The OSS/BSS Market is set to grow from its current market value of more than $35 billion to over $90 billion by 2026; as reported in the latest study by Global Market Insights, Inc.
The OSS/BSS market is expected to pick up significant momentum in terms of growth over the coming years owing to a rising demand from the retail and ecommerce industry. OSS, known as operations support systems, is defined as software applications which supports the back-office activities that help operate a telecommunication company’s network, provision as well as maintaining customer services.
It is usually used by architects, support, operations, service designers, network planners, as well as engineering teams in the service provider segment. Progressively senior staff as well as product managers under the COO or CTO might utilize OSS to a certain degree as well.
BSS, known as business support systems, provides enterprises the capability to deal with customers by supporting consumer-facing activities. Processes like collection of payments, taking orders, and processing bills, all come under BSS. It is defined as the business or customer- oriented functionality.
These tools enable a company to connect with its customers; for example, CRM (customer relationship management); creating offers for them; like products and services; issue bills to customers, and also carry out cross-carrier transactions.
Both OSS and BSS enable network operators to proficiently and reliably provide services to a vast number of subscribers on several of the globe’s most complex machines, the global telecommunications networks.
The OSS/BSS market is bifurcated in terms of solution, deployment model, enterprise size, application, and regional landscape.
In terms of solution, the OSS/BSS market is categorized into OSS and BSS. The OSS segment is further classified into inventory management, network management, and service assurance. The network management segment held a market share of nearly 30% in 2019 since it helps in maintaining and configuring resources in the network to support services.
The inventory management segment is projected to witness a CAGR of over 10% through the analysis period owing to a growing demand for automated inventory management solutions by telecom service providers. Advancements in the field of inventory management facilitate multi-purpose capabilities that are designed for tracking network assets, improve the network visualization, and interacting with other operating support systems. With increasing demand for effective inventory management from the online retail industry, the segment is likely to witness tremendous gains.
The BSS solution segment is divided into customer & product management, service fulfillment, and billing & revenue management. The service fulfillment segment will witness a significant CAGR of nearly 17% through the analysis period as it helps in reducing the time to market for service delivery and increases customer satisfaction.
From a regional frame of reference, LAMEA OSS/BSS market witnessed a market share of nearly 18% in 2019 due to increasing number of data services and subscribers. The regional segment is projected to further register lucrative growth owing to the aforementioned trends.