Big Data and Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 06/19/2018 -- Big data can be defined as a large volume of data, both structured and unstructured, that cannot be stored directly in a database with proper processing. Big data analytics is the IT offerings which utilizes several data mining for example text mining and predictive modeling. They help telecom service providers to extract real-time activities and support decision making in business. Telecom firms store large amount of data consisting of customer details, in their databases. With the help of big data analytics, data can be first sorted, mined, processed and then stored systematically. This helps in improved customer services and bottom lines, along with intelligent network planning, customer experience, and decrease in customer churn. Resultantly, it provides assistance in upgrading the business models and optimizing the profit for telecom industry.
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There are several reasons behind incorporating big data in telecom firms. Some of them are the urgent requirement to increase the revenue, need to bring in new business and prevent consumer churns, in order to defend the present revenue, and saturation of data in the market. To overcome these factors, there are various distribution channels available in the market that would help sorting and storing of data. Moreover, there has been a gigantic rise in usage of data, where the data deluge has come to a halt. The telecom sector is rising with a big chaos and unstructured data. Moreover, the revenue generation has also declined. Keeping these factors in mind, there seems to be a more-than ever urgency to integrate big data and analytics industry.
With the present gigantic growth in in telecom subscribers over the globe, the telecom industry has been developing rapidly. The innovations in the telecom benefit offerings throughout the years have expansively improved the experience of the subscribers. The initiation of these services has additionally empowered the communication service providers with a generous base to expand its market presence and raise its business value. Be that as it may, the beginning of large scale services and product offerings by various telecom administrators furnishes telecom subscribers with an augmented and extended platform to select offerings according to one's need. This prompts the certain requirement for telecom administrators and enterprises provisioning telecom offerings, to ensure revenue generation and sustain their subscribers. In this manner, telecom analytics holds the most essential part in aiding these telecom administrators and firms which makes the main core users, with methods to strategically give exclusive and optimized solutions to its customers.
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The global big data and analytics market in telecom industry is segmented into Asia Pacific, North America, Europe, and Rest of the world (RoW).Among these, North America region, particularly the US, is dominating and is likely to sustain its lead in coming years as well, with 80% of the investment from the mentioned reason. Moreover, owing to the increasing saturation of big data giants in the region, trailed by Asia Pacific and Europe are also investing in the market to a large extent.
The competitive scenario of the big data and analytics market is seems to be occupied with some of the key players along with several new ones. The leading firms are consistently working on new technology, by investing heavily in research and development activities. They are also trying to make the offerings cost-effective.