Service assurance segment in OSS/BSS market is anticipated to attain the growth rate of over 8% during the forecast timeline

Sellbyville, DE -- (SBWire) -- 04/26/2019 --BFSI sector emerged as the major end-user of the OSS/BSS market. It is estimated to grow at the CAGR of more than 11% during the forecast period. As the BFSI sector is moving more toward digitalization and automation, it is looking for more advanced solutions to analyze the information from numerous areas to develop its own competitiveness. The OSS/BSS system allows the organization to analyze the data and financial situation of an organization. The system also enables financial institutes to streamline their operations, scale up their operation, and develop more effective marketing strategies while keeping the cost of the operations low.

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The escalating deployment of OSS platforms in order to maintain higher standards of service delivery is certain to expedite OSS/BSS market share. These platforms provide internal network requirements including network planning, inventory maintaining, and fault managing in addition to supporting processes such as payment systems, billing process, and receiving orders. Most of the organizations currently have been deploying OSS BSS platforms on a large scale to support a wide range of user groups. In accordance, B2B communication solution providers have also been looking forward to developing next-generation platforms. The increasing availability of modernized OSS BSS platforms will thus turn out to be rather useful to streamline internal business operations and decrease operational costs.

As per the deployment model, the on-premise segment is expected to dominate the overall OSS/BSS market with a share of over 63% in 2024. The growth of the market is attributed to the robust functionality and superior data security provided by the deployment model. Since the software used is licensed and the entire instance of software remains within an organization's premises, there is more control in terms of security. The on-premise system also offers organizations with the more control over the implementation process. As a result, organizations can customize their systems as per their requirements.

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Large enterprises dominated the OSS/BSS market with a share of more than 70% in 2017. The growth of the segment is credited to the need among various enterprises to effectively manage their widespread network components and the need to increase the operational performance.

The Asia Pacific OSS/BSS market is projected to register an accelerated growth at a CAGR of over 10% during the forecast period. With the growing popularity of smartphones, there has been an increase in the consumption of the mobile broadband services resulting in new OSS/BSS requirements. The complexity of network technologies has compelled the telecom operators to adopt new-generation OSS/BSS systems to ensure uninterrupted network services. As the CSPs face challenges related to costs, the OSS/BSS platforms help them to lower their network related cost by outsourcing BSS activities to managed service providers.

Some of the prominent vendors in the OSS/BSS market are Amdocs, Accenture, HP Enterprises, CSG Systems, Ericsson, Netcracker, Optiva, Microsoft, Tata Consultancy Services (TCS), Oracle, and IBM.

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The transition of companies towards automated operations from traditional manual processes to improve the working efficiency and accuracy is likely to stimulate the product demand over the years ahead. Indeed, the rising concerns among financial institutions, IT and telecom companies about data security and operational breaches are poised to increase the valuation of OSS/BSS market, slated to accumulate more than USD 50 billion by the end of 2024.

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