With the substantial increase in competition, businesses are embracing the software marketplaces to ensure growth and innovation. The telecommunication industry is no different. The telecom industry is constantly evolving to meet the increasing demands of customers.
However, greater demand leads to higher challenges for telecom operators. Therefore, to meet the expectations of fast-changing customers, the telecom industry needs to revolutionize and attain operational agility.
The advent of 5G came out as a gleam of hope for changing fortunes for communications service providers (CSPs). It is predicted that the technology will facilitate a global economic output of $13.2 trillion by 2035. Moreover, by 2025, XaaS is expected to grow steadily and touch a value of $400 billion, much of which will go to telecom industries.
However, before taking a chance to gain an advantage from the predictions above, the telecommunication industry needs to adopt a more collaborative approach and restructure its operational models. While adopting the transformational process, the shift towards a modern and software-based operational model is a must.
Why Is It Important to Adopt a New Software Approach?
In the past few years, telecom sectors have transformed rapidly in terms of digitalization. 5G is set to unlock value in many industries. However, it is not clear whether network operators will get a share or not. Digital businesses present a significant challenge because they have already implemented model software and continue implementing new technologies in their models.
Even though the telecom industry has played a major role in enabling digital businesses and service models, they are yet to profit from such growth. As operating costs rise, a decline in project share and a rise in the competition will increase the pressure. Potentially, due to this reason, operators must quickly shift to open software-based architecture.
The Emergence of Software Marketplaces:
Software marketplaces will allow communications service providers (CSPs) to control new markets in two ways. With maintained agility and speed, CSPs can surpass the expectations of sellers and B2B clients. Besides, software marketplaces eliminate the investigation need during the initial stages of a product’s development.
To simply put, the objective of software marketplaces include the following:
- It speeds up IT as well as the business transformation of CSPs.
- It reduces the risk and transition cost of open architecture.
- It supports ODA-compliance software and Open-API standards.
In addition, new platforms and services need to be integrated seamlessly with existing OSS, BSS, and network infrastructure without the need for code-level customization.
Software Marketplace Working Mechanism:
Software marketplace will develop into platforms where service providers and other businesses offer Open Digital Architecture-based components.
Let’s have a look at the five key elements that are associated with Open Digital Architecture components.
- Notification and reporting
- Environment dependencies
- Requirements and security
- Management and operators
- Core component functions
Usually, software marketplaces will provide these three categories for components:
- Knowledge and applications (IT, telecom, and industry)
- Core applications
- Core ecosystem tool chain
Build New Telecom Software Marketplace Using Open Digital Framework:
The current monolithic system is not only costly to implement but cannot even be used again. The modern-software based architecture, which is easy to discover and procure, will replace the system.
As modern software-based architecture provides reduced cost and risk, CSPs will have a chance and the funds to invest in technology and software.
Besides, to further understand the software and digital marketplace for telecom, you can get in touch with a company that offers IT consulting and digital transformation services to telecom businesses to help manage your operations.
