North America Telecom Billing and Revenue Management Market Forecast to 2027 - COVID-19 Impact and Regional Analysis - by Type (Telecom Billing, Cloud Billing, and IoT Billing); Component (Solution and Services); Deployment Type (Cloud, On-premise, and Hybrid); and Country
The telecom billing and revenue management market in North America was valued US$ 4250.9 million in 2019 and is projected to reach US$ 12394.0 million by 2027; it is expected to grow at a CAGR of 15.0% from 2020 to 2027. The major factors that are propelling the growth of telecom billing and revenue management market are, significant growth of telecom industry and increasing data consumption trend, rising number of IoT connections, and demand for innovative billing and revenue management solutions and services. The foremost factors driving the telecom billing and revenue management market are the increasing necessity for improved connectivity solutions to connect smart devices and growing demand from telecom and smart equipment manufacturer to monetize and handle the smart equipment via connectivity and networks. The IoT industry has opened up lots of opportunities for the telecommunication industry. According to the GSMA report, it is estimated that 25 billion Internet of Things devices would be connected by 2025.
The IoT revenue typically generates from wearable and automotive innovations, with the introduction of 5G, telecom operators would install increased speed and efficiencies, to leverage IoT capabilities for more connected service offerings. Thus, various B2B companies would need to offer billing solutions for multiple services such as smart home monitoring and wireless data. With this increased complexity, the business would need a powerful tool to support such revenue models, such as the IoT telecom billing solution. Hence, due to the rising number of IoT connections, the demand for IoT based telecom billing and revenue billing management solutions would increase, which further helps in driving the telecom billing and revenue management market.
Based on deployment type, the telecom billing and revenue management market has been segmented into cloud, on-premises, and hybrid. The adoption of cloud-based deployment of the telecom billing and revenue management market is expected to grow at a significant rate during the forecast period. The companies that are planning to make significant investments in telecom billing and revenue management market might opt for modern platforms by rapidly adopting cloud-based solutions. Numerous organizations in various regions are adopting cloud-based telecom billing and revenue management solutions due to reliability and low cost. It also reduces the requirements for IT infrastructure and physical storage, thereby assisting in significant savings. The cloud-based solutions also offer flexibility to operations, which is another factor boosting their adoption. The huge adoption of cloud-based technologies is mainly driven by the presence of cloud providers, which are offering affordable and free subscription-based models with quick setup. Further, the growing digital revolution across the globe is fueling the adoption of cloud-based deployment in telecom industry. Owing to all these factors, the adoption of cloud-based deployment of the telecom billing and revenue management is expected to grow at a significant rate during the forecast period.
Presently, the US is the world’s worst affected country due to COVID-19 outbreak with more than 2, 537, 636 confirmed cases and more than 1, 26,203 deaths as per WHO. Business activities and financial transactions have declined sharply in past few months and business initiatives such as partnerships, collaborations, mergers & acquisitions planned for 2020 are expected to be delayed. These factors are expected to impact the growth plan for existing telecom billing and revenue management companies and also affect the entry of new players in this market. However, the overall impact will be low to moderate owing to increase in digital services of telecom billing and revenue management.
The North America telecom billing and revenue management market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the North America telecom billing and revenue management market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America telecom billing and revenue management market. Accenture PLC; Nokia Corporation; Amdocs, Inc.; Cerillion PLC; Comarch SA; CSG Systems International, Inc.; GoTransverse International, Inc.; Ericsson; Hewlett Packard Enterprise Development LP (HPE); Huawei Technologies Co., Ltd.; NEC Corporation; Oracle Corporation; Optiva Inc.; Mavenir Systems; SAP SE; Tata Consultancy Services Limited (TCS); AGILITY CIS; Comviva; Enghouse Networks; PANAMAX INC; STL.TECH; and Vcare Corporation are the major players operating in the North America telecom billing and revenue management market.
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