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Online Charging System (OCS) Global Market Projected to Acquire $12.41 Billion by 2028, Growing Almost 11.5% CAGR | Salesforce Inc., Nokia Corporation, Capgemini SE, ZTE Corporation, Intuit Inc.
Online Charging System (OCS) Global Market
According to The Business Research Company's, the online charging system (ocs) market size has grown rapidly in recent years. It will grow from $7.21 billion in 2023 to $8.03 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to adoption of value-added services, increased demand for multimedia services, global roaming services, introduction of convergent billing, expansion of mobile broadband..
The online charging system (ocs) market size is expected to see rapid growth in the next few years. It will grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to adaptation to regulatory changes, demand for predictive analytics, api-driven ecosystem integration, enhanced security measures, rise in data-driven service offerings.. Major trends in the forecast period include api-based integration and open architectures, real-time billing and charging, convergence of services and networks, subscription-based monetization models, 5g network rollout and monetization..
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Market Drivers and Trends:
The increasing adoption of digital banking is expected to propel the growth of the online charging systems (OCS) market going forward. Digital banking refers to automating traditional banking services, enabling customers to access banking products and services via an electronic or online platform. Online charging systems are used in digital banking as it enable banks to provide a seamless and secure user experience to facilitate real-time payments and other transactions. For instance, in July 2023, according to a report shared by Finder.com, an Australia-based independent comparison website, an estimated 93% of Brits were using online banking in 2022 and around another 5.3 million Brits (10%) intend to get a digital-only bank account in 2023. Further, by 2028, the number of digital-only bank account holders is predicted to be 22.6 million (43%). Therefore, the increasing adoption of digital banking drives the growth of the online charging systems (OCS) market.
Major companies operating in the online charging system (OCS) market are introducing new technologies, such as 5G digital convergent charging platform, to meet the changing needs of consumers and gain a competitive edge in the market. A 5G Digital Convergent Charging Platform (DCCP) is a software platform that allows Communication Service Providers (CSPs) to charge for 5G services in a flexible and efficient way. For instance, in June 2022, Tecnotree Corporation, a Finland-based telecommunications service provider, launched the 5G-enabled Digital Online Charging System (DOCS) solution. This convergent charging platform is designed for communication and digital service providers and is built on cloud-native microservices. The digital online charging system (DOCS) offers network slice-based charging, policy and quality of service (QoS) administration, and real-time suggestion capabilities using artificial intelligence and machine learning (AI/ML).
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Major Key Players of the Market:
Huawei Technologies Co. Ltd., Oracle Corporation, SAP SE, Telefonaktiebolaget LM Ericsson, Salesforce Inc., Nokia Corporation, Capgemini SE, Alcatel-Lucent S.A. , ZTE Corporation, Intuit Inc. , Tech Mahindra, Sinch AB, Netcracker Technology Corp., Amdocs, Comarch, CSG Systems International Inc., Nexign, Comviva, BILL Holdings Inc, Optiva Inc., FreshBooks, Subex Limited, Stampli Inc., Cerillion, Alepo Technologies Inc., Lifecycle Software Ltd.Customise
Online Charging System (OCS) Market 2024 Key Insights:
• The online charging system (ocs) market is expected to grow to $12.41 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Digital Banking's Impact On The Growth Of The Online Charging Systems (OCS) MarketCustomise
• Innovations In The Online Charging System (OCS) MarketCustomise
• North AmericaCustomise was the largest region in the online charging system (OCS) market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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