the high spending over analytics solutions in the region. The presence of a large number of industry players such as IBM, Oracle Corporation, etc. among others in North America is another factor supporting regional growth. Also, the telecom industry is highly developed in North America with robust penetration of the telecom industry among the population. This high penetration of telecom users creates large data which in turn helps to grow the market of telecom analytics in North America.
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