Market Trends of Service Fulfillment Industry
Software Segment is Analyzed to Hold Significant Market Share
- The software segment including network management, inventory management and service order management is analyzed to hold significant market share in th service fulfillment market over the forecast period. The rollout of several technological advancements, such as 5G technology, IoT, AI, Digitization, and many more, Communication Service Providers (CSPs) face constant pressure to enhance and exceed rising customer expectations while minimizing operational costs, with little visibility across platforms, systems, tools, and fragmented data.
- According to Ericsson, 5G subscriptions are forecast to increase globally to 4624.11 million by 2028, North East Asia, South East Asia, India, Nepal, and Bhutan are expected to have the maximum regional subscriptions.With the increasing number of users, 5G connections, connected devices, mobile devices, applications, and the deployment of advanced technologies and capabilities, they are increasing their dependence on enhanced network infrastructure and enhanced connectivity solutions for essential connectivity to a wide range of endpoints.
- Subsequently, organizations and CSPs are increasingly investing in new network architectures that incorporate advanced management tools to drive the adoption of autonomous networks, leveraging technologies like AI and ML. Hence, the CSPs are contacting Service Fulfillment solution providers to enhance their supply chain activities by adopting software solutions.
- Another trend in the market is the demand for continuous evaluation and performance of networks due to increased network traffic and network processing, particularly from the local area networks, which require real-time streaming network analytics and allows customers to keep track of the health of their network and continuously monitor traffic flows. Such developments further fosters the demand for network management software in the market.
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North America is Expected to Register the Largest Market
- The North America region is witnessing an increase in the demand for service fulfillment solutions and services due to an increase in the demand for enhanced connectivity solutions across various platforms, such as video streaming, video calling platforms, and teleconferencing, among various others.
- This, coupled with a rapid increase in subscribers on various networks such as 3G, 4G, 5G, etc., propel the players to adopt service fulfillment. Also, the region has become a major hub for the 5G rollout, with Canadian service providers increasingly investing in procuring 5G licenses.
- Market vendors are entering into partnership and acquisition activities to strengthen their service fulfillment offerings in the region, which is analyzed to drive the market growth in the region. For instance, in May 2023, Flexport, the tech-driven logistics platform, acquired the assets of Shopify Logistics, including Deliverr, Inc. Through the integration of Shopify Logistics, the company will strengthen its advanced AI-driven optimization to streamline the global supply chain, reducing costs and improving consumer reliability.
- Furthermore, in December 2022, JLL and Quiet Platforms, an American Eagle Outfitters Inc. completely owned subsidiary, announced a collaboration to speed the building of additional advanced fulfillment facilities across the United States in 2023 to service retailers and brands in the Quiet Platforms supply chain network. The two businesses would pioneer a flexible rent-as-a-percentage-of-revenue model for logistics real estate under the terms of the agreement.
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